Administration and Finance Committee Minutes

September 10, 2020 4:00 PM *Virtual Meeting*

Commence: 4:00 PM Adjourn: 5:47 PM Committee Members: Present Absent Mayor Erin Sitterley, Chair ☒ ☐ Councilmember Clyde Hill ☒ ☐ Councilmember Senayet Negusse ☒ ☐

Other Council Members Present: Stanley Tombs, Pam Fernald

Staff Coordinator: Gwen Pilo, Finance & Systems Director

1. Call to Order Committee Chair Erin Sitterley called the meeting to order at 4:00PM.

2. Public Comment Public comments were required to be sent in electronically prior to the meeting. No comments were received.

3. Review of the Minutes X Recommended for Approval A copy of the 8/13/2020 minutes was provided to the committee for review. The committee approved the minutes as presented.

4. Investment Report X_ Informational Update

Finance & Systems Director Gwen Pilo presented to the committee the July 2020 Investment Compliance Report and Portfolio Analysis.

5. Unclaimed Property X_ Recommended for Approval

Finance & Systems Director Gwen Pilo presented the committee a proposed resolution, finalizing the unclaimed property reporting to the State of Washington. The Exhibit attached in the packet was incorrect and the corrected Exhibit will be posted as a handout. The committee recommended this item for approval and this item will be brought forward on the consent agenda for the October 13 City Council Meeting.

1 6. Legislative Update X_ Next Review at the October 8th A&F Meeting

Government Relations & Communications Manager Kyle Moore along with Josh Weiss and Annika Vaughn of Gordon Thomas Honeywell addressed the committee to discuss the upcoming legislative session and potential legislative agenda items. The committee discussed the proposed ideas. The committee agreed items 1, 3, 4, 7 & 8 should be part of the City’s Legislative Priorities. The remaining items will be part of the City’s Internal Legislative Agenda. The draft legislative agenda will be discussed further at the October 8th A&F Meeting before being presented at a City Council Meeting for approval.

X_ Recommended for Approval

City Clerk Kristina Gregg presented the committee with a memo detailing potential revisions to the City Council Administrative Procedures. The committee discussed each topic and the proposed language and provided the following recommendation: 7. Council 1. Council Committees – Efficiencies: the committee recommended Administrative approval. 2. Council Vacancies: the committee recommended approval. Procedures The committee discussed other select items in the City Council Administrative Procedures. Councilmember Fernald proposed changing the language of “election” of Mayor and Deputy Mayor to “selection”. The committee supported this change. The revised Procedures will be brought forward to a future Council Meeting for approval.

X_ Recommended for Approval

City Manager Carl Cole along with Senior Management Analyst Tim Ramsaur addressed the committee to discuss the request from Highline School District to provide funding assistance for access to broadband for 8. ILA with Highline students to aid in hosting virtual schooling. The City currently has School District unused funds from the CARES act that could be used for this purpose. The committee was in favor of allocating approximately $120,000 of CARES funding to the school district which would support 1,000 students over 12 months. This item will be brought forward to a future City Council Meeting for approval.

9. Future Meeting The next A&F committee is scheduled for October 8th at 4:00PM Schedule (Location: Virtual).

10. Adjourn Committee Chair Erin Sitterley adjourned the meeting at 5:47 PM.

2 Entrance Conference: City of SeaTac The Office of the Washington State Auditor’s vision is increased trust in government. Our mission is to provide citizens with independent and transparent examinations of how state and local governments use public funds, and develop strategies that make government more efficient and effective. The purpose of this meeting is to share our planned audit scope so that we are focused on the areas of highest risk. We value and appreciate your input.

Audit Scope Based on our planning, we will perform the following audits: Accountability audit for January 1, 2019 through December 31, 2019 We will examine the management, use and safeguarding of public resources to ensure there is protection from misuse and misappropriation. In addition, we will evaluate whether there is reasonable assurance for adherence to applicable state laws, regulations and policies and procedures. We plan to evaluate the following areas:  Accounts payable – general disbursements and electronic funds transfers  Financial condition  Cost allocation plan – equitable distribution of indirect costs  Cash receipting – Parks Department refunds and parking permit program  Payroll – leave cash outs Financial statement audit for January 1, 2019 through December 31, 2019 We will provide an opinion on whether your financial statements are presented fairly, in all material respects, in accordance with the applicable reporting framework. The audit does not attempt to confirm the accuracy of every amount, but does search for errors large enough to affect the conclusions and decisions of a financial statement user.

Engagement Letter We have provided an engagement letter that confirms both management and auditor responsibilities, and other engagement terms and limitations. Additionally the letter identifies the cost of the audit, estimated timeline for completion and expected communications.

3 Levels of Reporting Findings Findings formally address issues in an audit report. Findings report significant deficiencies and material weaknesses in internal controls; misappropriation; and material abuse or non-compliance with laws, regulations or policies. You will be given the opportunity to respond to a finding and this response will be published in the audit report. Management Letters Management letters communicate control deficiencies, non-compliance or abuse that are less significant than a finding, but still important enough to be formally communicated to the governing body. Management letters are referenced, but not included, in the audit report. Exit Items Exit items address control deficiencies or non-compliance with laws or regulations that have an insignificant effect on the audit objectives. These issues are informally communicated to management.

Important Information Confidential Information Our Office is committed to protecting your confidential or sensitive information. Please notify us when you give us any documents, records, files, or data containing information that is covered by confidentiality or privacy laws. Audit Costs The cost of the audit is estimated to be approximately $80,000. Invoices for these services will be prepared and presented each month as our audit work progresses. Expected Communications During the course of the audit, we will communicate with Christina McCall, Accounting Analyst, on the audit status, any significant changes in our planned audit scope or schedule and preliminary results or recommendations as they are developed. Please let us know if, during the audit, any events or concerns come to your attention of which we should be aware. We will expect Christina McCall, Accounting Analyst, to keep us informed of any such matters. Audit Dispute Process Please contact the Audit Manager or Assistant Director to discuss any unresolved disagreements or concerns you have during the performance of our audit. At the conclusion of the audit, we will summarize the results at the exit conference. We will also discuss any significant difficulties or disagreements encountered during the audit and their resolution.

4 Loss Reporting State agencies and local governments are required to immediately notify our Office in the event of a known or suspected loss of public resources or other illegal activity. These notifications can be made on our website at www.sao.wa.gov/report-a-concern/how-to-report-a-concern/fraud-program/. Peer Reviews of the Washington State Auditor’s Office To ensure that our audits satisfy Government Auditing Standards, our Office receives external peer reviews every three years by the National State Auditors Association (NSAA). The most recent peer review results are available online at www.sao.wa.gov/about-sao/who-audits-the-auditor/. Our Office received a “pass” rating, which is the highest level of assurance that an external review team can give on a system of audit quality control. Emerging Issues Some of the emerging issues affecting local governments are the following:  GASB update February 2020  Converting to New Computer Systems See pages 5-7 of this handout for details.

