Title
Public Hearing on Resolution Declaring Exigent Financial Circumstances
Recommended Action
Committee Recommendation:
Not referred to a committee.
City Manager Recommendation:
Move to hold a public hearing on a resolution declaring that the City is experiencing exigent financial circumstances. After closing the public hearing, move to adopt the resolution.
Report
Issue:
Whether to hold a public hearing and approve a resolution declaring that the City is experiencing exigent financial circumstances.
Staff Contact:
Jay Burney, Interim City Manager, 360.753.8447
Paul Simmons, Parks, Arts and Recreation Director, 360.753.8462
Debbie Sullivan, Administrative Services Director, 360.753.8325
Presenter(s):
Paul Simmons, Parks, Arts and Recreation Director
Background and Analysis:
The global pandemic and associated impacts have led to the temporary closure of many Olympia businesses. This will result in a dramatic reduction of sales tax revenues for the City in 2020, and potentially beyond, depending on the length and severity of this crisis. The substantial reduction of sales tax revenues will result in an "exigent financial circumstance" for the City of Olympia. As the City works to respond to this unprecedented and unpredictable new reality, all financial options will need to be considered as we protect and preserve critical City services.
Section 4.1.1 (i.) of the Interlocal Agreement between the City of Olympia and the Olympia Metropolitan Park District (OMPD) Board (the Agreement) states that barring an "exigent financial circumstance" 11 percent of the City's General Fund revenues shall go to support the Olympia Parks, Arts and Recreation Department (OPARD). Section 4.1.1 (ii.) of the Agreement commits to use the 2 Percent Voted Utility Tax (VUT) revenues to acquire new park land and to maintain and develop those acquired park properties, with a priority on acquisition, to the extent practicable. Section 4.1.1 (iv.) of the Agreement adds that, agai...
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