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The Finance Committee of the Sequim City Council met with City staff on Thursday, June 5, 2014 to review the anticipated expenses necessary to complete the new Civic Center which will house a new Police Station, City Hall, and Community Plaza. The Finance Committee reported the results of the meeting to the Sequim City Council at their regular meeting on June, 9, 2014 and confirmed that the project will be completed within the Council approved budget.
Attending the meeting were Finance Committee members Ted Miller and Genaveve Starr and staff members City Manager Steve Burkett, Accounting Manager Sue Hagener, and Project Manager and City Engineer David Garlington.
City staff reported that the budget for completion of the project has not changed. The project revenues and expenses are balanced and are being closely monitored. The funds necessary to complete the project are within the approved budget. The budget also contains a contingency fund established for unexpected expenses and some additional features, such as enhancements to the community plaza, Cedar Street streetscaping, basic Emergency Operations Center enhancements to the Transit Center, and public art that may be added if the budget allows.
City staff presented the Finance Committee with a new report that outlines the revenue sources available for the project and expected expenses by category. This report is available on the City’s website at www.sequimwa.gov
“This is a unique public project in that the new Civic Center is being built with very little tax impact to the citizens of Sequim,” said City Manager Steve Burkett. “The voters approved a .1% Public Safety Sales Tax that will contribute to the construction of the new Police Station, but there is no increase in property tax for the project.”
In 2013, the City had a successful bond sale, generating $10,439,000 in capital for the project. The interest rate on the bond is 4.53% and the annual debt service is $660,000. The debt payments will be paid primarily by the increased sales tax, which will be paid by Sequim citizens and shoppers who live outside of the city, and the money the City is currently spending on renting facilities for office space and the police station.