Working Together to Improve Government Audit Survey When your report is released, you will receive an audit survey from us. We value your opinions on our audit services and hope you provide us feedback. Local Government Support Team This team provides support services to local governments through technical assistance, comparative statistics, training, and tools to help prevent and detect a loss of public funds. Our website and client portal offers many resources, including a client Help Desk that answers auditing and accounting questions. Additionally this team assists with the online filing of your financial statements. The Center for Government Innovation The Center for Government Innovation of the Office of the Washington State Auditor is designed to offer services specifically to help you help the residents you serve at no additional cost to your government. What does this mean? We provide expert advice in areas like Lean, peer-to-peer networking and culture-building to help local governments find ways to be more efficient, effective and transparent. The Center can help you by providing assistance in financial management, cybersecurity and more. Check out our best practices and other resources that help local governments act on accounting standard changes, comply with regulations, and respond to recommendations in your audit. The Center understands that time is your most precious commodity as a public servant, and we are here to help you do more with the limited hours you have. If you are interested in learning how we can help you maximize your effect in government, call us at (360) 725-5621 or email us at [email protected].

5 Audit Team Qualifications Kelly Collins, CPA, Director of Local Audit – Kelly has been with the Washington State Auditor’s Office since 1992. In her role, she oversees the audit teams which perform the audits for over 2,200 local governments. She serves on the Washington Finance Officers Association Board and is a member of the Washington Society of Certified Public Accountants’ Government Auditing and Accounting Committee. Phone: (564) 999-0807 or [email protected]

Mark Rapozo, CPA, Assistant Director of Local Audit – Mark has been with the Washington State Auditor’s Office since 1983. In his role as Assistant Director, he assists with the statewide oversight and management of all the audits for local government. He also served as the chairman of the Local Records Committee of the Washington State Archives for 10 years. Phone: (564) 999-0794 or [email protected]

Alexander Beherndt, CPA, Audit Manager – Alex has been with the Washington State Auditor’s Office since 2012. During his time with the Office, Alex has been a member of the Port Orchard, North King, and South King County teams covering local governments throughout Western Washington. He received his Bachelor of Science in Business Administration emphasis in Accounting from Portland State University. (253) 372-6251 or [email protected]

Sean Fitzgerald, Esq., Assistant Audit Manager – Sean has been with the Office of the Washington State Auditor since 2015. He has been a member of the South King County and Bellingham teams. Sean serves as the Team South King County fraud manager and State-wide I-937/Energy Subject Matter Expert. He is a licensed attorney and has been a member of the Washington State Bar Association since 2013. Email [email protected]

Sandeep Kaur, CFE, Audit Lead – Sandeep has been with the State Auditor’s Office since 2014. In her role as an Assistant State Auditor, she has been part of Central King County and South King County Team covering state and local governments throughout the King County region. Sandeep graduated from Central Washington University with a Master of Professional Accountancy. She also serves as one of the team’s fraud specialists. Email [email protected]

GASB UPDATE February 2020

The Governmental Accounting Standards Board (GASB) establishes generally accepted accounting principles (GAAP) for U.S. state and local governments. All statements, exposure drafts and other documents for public comment are available from the GASB website, www.gasb.org, free of charge.

Here is a summary of current and upcoming accounting and financial reporting standards.

GASB Pronouncements Effective for the Reporting Year 2018

 Statement No. 75, Accounting and Financial Reporting for OPEB This is the guidance for reporting OPEB by employers. It replaces GASB Statement No. 45 is comparable to GASB Statement No. 68 for pension plans. (See GASB Implementation Guide 2017-3).

 Statement No. 85, Omnibus 2017 This statement addresses a mix of implementation issues related to blending component units, goodwill, fair value measurement, pensions and OPEB, etc.

 Statement No. 86, Certain Debt Extinguishment Issues Main topics are debt extinguishment as the result of placing exclusively the existing resources in trust and accounting for prepaid insurance on refunded debt.

 Implementation Guide No. 2017 – 1, general updates that clarifies, explains, or elaborates on GASB Statements

 Implementation Guide No. 2017 – 2, general updates, specific updates regarding OPEB.

GASB Pronouncements Effective for the Reporting Year 2019

 Statement No. 83, Certain Asset Retirement Obligations Under this statement, a government that has a legal obligation for future capital asset retirement activities is required to recognize a liability and a corresponding deferred outflow of resources.

 Statement No. 84, Fiduciary Activities This guidance clarifies what constitutes a fiduciary activity for financial reporting purposes and the fund types to be reported. An implementation guide is available; Implementation Guide 2019-2 – Fiduciary Activities.

 Statement No. 88, Certain Disclosures Related to Debt, including Direct Borrowings and Direct Placements This statement provides additional requirements for disclosure in notes to government financial statements related to debt, including direct borrowings and direct placements.  Statement No. 90, Majority Equity Interests This statement, an amendment of Statements No. 14 and 61, defines a majority equity interest and specifies how a majority equity interest in a legally separate organization should be reported.

GASB Pronouncements Effective for the Reporting Year 2020

 Statement No. 87, Leases Scope includes definition of a lease, lease terms, short-term leases, subleases, and sale-leaseback. Guidance related to accounting and reporting for lessee and lessor. An implementation guide is available; Implementation Guide 2019-3 - Leases. 5

 Statement No. 89, Accounting for Interest Cost Incurred before the end of a Construction Period Suspends paragraphs 5-22 of GASB 62. Do not capitalize interest cost related to capital assets – expense as incurred.

 Implementation Guide 2019-1 Objective of this implementation guide is to provide guidance that clarifies, explains, or elaborates on GASB Statements. This guide addresses OPEB, Derivative Instruments, Nonexchange Transactions, Impairment and Insurance Recoveries, and other accounting and reporting topics.

GASB Pronouncements Effective for the Reporting Year 2021

 Statement No. 91, Conduit Debt Obligations The objectives of this Statement are to provide a single method of reporting conduit debt obligations by issuers and eliminate diversity in practice associated with (1) commitments extended by issuers, (2) arrangements associated with conduit debt obligations, and (3) related note disclosures.

 Statement No. 92, Omnibus 2020 This statement addresses a mix of implementation issues related to leases, reinsurance recoveries, and derivative instruments (effective immediately for reporting year 2020). Other items effective for reporting year 2021 include intra-entity transfers of assets, postemployment benefit arrangements, government acquisitions, etc.

