HomeMy WebLinkAbout2024/04/23 - Finance Committee a < Board of Mason County Commissioners
Special Finance Meeting Agenda
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" ; Commission Chambers
. �i 411 N 5r" St, Shelton, WA 98584
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! ` � April 23, 2023
Ex 1:00 P.M.
1. Call to Order—The Chairperson called the special meeting to order at 1:01 p.m.
2. County Finance Committee Balances
Current Expense cash balance as of March 29,2024 was$25,804,027.12; last year$25,415,093,32, Total
Reserves$7,900,000. Total cash and investments$260,829,797.85. 90-day T-Bill rate 5.37%.
Outstanding County debt$16,549,334.80;remaining debt capacity $203,161,663.
3. Old Business
a. Skokomish River Ecosystem Restoration Project
Loretta Swanson shared that real estate acquisition continues. Construction award target date is
February 2026,with construction beginning that summer. The County's share of the construction cost
will be requested by the Army Corps of Engineers prior to February 2026. The County's share will
come from a Department of Ecology grant administered by Mason Conservation District. The Corps
and Ecology are discussing the possibility of a direct transfer from the grant to the Corps. This would
eliminate the need for the County to secure a short-term loan. There still is no resolution on this topic.
b. Belfair Wastewater System
Loretta shared that substantial completion was issued and the Public Works Board project completion
report submitted to lock in at.54%interest rate. Final Loan documents to be reviewed and approved.
The anticipated loan amount is$2,787,844.39(less 5%loan forgiveness). More details will be provided
later.
4. New Business
a. Shetland Road RID (Road Improvement District)
Loretta shared that citizens have petitioned to form a RID for Shetland Road. Public Works will bring
forward a request to set a hearing date and resolution of intention to create the RID by the end of this
month. If created,Public Works plans to make the improvements(estimated cost$365,000.000)this
summer. Once completed,there is a second hearing certifying the actual cost and final assessment roll.
The Road Fund can make the initial expenditure in 2024 as a short-term loan per County policy,but an
outside loan needs to be secured in 2025. This loan will be repaid by the RID special assessment that
would begin in 2025.
Lisa commented that it will be difficult to get a loan for 10 years, internal County loans cannot be for
more than 5 years. At this time,this is informational only and no recommendations are made. Loan
options were discussed.
Cmmr.Neatherlin requested an update on the Rasor Road RID and to possibly combine the two. Lisa
added that it would be difficult to combine the RIDS as they must be billed separately.
b. Overview of Registered Warrants by District and Year
Lisa shared the Shelton School District has had no cash on hand since 2022, are"living"month to
month on State funding, and are unable to build reserves. The School District is paying about 7%on
1 I Special Finance Committee Meeting
short term loans. There are concerns if the School District's revenues decrease.
c. Port of Allyn
Lisa added that,for the Port of Allyn,the amount being registered is small. With property taxes due this
month,the Port should be able to redeem current outstanding warrants.
5. Adjournment—the meeting adjourned at 1:24 p.m.
ATTEST: BOARD OF COUNTY COMMISSIONERS
MASON COUNTY, WASHINGTON
Canis Olson, Clerk of the Board '
Randy¢' leatherlin,4Chair
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Kevin Shutty, -air
Sharon Trask,Commissioner
2 1 April 23 , 2024 Finance Committee Meetin0