Finance Committee

City of Lynnwood Finance Committee – Regular Finance Committee Meeting Minutes October 22, 2025 1. Call to Order 2. Roll Call Present at the meeting were: George Hurst-Chairperson, Nick Coelho-Council President, Patrick Decker- Councilmember, Julie Moore-Assistant City Administrator, Michelle Meyer-Finance Director and Estee Milburn-Council Executive Assistant. 4. Discussion Item 4.B. Fleet Overview Deputy Director of Public Works, Marcie MacQuarrie, presented an overview of the ER&R Fund 510 Timeline. The discussion highlighted the distinction between the replacement fund and the maintenance O&M fund, with the former being used for vehicle purchases and the latter for ongoing upkeep. The overview emphasized the importance of careful budgeting and planning, ensuring that funds are saved over the years for future vehicle replacements rather than relying on the operations budget. Additionally, the importance of balancing vehicle service life to avoid excessive maintenance costs was reviewed. 3. Financial Reports 3.A. Sales Tax Report Director Meyer shared the September sales tax report. Revenues from January through July sales remained below budget, reflecting ongoing declines and resulting in a year-to-date shortfall. A projected slowdown in growth is still expected to continue. Note there is a two-month delay on reporting. 3.B. 3rd Quarter 2025 Financial Report Director Meyer presented the third quarter financial report for 2025. The updated budget is on track with updated revenue forecasts that reflect certain revenues to be flat for the remainder of the year. Vehicle sales continue to be significantly down. 4. Discussion Item 4.A. LMC Updates for Utilities Director Meyer presented the updates to the LMC pertaining to utilities. It was noted that most cities and districts either reduce utility rates or do not offer any rebates, with Lynnwood’s rebate program being quite unique. It should be noted that property tax programs typically exclude renters, since the responsibility falls on the property owners. 5. Adjourn The meeting was adjourned at 4:10 pm.