For all statements, earlier application is encouraged.

Current GASB Exposure Drafts, Invitations to Comments, etc.

The GASB recently issued several proposed new standards for public comment. These exposure drafts are not new standards yet, but they will be in the future. The Board encourages any individual or organization to provide written comments about them and instructions are included with each document. The documents can be downloaded free of charge from the GASB website. This is a good opportunity to become involved in the standard setting process.

 Coming soon

If you have questions about GASB standards, please contact [email protected], [email protected], or [email protected] or the HelpDesk.

8 Converting to New Computer Systems Purpose Many government agencies are considering, or are in the process of, converting to new computer systems. This document identifies a number of steps you can take to ensure a smooth and complete transition to a new system as well as make your first audit in the new system easier.

Before you convert  Document the old system’s data cleanup strategy  Document your testing of the new system  Document your security evaluation  Obtain system documentation for your new system  Provide adequate training for all users

At the time of conversion  Document crosswalks from the old system to the new system  Confirm that the ending balances in the old system = beginning balances in the new system  Determine procedures for vendor’s future access  Develop security procedures for user access and passwords

After conversion  Re-evaluate user access after about six months and then regularly or when major personnel or system changes occur  Notify your audit team of system conversions

Sept. 23, 2020

Mayor Erin Sitterley SeaTac City Hall 4800 S 188th St, SeaTac, WA 98188

Re: Support for Marketing and Promotion of Hospitality and Tourism in Seattle Southside

The Honorable Mayor Erin Sitterley,

On behalf of Seattle Southside’s hospitality and tourism industry, we are writing to encourage your approval of the Seattle Southside Regional Tourism Authority’s $830,000 lodging tax funding request for each year 2021 and 2022 as recommended by SeaTac’s Hotel Motel Advisory Committee and would like to express our support for Seattle Southside Regional Tourism Authority’s leadership as an effective regional destination marketing organization.

The COVID‐19 pandemic has disproportionately impacted our industry. The Seattle Southside tourism industry shows significant economic decline across every sector. While impact data continues to unfold, and the COVID‐19 situation rapidly evolves, information to date suggests a sustained downturn in the tourism economy for the next 2‐3 years, until a vaccine is developed, and antivirals are widely available.

I have worked with Seattle Southside RTA in the past and have seen this organization collaborate with public and private sector partners and develop robust tourism promotional campaigns. Collaboration between hoteliers, restaurants, attractions, transportation providers, retailers, various business associations, state, county, and local jurisdictions is imperative to developing a sustainable and resilient economy, and Seattle Southside RTA has a proven track record of success in working with these partners.

Now, the goal is to revitalize and stabilize local sales and lodging tax by driving overnight stays and encouraging residents and visitors to safely and mindfully support Seattle Southside businesses. Throughout the pandemic, the RTA has been a lifeline for the “mom and pop” shops who would otherwise have no means of marketing and promoting their businesses. Seattle Southside Regional Tourism Authority has the experience, expertise, and established audience necessary to drive customers to these small businesses.

This year, our region has suffered through an unprecedented economic setback. Businesses and public entities alike have been forced to cut costs, lay off employees, and some businesses that were forced to close may never reopen. To decrease funding now would only worsen the situation, resulting in additional layoffs and business closures. We know you are working around the clock, as we all are, to support the tourism & hospitality workforce and businesses who are among the most severely impacted by this crisis. We are grateful for your continued support of our industry and urge you to act quickly to ensure the long‐term economic sustainability of our region.

Sincerely,

Katherine Kertzman, President & CEO Seattle Southside Regional Tourism Authority

Cc: City of SeaTac, Deputy Mayor and Councilmembers

Peter Kwon pkwon@seatacwa,.gov

Senayet Negusse [email protected]

Stanley Tombs [email protected]

Clyde Hill [email protected]

Takele Gobena [email protected]

Pam Fernald [email protected]

Additionally Signed: Richard Scherzinger Hilton Seattle Airport & Conference Center Brandi Mitchell BMI Hospitality Barbara Brunetti Wingate by Wyndham Justin Taillon Highline College Kris La Fata Argosy Cruises Genevieve Henderson BMI Hospitality Mollieann Mad BMI Hospitality Cheryl O'Brien Cheryls NW Tours Perry Wall Clarion Hotel SeaTac Rose Alvarez COMFORT INN AND SUITES ~ SEATAC, WA David Oltmann Country Inn and Suites Seattle Airport & Best Western Seattle Airport Hotel Ken Stockdale Crowne Plaza Seattle Airport Sherrel Caprio Embassy Suites Seattle Tacoma International Airport Maureen Huffman Embassy Suites Seattle Tacoma International Airport Larisa Karplyuk Embassy Suites by Hilton Seattle Tacoma International Gabriella Gonzales Fairfield Inn Marriott John Chen Geoteaming Kimberly Behrends Hampton Inn and Suites Seattle‐Airport/28th Ave Tony Hettler John L Scott DESM Bob Schrader Marriott Seattle Airport Roger McCracken Masterpark Donna Rios Radisson Hotel, Seattle Airport Nicole Candland Residence Inn Seattle South/Tukwila Michael Rogers Seattle Express Hana Gala South Seattle College Ben Oliver Starfire Sports Mary Batterson The Museum of Flight Jeff Bauknecht The Museum of Flight Carol Thomson The Museum of Flight Rich Sweeney The Renton Printery Vince Mottola Vince's Italian Restaurants and via Marina Wood Fired Pizza & Italian Café

11 12 Seattle Southside Regional Tourism Authority (RTA) Exhibit A ‐ Amended Operating and Capital Outlay Budget 2020 Amended Budget ‐ Resolution No. 2020 ‐ 003

2020 Change in 2020 Budget Amended Original Budget Budget Revenues 1 TPA Special Assessments $ 3,900,000 $ (1,956,440) $ 1,943,560 2 LTC‐Tukwila 202,500 ‐ 202,500 3 LTC‐Tukwila (Sponsorship Fees) ‐ 75,000 75,000 4 LTC‐SeaTac 830,000 ‐ 830,000 5 LTC‐SeaTac (Sponsorhip Fees) ‐ 175,000 175,000 6 King County Emergency Funding 2,000,000 2,000,000 7 LTC‐Des Moines 55,500 (38,000) 17,500 8 Interest Revenue 65,000 (40,000) 25,000 9 Misc Other Revenue 2,500 4,000 6,500 10 Advertising 50,000 (42,500) 7,500 Total Revenues $ 5,105,500 $ 177,060 $ 5,282,560

