HomeMy WebLinkAbout2024/10/21 - Finance Committee _ L Board of Mason County Commissioners
v� Special Finance Meeting Agenda
Commission Chambers
411 N 5tn St, Shelton,WA 98584
+ October 21,2024
11:00 a.m.
1. Call to Order—.The Chairperson called the special meeting to order at 11:00 a.m.
2. County Finance Committee Balances
Current Expense cash balance as of September 30,2024 was$27,124,322.91;last year$28,296,767.15.
Total reserves$7.9 million. Total cash and investments$270,797,722.46. 90-day T-Bill rate is 4.64%.
3. Old Business
a. Skokomish River ecosystem restoration project
Loretta Swanson shared this project is no longer being considered and will not need County funding.
b. Belfair Wastewater System extension update
Loretta shared the final loan amendment was approved September 24,2024 by the Commissioners and
is now before the Public Works Board. The filial amortization schedule will be available after the Public
Works Board executes the final loan amendment. The final loan amount is$2,648,452.16 after a 5%
loan forgiveness in the amount of$139,392.22. The interest rate on this twenty(20)year loan is 0.54%.
c. Shetland Road,Road Improvement District(RID)
Loretta shared the RID was created.August 13,2024 contingent on a Determination of Non-Significance
(DNS)issued August 15,2024. The easement conveyances are still underway,road work will not be
completed until spring/early slimmer. The loan will be needed in late 2025 after the final assessment
roll hearing.
4. New Business
a. Annual review and approval of updated Investment Policy
Lisa,no updates required every year. One revision stating Contracts,Promissory Notes,-or Loans as set
out in RCW 36.29.010(l)(d). Word registered warrants taken out of RCW,updating wording.
Cmmr.Neatherlin/Auditor Duenkel moved and seconded to adopt the updated Investment Policy as
submitted. Motion carried.
b. Review and approval of updated County Held Contract/Promissory Note/Loan Policy
Updated to remove word registered warrants and add updated contracts/promissory notes/loans per
RCW 32.29.010. Added language from RCW. No guarantee funds are available.
Internal processes needed updated,making the Warrant Contract/Promissory Note/Loan Investment
procedures.
Resolution will need approved by Board for this policy and procedures.
Auditor Duenkel/Cmmr.Neatherlin moved and seconded to adopt the updated County Held
1 October 21 , 2024 Finance Committee Meeting
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Contract/Promissory Note/Loan Policy as provided. lotion carried.
5. Adjournment—the meeting adjourned at 10:37 a.m.
ATTEST: 'BOARD OF COUNTY COMMISSIONERS
MASON COUNTY, WASHINGTON
'mC�.QI'f1/nSl9 CKYV�7�.J1-,
McKenzie Smith, CNrk of the Board
lka�y Neather 'n,Chair
Kevin Shutty,V'
Sharon Trask,Commissioner
2 Special Finance Committee Me ting