City Hall  
601 4th Avenue E  
Olympia, WA 98501  
Meeting Minutes - Final  
Finance Committee  
Information: 360.753.8244  
Monday, February 23, 2026  
4:30 PM  
Council Chambers, Online and Via  
Phone  
Special Meeting. Register to Attend:  
Register to Attend:  
https://us02web.zoom.us/webinar/register/WN_KL_QjOVrTMel-BIe73b0mw  
1.  
2.  
CALL TO ORDER  
The meeting was called to order at 4:30pm.  
ROLL CALL  
3 - Chair Clark Gilman, Committee member Kelly Green and Committee  
member Robert Vanderpool  
Present:  
3.  
4.  
APPROVAL OF AGENDA  
The agenda was approved.  
PUBLIC COMMENT  
Michelle Ryder spoke in favor of the ethical investment policy.  
5.  
APPROVAL OF MINUTES  
Approval of November 19, 2025 Finance Committee Special Meeting  
Minutes  
26-0005  
5.A  
The minutes were approved.  
Approval of January 26, 2026 Finance Committee Meeting Minutes  
26-0101  
5.B  
The minutes were approved.  
6.  
COMMITTEE BUSINESS  
Olympia Fire Department Capital Facilities Plan Funding Discussion  
26-0128  
6.A  
Fire Chief Matt Morris gave a presentation on the department's capital repair and  
replacement needs. He discussed the age, condition, and locations of the city's fire  
stations and improvements needed. He further discussed department equipment  
needs and changing safety standards that impact turnout equipment, station design,  
and necessary upgrades at Mark Noble Regional Fire Training Center. Fire Fleet  
Operation Supervisor Adam Cummings presented on the department's fire trucks age,  
condition, and maintenance. The department is suggesting a 24 year replacement  
schedule and currently has a hard time ordering repair parts that are no longer made  
for the older vehicles. City Manager Jay Burney suggested this conversation continue  
at Council's upcoming March study session.  
The discussion was completed.  
Budget Spotlight: Quarterly Report Items  
26-0126  
6.B  
Senior Budget and Finance Manager Joan Lutz presented on quarterly budget report  
items that the Finance department provides to the City Manager. These include  
Nisqually jail costs, Municipal Court contract costs, public safety overtime, and  
worker's compensation claims on the expense side. For revenue, the budget report  
tracks sales tax performance, B&O collection after the recent rate changes, Basic Life  
Support reimbursement, and building permit fees. City Manager Jay Burney spoke to  
how this information informed the 2025 spending freeze and will help inform the  
upcoming 2027 budget process.  
The discussion was completed.  
Approval of City Investment Policy Update Recommendation.  
26-0125  
6.C  
Mitch Henke of Government Portfolio Advisors presented on the proposed changes to  
the City Investment Policy. There was discussion of the new ethical investment  
statement and the proposed increase in the total portfolio weighted average maturity  
from 2.0 to 2.5 years.  
Committee member Vanderpool moved, seconded by Committee member  
Green to approve the draft City Investment Policy update recommendation  
and forward to the full City Council for consideration. The motion carried by  
the following vote:  
Chair Gilman, Committee member Green and Committee member  
Vanderpool  
3 -  
Aye:  
7.  
8.  
REPORTS AND UPDATES  
Finance Director Mike Githens gave an update on the recent Department of Revenue  
audit of city sales tax collection. The audit was helpful in informing staff on the recent  
statewide changes to sales tax collection on certain services.  
ADJOURNMENT  
The meeting was adjourned at 6:16pm.