Expenditures 11 Salaries & Benefits $ 1,630,500 $ (245,500) $ 1,385,000 12 Supplies 15,000 (5,000) 10,000 13 Small Equipment 20,000 (11,000) 9,000 14 Professional Services/Ads/Promotions 2,323,000 (773,000) 1,550,000 15 Professional Services/Ads/Promotions (Sponsorship Funding) 250,000 250,000 16 Professional Services/Ads/Promotions (King County) 2,000,000 2,000,000 17 Communications/Postage 41,000 ‐ 41,000 18 Travel 80,000 (66,500) 13,500 19 Operating Leases 120,000 (9,000) 111,000 20 Insurance 12,000 (1,000) 11,000 21 Maintenance 6,000 (2,000) 4,000 22 Miscellaneous/Printing 751,000 (275,000) 476,000 23 Capital‐Digital Images 39,000 (39,000) ‐ Total Operating Expenditures 5,037,500 823,000 5,860,500 24 Capital Outlay 68,000 (37,000) 31,000 Total Expenditures and Capital Outlay 5,105,500 786,000 5,891,500 25 Excess of Revenues over (under) expenditures ‐ (608,940) (608,940) Budgeted Beginning Fund Balance$ 3,942,503 $ 4,372,162 Budgeted Ending Fund Balance$ 3,942,503 $ 3,763,222

Contingency Reserve (2 months) $ 839,751 $ 137,194 $ 976,945 Economic Downturn/Recession Reserve (11% of SA) $ 429,000 $ (215,208) $ 213,792 Capital Asset Replacement Reserve $ 183,465 $ 183,465 Unassigned Balance $ 2,490,286 $ (746,134) $ 2,389,020

13 14 Seattle Southside Regional Tourism Authority (RTA) Exhibit A - Proposed 2021 Budget 2021 Budget - Resolution No. 2020-004 Updated 9/10/2020

2021 Budget Revenues: TPA Special Assessments $ 1,981,630 LTC-Tukwila 202,500 LTC-SeaTac 830,000 LTC-Des Moines 20,000 Investment Revenues 15,000 Misc Other Revenue 2,500 Advertising 7,500 Total Revenues $ 3,059,130

Expenses: Salaries & Benefits $ 1,320,000 Supplies 10,000 Small Equipment 7,000 Professional Services/Ads/Promotions 1,600,000 Communications/Postage 45,000 Travel 35,000 Operating Leases 119,000 Insurance 12,000 Maintenance 4,000 Miscellaneous/Printing 600,000 Subtotal Operating Expenses 3,752,000 Capital Outlay 30,000 Subtotal Operating Expenses & Capital Outlay 3,782,000 Excess (Deficit) of Revenue Over (Under) Expenditures (722,870) Budgeted Beginning Fund Balance $ 3,763,222 Budgeted Ending Fund Balance $ 3,040,352

Contingency Reserve (16.67% or 2 months) $ 625,458 Economic Downturn/Recession Reserve (11% of SA) $ 217,979 Capital Asset Replacement Reserve $ 183,465 Unassigned Balance $ 2,013,449

(a) The general promotion of tourism within the Seattle Southside TPA as specified in the business plan of the the SSRTA; (b) The marketing of convention and trade shows that benefit local tourism and the Lodging Businesses in the Seattle Southside TPA; (c) The marketing of the Seattle Southside TPA region to the travel industry in order to benefit local tourism and the Lodging Businesses in the Seattle Southside TPA; (d) The marketing of the Seattle Southside TPA region to recruit sporting events in order to promote local tourism and to benefit the Lodging Businesses and tourism industry within the Seattle Southside TPA; and (e) Direct administration, operation, formation, and start-up costs associated with the Seattle Southside TPA and the ongoing management and maintenance of the Seattle Southside TPA program, including but not limited to staff costs, public notice advertising, legal costs, accounting and auditing (including audits of the Parties and the SSRTA as they relate to this Agreement), as approved by the SSRTA Board of Directors, provided no funds will be used for costs not directly related to the operation of the Seattle Southside TPA, this Agreement, or the SSRTA.

15 16 Seattle Southside Regional Tourism Authority (RTA) Exhibit A ‐ Amended Operating and Capital Outlay Budget 2020 Amended Budget ‐ Resolution No. 2020 ‐ 009

2020 Change in 2020 Budget Amended Original Budget Budget Revenues 1 TPA Special Assessments $ 3,900,000 $ (1,956,440) $ 1,943,560 2 LTC‐Tukwila 202,500 ‐ 202,500 3 LTC‐Tukwila (Sponsorship Fees) ‐ ‐ ‐ 4 LTC‐SeaTac 830,000 ‐ 830,000 5 LTC‐SeaTac (Incentive) ‐ 87,500 87,500 6 LTC‐SeaTac (Marketing) 280,000 280,000 7 King County Emergency Funding 2,000,000 2,000,000 8 LTC‐Des Moines 55,500 (38,000) 17,500 9 Interest Revenue 65,000 (40,000) 25,000 10 Misc Other Revenue 2,500 4,000 6,500 11 Advertising 50,000 (42,500) 7,500 Total Revenues $ 5,105,500 $ 294,560 $ 5,400,060

Expenditures 12 Salaries & Benefits $ 1,630,500 $ (245,500) $ 1,385,000 13 Supplies 15,000 (5,000) 10,000 14 Small Equipment 20,000 (11,000) 9,000 15 Professional Services/Ads/Promotions 2,323,000 (493,000) 1,830,000 16 Professional Services/Ads/Promotions (Sponsorship Funding) 87,500 87,500 17 Professional Services/Ads/Promotions (King County) 2,000,000 2,000,000 18 Communications/Postage 41,000 ‐ 41,000 19 Travel 80,000 (66,500) 13,500 20 Operating Leases 120,000 (9,000) 111,000 21 Insurance 12,000 (1,000) 11,000 22 Maintenance 6,000 (2,000) 4,000 23 Miscellaneous/Printing 751,000 (275,000) 476,000 24 Capital‐Digital Images 39,000 (39,000) ‐ Total Operating Expenditures 5,037,500 940,500 5,978,000 25 Capital Outlay 68,000 (37,000) 31,000 Total Expenditures and Capital Outlay 5,105,500 903,500 6,009,000 26 Excess of Revenues over (under) expenditures ‐ (608,940) (608,940) Budgeted Beginning Fund Balance$ 3,942,503 $ 4,372,162 Budgeted Ending Fund Balance$ 3,942,503 $ 3,763,222

Contingency Reserve (2 months)$ 839,751 $ 156,781 $ 996,533 Economic Downturn/Recession Reserve (11% of SA)$ 429,000 $ (215,208) $ 213,792 Capital Asset Replacement Reserve$ 183,465 $ 183,465 Unassigned Balance$ 2,490,286 $ (765,721) $ 2,369,433

17 18

RESOLUTION 2020-010

A RESOLUTION OF THE BOARD OF DIRECTORS OF THE SEATTLE SOUTHSIDE REGIONAL TOURISM AUTHORITY APPROVING AND AMENDING THE 2021 BUDGET, RESOLUTION NO. 2020-010.

