The Edmonds City Council Finance Committee met on June 16, 2026, at 1:00 PM to review the April 2026 monthly financial report, discuss budget amendments, and follow up on questions from the recent budget retreat. Key topics included a Moody's rating review, cash flow management, interfund loan repayment, and revenue options.
The six things to order at 101 p.m. And we'll wait until uh Erica joined us until um trying a lot to the to the agenda items, but I'll give the floor to Mayor Rosen to give us a quick update on Moody. Thank you. And I apologize um that we weren't able to let you know about this in advance. About an hour ago. So I'm gonna step back a second. Um as you as I had shared in the past, um, SP, which used to be standard poor's right, um, they do periodic reviews and uh and updates, and in that process, they reach out to us and um did interviews and look at our sort of pre-audited information um for as a part of the review process. Moody's is in a similar sort of situation, except about an hour ago, they said, unless you have a finished audit, um, we have to say it is in progress. So they are not working on it, they wait till we have a finished audit. And we literally learned that that this is the case, and that they intend to actually they're gonna just put out a media release that that is the case. So about an hour ago, they let us know that this is the process. They're going to notify that they're just gonna put out a press release, but it's just their process until we can get them our audited information. This is what they do, they just say it's in process. So didn't want you surprised by that. We had told you we had heard from them, um, but we had just an hour ago heard this news. So that's the FYI I wanted to share. And what's the indication for our rating? I don't know that I know that yet. At this point, we we are not um it it shouldn't affect anything because we aren't going after anything. Um, if and and um that what SP told us as well was that even though once we hear from them on what whatever they give us, um, that they would go through this process again if we decided to like go out for a bond. So it would be even repeated again. So I think since we're not doing anything right now, I'm not sure it has an impact. But Keisha, do you did you want to? Yeah, from the correspondence that I received from them and other emails. Um, our rating is unconsidered under review while we are getting well, they give us a 30-day period to provide them with our um audited financial statements. And so they won't make a change in our rating, an official change in it until that 30-day period lapses, and then they would make a choice to change our rating from everything they provided us. So um at this point, no change, it's just now noted rather than a rating that it is under review at this time. So, what's our estimated audit report issue date? Uh it hasn't been updated um since uh I think I shared at the last meeting that um the last update they gave us was that they expect the um uh that they would give us the exit uh conversation in July. So um we believe that that's still on on schedule. And after receiving that this morning, I forwarded on the Moody's information to them and asked if we could get that on the books within that 30-day time frame because it does put us to the middle of July. So we're working on getting that scheduled. Um response yet. Well, thanks for the update. Hopefully, the state auditor will keep that in mind and fit us into the schedule. I'm hopeful. Okay. So now let's formally get into the finance committee discussion today. We have three items on the agenda. Before we got to that, I'd like to acknowledge uh the elected officials and the people who are attending. We have Mayor, we'll have Council President Dutch, myself, Will Chen, Councilmember Erica Banet, Vivian Owlison, and I see uh councilmember Chris X is also on call. Thank you for being here. And we have Kisha Pose from the Finance Department and Major is also on call. Thank you so much. So we have three items. Number one is April 2026 monthly financial report. I believe Kisha is here to take us through that. Take it away. I I am, thank you. Well, um, as highlighted on page three of the report, our sales tax revenue continues to be slightly up from where we were last year, as well as budget.