HomeMy WebLinkAbout2023/10/24 - Special Board of Mason County Commissioners
Special Finance Meeting Agenda
Commission Chambers
411 N 511 St, Shelton,WA 98584
October 24, 2023
�x. 10:00 a.m.
1. Call to Order—The Chairperson called the special meeting to order at 10:17 a.m.
2. County Finance Committee Balances
Current Expense cash balance as of September 30,2023 was$28,296,767.15;last year$25,256,375.27.
Total Reserves$7,589,000.Total cash and investments$267,063,352.66. Investment Portfolio cost
$251,870,008.57 and market value$251,394,117.09. 90-day T-Bill rate 5.32%. Banking costs$2,126.
Outstanding debt$17,939,480.08.
3. Old Business
a. Project funding update
b. Skokomish River restoration
Loretta Swanson shared this is still in the acquisition phase. The Army Corps of Engineers projected a
construction cost increase and the best approach to keep within the project budget will be discussed.
Mark discussed revising the original design based on individual property owners that do not want to
participate allowing the project to be downsized and kept within the original budget. Loretta added that
the overall project consists of five distinct projects. This will be a short-term loan. The local share will
be processed and then the Conservation District will be billed. The Conservation District will then turn
in those bills to be reimbursed by the grant.
c. Belfair Wastewater System
Lisa shared construction has begun and American Rescue Plan Act(ARPA)funding for$1.5 were used.
The remaining amount is being paid through the Public Works Commerce loan.
d. Other
Lisa added that Loretta will attend the Finance Committee to discuss a Road Improvement District
(RID)for Shetland Road that will need funding.
Cmmr.Neatherlin asked what the requirement is on internal loan rates and if the State pool is based on
investments,if taken out of the General Fund could a development fund be set up. Lisa answered the
Board will determine the interest rate and the recommendation is to at least match the current Federal or
State pool rate. Mark added this is under one fund benefiting another,the fund being borrowed from
must be compensated. Lisa included that the former policy had the State pool rate plus a percentage.
When a RID fund is created,the assessment would go into the fund and be paid from the fund. It does
not stay within the General Fund of Public Works. These funds are set up specifically and RIDS are
longer term which would need financed.
4. New Business
a. Investment Authorization Agreement
Lisa shared that RCW 39.29.020 grants the Treasurer authority to invest County funds and requires
reauthorization every four years.
11 Special Finance Committee Meeting
Cmmr.Trask/Auditor Duenkel moved and seconded to adopt the Investment Authorization
Agreement for the Mason County Treasurer. Motion carried.
b. Investment Policy annual review
Lisa shared the Mason County Investment Policy. There are no recommended changes at this time. The
State Treasurer's Office and Washington Public Treasurer's Association(WPTA)has reviewed this
policy.
Lisa annual review of investment policy,no recommended changes at this time. Vetted through State
Treasurer's Office and?
Cmmr.Trask/Auditor Duenkel moved and seconded to approve the Mason County,Washington
Investment Policy. Motion carried.
c. External Investment Pool Policy
Lisa shared the Mason County External Investment Pool Policy. The State Auditor's Office determined
that the State pool is considered an external investment,and a policy is needed. This policy includes the
same information as the financial statements audited by the State Auditor each year. The external
investment pool is not registered with the U.S. Securities and Exchange Commission(SEC)and is not
subject to any formal oversight other than what is provided by the Mason County Finance Committee.
The County is a voluntary participant. Approximately 36%of the County Treasurer's Investment Pool
through the Local Government Investment Pool consists of involuntary participants. The Treasurer does
not require written consent from involuntary participants but does for voluntary participants.
Auditor Duenkel/Cmmr.Trask moved and seconded to approve the Mason County External
Investment Pool Policy. Motion carried.
5. Adjournment—the meeting adjourned at 10:37 a.m.
ATTEST: BOARD OF COUNTY COMMISSIONERS
MASON COUNTY,WASHINGTON
McKenzie Smitfl,Cle'N of the Board ,
'�Sharon Trask,Chair
dy Neather in,Vice-Chair
Kevin Shutty,Co missioner
2 1 Special Finance Committee Meeting