WHEREAS, the Seattle Southside Regional Tourism Authority (the "RTA"), is a public development authority chartered by the City of SeaTac, Washington, for the purpose of providing tourism promotion services; and

WHEREAS, the Board of Directors of the Seattle Southside RTA (the "Board") now desires to approve and amend the 2021 budget, Resolution No. 2020-004, as described herein;

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE SEATTLE SOUTHSIDE REGIONAL TOURISM AUTHORITY:

Section 1. Approval. The Board hereby approves and amends the 2021 Budget, Resolution No. 2020-004. An amended budget for 2021 is attached hereto as Exhibit A and is incorporated herein by reference.

Section 2. Further Authority: Prior Acts. All Seattle Southside RTA officials, their agents, and representatives are hereby authorized and directed to undertake all action necessary or desirable from time to time to carry out the terms of, and complete the transactions contemplated by, this resolution. All acts taken pursuant to the authority of this resolution but prior to its effective date are hereby ratified and confirmed.

Section 3. Effective Date. This resolution shall take effect immediately upon its passage and approval.

Passed ______, 2020 ______Chair, Board of Directors Motion #______Seattle Southside Regional Tourism Authority

Resolution No. 2020-010 Amending the 2021 Budget, Resolution No. 2020-004 19 Seattle Southside Regional Tourism Authority (RTA) Exhibit A - Approved Amended 2021 Budget 2021 Budget - Resolution No. 2020-010

2021 Budget Revenues: TPA Special Assessments $ 1,981,630 LTC-Tukwila - LTC-SeaTac 830,000 LTC-SeaTac (Incentive) 87,500 LTC-Des Moines 20,000 Investment Revenues 15,000 Misc Other Revenue 2,500 Advertising 7,500 Total Revenues $ 2,944,130

Expenses: Salaries & Benefits $ 1,320,000 Supplies 10,000 Small Equipment 7,000 Professional Services/Ads/Promotions 1,485,000 Communications/Postage 45,000 Travel 35,000 Operating Leases 119,000 Insurance 12,000 Maintenance 4,000 Miscellaneous/Printing 600,000 Subtotal Operating Expenses 3,637,000 Capital Outlay 30,000 Subtotal Operating Expenses & Capital Outlay 3,667,000 Excess (Deficit) of Revenue Over (Under) Expenditures (722,870) Budgeted Beginning Fund Balance $ 3,763,222 Budgeted Ending Fund Balance $ 3,040,352

Contingency Reserve (16.67% or 2 months) $ 606,288 Economic Downturn/Recession Reserve (11% of SA) $ 217,979 Capital Asset Replacement Reserve $ 183,465 Unassigned Balance $ 2,032,620

20 Seattle Southside Regional Tourism Authority (RTA) Tourism Promotion Area Hotels (90+ Sleeping Rooms)

Sleeping Name of Establishment City & State Rooms Four Points by Sheraton Seattle Airport South Des Moines, WA 225 aloft Hotel Seattle SeaTac Airport Seatac, WA 144 Best Western Seattle Airport Hotel Seatac, WA 143 Cedarbrook Lodge Seatac, WA 167 Clarion Hotel Seattle Airport Seatac, WA 214 Coast Gateway Hotel Seatac, WA 143 Comfort Inn & Suites Sea-Tac Airport Seatac, WA 119 Country Inn & Suites SeattleTacoma International Airport Seatac, WA 120 Crowne Plaza Seattle Airport Seatac, WA 260 DoubleTree by Hilton Hotel Seattle Airport Seatac, WA 850 DoubleTree by Hilton Suites Hotel Seattle Airport Southcenter Seatac, WA 219 Embassy Suites by Hilton Seattle Tacoma International Airport Seatac, WA 242 Fairfield Inn Seattle SeaTac Airport SeaTac, WA 146 Hampton by Hilton Inn & Suites Seattle-Airport/28th Avenue Seatac, WA 218 Hampton by Hilton Inn Seattle-Airport Seatac, WA 130 Hilton Garden Inn Seattle Airport Seatac, WA 152 Hilton Seattle Airport & Conference Center Seatac, WA 396 Holiday Inn Express & Suites Seattle SeaTac Seatac, WA 171 La Quinta Inns & Suites Seattle SeaTac Airport Seatac, WA 143 Marriott Seattle Airport Seatac, WA 462 Motel 6 Seattle Airport Seatac, WA 109 Motel 6 Seattle Sea-Tac Airport South Seatac, WA 144 Motel 6 Seattle South Seatac, WA 124 Quality Inn SeaTac Airport Seattle Seatac, WA 102 Radisson Hotel Seattle Airport Seatac, WA 204 Ramada SeaTac Airport Sea Tac, WA 155 Red Lion Hotel Seattle Airport Sea-Tac Seatac, WA 144 Red Roof Inn Seattle Airport Seatac Seatac, WA 152 Residence Inn Seattle SeaTac Airport Seatac, WA 170 Sleep Inn SeaTac Airport Seatac, WA 105 Wingate by Wyndham SeaTac Airport Seatac, WA 157 Comfort Suites Airport Tukwila Tukwila, WA 138 Courtyard Seattle Sea-Tac Area Tukwila, WA 214 Courtyard Seattle South Center Tukwila, WA 149 Days Inn Seattle South Tukwila Tukwila, WA 119 Extended Stay America Seattle - Southcenter Tukwila, WA 94 Extended Stay America Seattle -Tukwila Tukwila, WA 96 Hampton by Hilton Inn Seattle/Southcenter Tukwila, WA 152 Holiday Inn Express & Suites Seattle South Tukwila Tukwila, WA 92 Home2 Suites by Hilton Seattle Airport Tukwila, WA 139 Homewood Suites by Hilton Seattle Tacoma Airport Tukwila Tukwila, WA 106 Hotel Interurban Tukwila, WA 185 Ramada Tukwila Southcenter Tukwila, WA 146 Residence Inn Seattle South Tukwila Tukwila, WA 144 WoodSpring Suites Seattle Tukwila Tukwila, WA 110

2021 Business Plan

22 EXECUTIVE DIVISION

Strategy (2) Leadership Excellence Objective 1: Ensure adequate funds are available in 2021 budget through implementation of the Advocacy Plan. Budget: Staff Time Tactics:  Make sure the RTA is an active participant in city, county, regional, and statewide tourism and economic development forums  Collaborate with stakeholders and governmental entities to advocate for the tourism industry priorities identified by the RTA Board of Directors  Strengthen working relationships with Tourism Promotion Area cities by working with TPA cities on how the RTA 2021 Business Plan complements each city’s strategic plan  Ensure attendance at all partner city lodging tax advisory committee meetings and that all information is shared with executive team  Pursue continued collaboration opportunities with the Seattle Southside Chamber of Commerce, Soundside Alliance, and other organizations as appropriate  Participate in Seattle Southside Chamber of Commerce events and committees to engage with partners and potential partners.  Incubate ideas developed by DDBAC and advocate for implementation  Reinforce the RTA’s collaborative relationships with Destination Marketing Organizations statewide, Washington Tourism Alliance and the Washington Hospitality Association  Investigate additional new regional partnership opportunities and strengthen existing ones, e.g., Burien, Port of Seattle, etc., and make recommendations to the Board

Strategy (2) Leadership Excellence Objective 2: Ensure each staff member receives at least two remote virtual professional development opportunities by yearend. Budget: $16,000 Tactics:  Conduct a complete training needs analysis  Provide quality, cost‐effective training designed to increase individual and organizational productivity and enrichment  Plan to offer just‐in‐time learning using the most appropriate delivery method  Provide development opportunities that enhance knowledge, develop skills, and enrich the organization that best meets the identified need, including professional certification through Destination International  Promote, support, and leverage technology resources and tools to improve and enhance workflow efficiency and improve customer service

Strategy (2) Leadership Excellence Objective 3: Monitor and ensure fifth‐year execution of the RTA’s Strategic Plan 2016‐2021 through implementation of the 2021 Business Plan to help accomplish the RTA’s core goals by year end. Budget:

Page 1 of 4 2021 Business Plan

23 Staff Time Tactics:  Provide staff with bi‐annual performance reporting to review implementation of Executive, MarCom, and Sales & Services Division 2021 business plans  Working with the executive team, make periodic modifications to workplans as deemed necessary to achieve organizational goals and strategies  Encourage staff to generate and develop new ideas in order to create a culture of innovation taking into consideration the impact of the pandemic  Gain a more in‐depth perspective of how departments within the RTA are managed to accomplish the annual business plan  Review department and division progress quarterly  Begin planning and development of the next five‐year strategic plan

Strategy (2) Leadership Excellence Objective 4: In collaboration with executive team, monitor, evaluate, and make recommended changes to the RTA’s procurement practices ensuring proper fulfillment and documentation of RTA contracts and vendor agreements by the end of 2021. Budget: Staff Time Tactics:  Recommend procurement policies and procedures amendments to CEO and draft as necessary  Develop internal process for monitoring and tracking completion of RTA contracts and vendor agreements  Conduct internal audit periodically and provide feedback regarding any discrepancies to the Executive Staff Committee at least bi‐annually prior to the annual SAO audit

Strategy (2) Leadership Excellence Objective 5: Supplement base of knowledge regarding destination marketing and sales through attending 4 RTA meetings and at least 1 professional development training opportunities by yearend. Budget: Staff Time Tactics:  Attend a variety of RTA business meetings and/or DMO training opportunities during the year  Attend at least 2 RTA Partner meetings  Attend at least one Destination International Summit  Attend at least 1 RTA Destination Development partner city lodging tax advisory committee meeting

Strategy (2) Leadership Excellence Objective 6: Update and distribute monthly Budget to Actual Department Reports within seven (7) days after the end of each calendar month. Budget: Staff Time Tactics:  Create detailed department line item reports monthly  Notify each division leader of completion of monthly report through email with a link to the file

Page 2 of 4 2021 Business Plan

Strategy (2) Leadership Excellence Objective 7: Apply for the GFOA Certificate of Achievement for Excellence in financial reporting by end of 2021. Budget: Staff Time Tactics:  Recommend segregation of duties policies and procedures to CEO and draft as necessary  Promote financial best practices and provide high‐quality financial reporting  Maintain no material weaknesses in RTA’s financial statement audit

Strategy (2) Leadership Excellence Objectives 8: Create and implement action plan regarding Operations Administrator priorities related to payroll, benefits, and other transactional HR activities that are in line with available resources by Q2. Budget: Staff time primarily in addition to funding training, if needed. $2,000 Tactics:  Action plan will include: o Continue to learn and master ADP for backup payroll processing o Keep current on health benefits and provide timely specialized information to staff as needed e.g.: new state Paid Family and Medicale Leav premiums and benefits by January 15, 2021 o Make recommended modification to personnel policy for CEO & Board approval regarding new state Paid Family and Medical Leave o Implement staff satisfaction survey, establish benchmark by Q3 2021 o Improve RTA recruiting efforts by initiating consensus on recruitment process as delineated in hiring check list for each open position on an ongoing basis. Acquire Division VP and CEO sign‐off before implementation. o Continue organizing just‐in‐time training opportunities for all staff on an ongoing basis e.g.: PERs, Social Security, etc. o Establish important policies and procedures as directed by CEO and when required, approved by Board of Directors

Strategy (2) Leadership Excellence Objectives 9: Review and recommend revisions to procedures for employee departure, hiring, and onboarding by Q2. Budget: Staff Time Tactics:  Conduct research for examples  Interview executive team to identify action items  Interview RTA recent hires to learn opportunities for improvement  Develop a checklist for procedures upon employee departure, job posting, interviewing, hiring, and onboarding  Include requirements of PERS, WCIA, and other legal obligations

Strategy (2) Leadership Excellence Objectives 10: Audit, retain or destroy public records in accordance with public records act by yearend. Budget: Staff Time in addition to software and/or equipment for sorting public records. Page 3 of 4 2021 Business Plan

25 Tactics:  Provide training on public records and public meetings for all staff  Provide training on retention schedules for all staff  Use resource allocation and risk management to determine records management priorities  Implement a records compliance function to ensure that records management policies and procedures are being followed  Audit, make recommendations to the CEO, and implement approved strategy for managing, educating, and conforming to all state laws and RTA policies

Strategy (2) Leadership Excellence Objectives 11: Hosting a virtual meeting requires different skills from those carried out face to face meetings. Learn the skills and tools required to setup and facilitate virtual meetings on Zoom. Budget: Staff Time Tactics:  Master Zoom meeting tools such as waiting room and breakout rooms  Be ready to employ Zoom waiting room feature when hosting a secure internal session such as a Board meeting executive session within a regular board meeting  Master hosting digital meetings or training sessions on a Zoom Video Webinar, including but not limited to features like hand raising, Q&A, registration, registration tracking, and polling  Make recommendations to executive team regarding Zoom upgrades and new tools as needed

Page 4 of 4 2021 Business Plan

26 CITY OF SEATAC 2021 LEGISLATIVE PRIORITIES

Indoor Air Quality Study The City of SeaTac is cooperating with neighboring cities in contracting with the University of Washington to complete a study on indoor air quality in areas near the SeaTac International Airport. The study, to be completed by the end of the year, will recommend mitigation measures to protect the health of City residents.

Transportation: SR 509 and SR 518 The City of SeaTac is significantly impacted by regional traffic associated with these two state routes, including those accessing the Seattle-Tacoma International Airport. Improving SR 509 and SR 518 through the Puget Sound Gateway has been and remains the City’s top transportation priority. As the Legislature scrutinizes its transportation budget, the City will continue to advocate that this project receive full funding and remain on schedule.

Human Trafficking The City joins the efforts of many public and private partners in combatting human trafficking and will advocate for the incorporation of metrics and performance measures in these efforts.

Behavioral Health The behavioral health system in south King County, like much of Washington State, is under considerable strain. Furthermore, the COVID-19 pandemic is having a significant impact on our residents’ behavioral health. The City of SeaTac supports enhancements to the behavioral health system for the benefit of our residents.

27 CITY OF SEATAC 2020 POLICY DOCUMENT The City of SeaTac will prioritize its legislative efforts on advancing items identified on its Legislative Agenda. However, when the Legislature initiates proposals that have the potential to negatively impact the City, or when the Legislature creates the opportunity to advance the City’s interests, this policy document provides direction to City staff and lobbyists about the City’s policy perspective and desired positions.

Defend State Shared Revenues: The City of SeaTac, like the State and every other government agency, is experiencing significant revenue impacts from the COVID-19 recession. Revenues that are collected by the State and distributed to the City, such as criminal justice assistance funding, liquor and marijuana revenue, and leasehold excise tax sharing are incredibly important during times of economic stress. Grant programs such as those administered by the Public Works Assistance Board, Transportation Improvement Board, and Recreation and Conservation Office are similarly vital. While the Legislature may be tempted to reduce these programs to balance its own budget, the City opposes any effort to reduce distributions to cities.

Defend Local Control: The best governmental decisions are those that are made closest to the people represented. Cities possess strong local authority to provide for the safety and welfare of their residents, and the Legislature must abstain from restricting, mandating, or otherwise interfering with local decisions. For example, the Legislature has recently considered legislation that would have mandated specific siting of accessory dwelling units. The City of SeaTac will oppose legislative actions such as this that are inconsistent with local decision making.

County Affordable Housing Funding and Projects: As King County considers implementation of the local option sales tax for affordable housing, the City of SeaTac will oppose any efforts to expand county authority to site projects within City limits. Affordable housing is an important issue for city residents, however initiatives to increase affordable housing by the County must be done in collaboration with City leaders.

Support Broadband Access for all SeaTac Residents: The Legislature will likely take action to expand access to broadband across the state. In many cases this requires infrastructure, but in some areas the limiting factor is access to digital devices or knowledge of how to use digital devices. SeaTac support efforts to expand internet access to its residents particularly through knowledge transfer and access to devices.

28 Transportation Network Companies: SeaTac opposes legislation that removes local control to regulate transportation network companies. Furthermore, the City supports legislation that streamlines local regulation of these transportation companies, and that captures proper road impact fees for the City.

Economic Development, Infrastructure and Business Incubator: SeaTac supports legislation to enhance State funding, tools and programs for local economic development and infrastructure that further the economic development and growth of the City through investments that attract, retain, and expand business and create living wage jobs.

Multifamily Tax Exemption: The current multifamily property tax exemption (RCW 84.14.007) is a local option that would not have any tax-shift impact on City residents without the City taking an affirmative action. The Legislature will likely consider proposals during the 2021 legislative session to expand use of the multifamily tax exemption. These efforts will likely be supported by the Association of Washington Cities and individual jurisdictions across the state. SeaTac will review these proposals carefully to determine whether they could be used by the City to encourage needed housing and what any possible impacts they would have on City residents.

Noise Mitigation Along State Route 509: The City supports noise mitigation strategies along SR 509 to protect City residents from the impacts of increased traffic when SR 509 is expanded. In 2019 the Legislature appropriated $5 million to the Washington State Department of Transportation for noise mitigation on this corridor. The City will work with the agency as it develops noise mitigation options to minimize impacts to City residents, including construction of sound barrier walls.

Autonomous Vehicles: SeaTac requests that the State adopt a proactive approach that will protect public safety while encouraging autonomous vehicle use.

South Correctional Entity Regional Jail (SCORE): SeaTac will support ongoing efforts to ensure that the cities who own SCORE are able to provide a cost-effective correctional alternative to individual facilities.

29 MEMORANDUM

To: Administration and Finance Committee Through: Carl Cole, City Manager From: Gwen Pilo, Finance & Systems Director Date: October 8, 2020 Re: 3rd Quarter Financial Reports

Due to the three-day turnaround time from the end of the quarter to the posting of the Administration and Finance Committee packet the 3rd quarter reports will be presented at the meeting and posted to the website as a handout after the meeting.

I appreciate your understanding that we were unable to finish the reports in order to post them prior to the meeting.

30 MEMORANDUM

To: Administration and Finance Committee Through: Carl Cole, City Manager From: Gwen Pilo, Finance and Systems Director Date: October 8, 2020 Re: August 31, 2020 Investment Report

Attached is the August 2020 Investment Compliance Report and Portfolio Analysis.

At the end of August, the City had $ 87,668,270 in cash and short-term investments (a reduction of $1.0 Million), and $31,267,203 in long-term investments at market value. Total cash on hand and investments equals $118,935,473.

Interest received during the month was $0 from the bonds and $15,899 from the LGIP. Interest paid to date is $650,551.

The 2-year Treasury note, 90-day T-bill, and LGIP continued to remain below 1% in August.

SeaTac Yield is 1.39% compared to the LGIP at .26%.

31 Policy % of Total Portfolio Maturity Constraints Within Limits Requirement Accumulated Allocation Under 30 days 10% 74% 87,668,270 YES Under 1 year 25% 79% 94,391,870 YES Under 5 years 100% 100% 118,935,473 YES

Maximum Weighted Average Maturity 3.00 2.72 Maximum Single Maturity 5 Years 4.79

Maximum Issuer Percentage of % within Asset Allocation Diversification Policy Market Value Constraint Portfolio Limits Allocation U.S. Treasury Obligations 100% 1.71% $ 2,037,020 U.S. Agencies Primary 100% 19.63% $ 23,349,825 YES FHLB 30% 3.60% $ 4,281,304 YES FNMA 30% 9.18% $ 10,920,445 FHLMC 30% 3.48% $ 4,140,274 FFCB 30% 3.37% $ 4,007,802 U.S. Agencies Secondary 20% 3.99% $ 4,745,098 YES FICO 10% 2.24% $ 2,659,298 YES FARMER MAC 10% 1.75% $ 2,085,800 Municipal Debt Obligations 20% 5% 0.95% $ 1,135,260 Certificates of Deposits 15% 5% $ - Bank Time Deposits & Savings Accounts 50% 12.26% $ 14,585,478 YES Local Government Investment Pool 100% 61.45% $ 73,082,792 YES Total 100% $ 118,935,473

Total Adjusted YTD Unrealized Yield to Portfolio by Fund Allocation Par Amount Market Value Cost Gain/Loss Maturity City of SeaTac - Core Investment Funds $ 30,203,000 $ 30,541,053 $ 31,267,203 $ 726,150 1.39% City of SeaTac Liquidity Funds $ 87,668,270 $ 87,668,270 $ 87,668,270

TOTAL PORTFOLIO $ 117,871,270 $ 118,209,323 $ 118,935,473 $ 726,150

32 Cit of SeaTac Investment Portifolio Analysis As of 8/31/2020

SeaTac Portfolio Monthly Interest Earned (Accrual Basis) LGIP Monthly Interest Earned (Accrual Basis) Year to Date Interest Earned Month 2018 2019 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020 January 9,982,295 9,982,295 27,840,000 - - - 52,077,592 53,078,146 74,764,550 63,206 112,341 109,251 63,206 112,341 109,251 February 9,982,295 9,982,295 27,840,000 15,750 15,750 - 52,140,799 53,190,487 74,864,270 58,921 102,542 99,719 137,877 230,633 208,970 March 9,982,295 9,982,295 28,340,000 - - 55,960 52,199,720 53,293,029 72,945,782 69,849 114,197 81,513 207,726 344,829 346,443 April 9,982,295 9,982,295 28,340,000 16,943 16,943 32,500 52,269,568 73,407,225 72,994,572 73,673 119,790 48,789 298,341 481,562 427,732 May 9,982,295 9,982,295 30,340,000 - - 16,250 52,343,241 73,527,016 73,025,430 79,802 155,829 30,858 378,143 637,392 474,840 June 9,982,295 9,982,295 30,340,000 - - 118,350 52,423,043 73,682,845 73,047,623 81,290 151,763 22,193 459,433 789,154 615,383 July 9,982,295 9,982,295 30,230,000 - - - 52,504,333 73,834,608 73,066,893 88,552 155,365 19,270 547,986 944,519 634,652 August 9,982,295 7,802,000 30,203,000 15,750 15,750 - 52,592,885 73,989,973 73,082,792 89,990 143,750 15,899 653,725 1,104,020 650,551 September 9,982,295 7,802,000 - - - - 52,682,875 74,133,723 - 89,286 134,326 - 743,011 1,238,346 October 9,982,295 7,802,000 - 16,943 16,493 - 52,772,161 84,268,050 - 100,025 147,118 - 859,978 1,401,957 November 9,982,295 7,802,000 - - - - 52,872,186 84,415,168 - 99,171 126,876 - 959,150 1,528,833 December 9,982,295 27,840,000 - - 46,250 - 52,971,357 74,655,299 - 106,789 113,256 - 1,065,939 1,688,338 Average 9,982,295 10,743,672 19,456,083 5,449 9,265 18,588 52,487,480 70,456,297 48,982,659 83,379 131,429 35,624 n/a n/a n/a

2 Yr T-Note 90 Day T Bill SeaTac Current Yield LGIP Interest Rate 2020 Budget 2 Yr T-Note 2 Yr T-Note 2 Yr T-Note 90 Day TBill 90 Day TBill 90 Day TBill Month 2018 2019 2020 2018 2019 2020 City 2018 City 2019 City 2020 LGIP 2018 LGIP 2019 LGIP 2020 Actual Budget % of Budget January 2.14% 2.45% 1.33% 1.46% 2.41% 1.52% 1.96% 1.54% 1.86% 1.43% 2.49% 1.72% 109,251 41,574 263% February 2.25% 2.52% 0.86% 1.65% 2.45% 1.25% 1.96% 1.54% 1.85% 1.47% 2.52% 1.68% 99,719 41,574 240% March 2.27% 2.27% 0.23% 1.73% 2.40% 0.11% 1.97% 1.53% 1.58% 1.58% 2.53% 1.30% 137,473 41,574 331% April 2.49% 2.27% 0.20% 1.87% 2.43% 0.09% 2.08% 1.53% 1.58% 1.71% 2.54% 0.81% 81,289 41,574 196% May 2.40% 1.95% 0.16% 1.93% 2.35% 0.14% 1.94% 1.52% 1.52% 1.80% 2.50% 0.50% 47,108 41,574 113% June 2.52% 1.75% 0.16% 1.93% 2.12% 0.16% 1.96% 1.52% 1.49% 1.87% 2.51% 0.37% 140,543 41,574 338% July 2.67% 1.85% 0.11% 2.03% 2.08% 0.09% 1.98% 1.52% 1.39% 1.99% 2.48% 0.31% 19,270 41,574 46% August 2.62% 1.50% 0.14% 2.11% 1.99% 0.11% 1.91% 1.59% 1.39% 2.01% 2.29% 0.26% 15,899 41,574 38% September 2.81% 1.63% 2.19% 1.88% 1.91% 1.60% 2.06% 2.20% - 41,574 0% October 2.87% 1.52% 2.34% 1.54% 1.86% 1.59% 2.23% 2.06% - 41,573 0% November 2.80% 1.61% 2.37% 1.59% 1.79% 1.59% 2.28% 1.83% - 41,573 0% December 2.48% 1.58% 2.45% 1.55% 1.63% 1.87% 2.37% 1.77% - 41,573 0% Average 2.53% 1.91% 0.40% 2.01% 2.07% 0.43% 1.91% 1.58% 1.58% 1.90% 2.31% 0.87% 650,551 498,885 130.40%