Dear Neighbors:

As we get set to enjoy summer in the Northwest, which seems reluctant to arrive, I want to share the good news that in future years one of your recreational options will be to hike, bike, or enjoy a train ride along the Burlington Northern Santa Fe (BNSF) Eastside rail corridor. On May 12, the final agreement was signed, placing the 42-mile rail corridor into public ownership. King County will pay the Port of Seattle $1.9 million for easement rights along the corridor, while the Port will be purchasing the corridor from BNSF for $107 million.

With King County and Port of Seattle officials at the signing of the final agreement.

Negotiations to keep this corridor available for public use began in 2005. The corridor was originally proposed to be solely for trail use, but throughout the negotiation process I worked to ensure that it would be preserved for both rail and trail use. The negotiations were successful, and the corridor will provide King County residents with an important commuting option, and a wonderful addition to our trail system.

As the Port of Seattle and the county develop the regional public process to determine the future uses of the corridor, I will keep you updated about how you can provide input on the project.

Sincerely,

Bob Ferguson
King County Councilmember, District 1

Investment Pool Update

The King County Investment Pool, with an asset balance of approximately $4.5 billion, invests cash reserves for all county agencies and approximately 100 special districts and public entities, including fire, school, sewer, and water districts within the county. Between August 2007 and January 2008, several of the Investment Pool’s investments, totaling $207 million, defaulted.

In response, I led the creation of the King County Investment Pool Advisory Panel. The Advisory Panel, a group of three local financial experts, conducted a comprehensive review of the Investment Pool following the market turmoil that led to the default of the investments. The Advisory Panel recently issued an independent report that urges “rapid and forceful action” to address “significant deficiencies” and improve financial performance of the pool.

The information contained in the report is significant because it reflects the county’s stewardship of your tax dollars. Though the report is lengthy and contains technical information, I encourage you to at least read the summary at the beginning of the report.

Based on the report’s findings, I am sponsoring legislation, along with my colleague, Councilmember Larry Phillips, that will upgrade the Investment Pool to meet industry best practices. The legislation calls for the appointment of a joint Council/Executive work group that will present a plan to the Council by July 1, 2008 for bringing the Investment Pool in line with industry best practices for a governmental investment pool. The work group will also examine the Advisory Panel’s recommendations and report back to the Council with options for implementing any needed reforms by September 1, 2008.

The legislation also accepts many of the recommendations made in the report, and it advises further study for some of the other recommendations.

Some of the following are significant recommendations the legislation accepts or supports:

• That the County should act immediately to bifurcate the Investment Pool, creating a separate pool for the impaired investments.
• That the County outsource the management of the Investment Pool and develop options to implement this recommendation to the extent deemed appropriate and consistent with state and local law.
• That the Investment Pool’s governing structure be modified to eliminate potential conflicts of interest.
• That the Investment Pool’s infrastructure be brought in line with industry best practices, which includes technology upgrades and consolidation of assets within one central repository, or custodian bank.

As chair of the Operating Budget Committee, one of my top priorities is to ensure that your tax dollars are spent in a transparent way. I will keep you updated as King County moves forward with an action plan for bringing the Investment Pool in line with industry best practices.

Recent news articles:
County's investing tactics faulted, Seattle Times
Modernize county investment policy, report says, Seattle PI

Public Campaign Financing Discussed at Shoreline Town Hall

Discussing public campaign financing following the town hall.

Over 130 people attended the King County Council town hall meeting I recently hosted at the Shoreline Conference Center. In April, I sponsored legislation to study what public campaign financing might look like in King County. At the town hall, Council staff presented the results of that study. There was also a panel discussion featuring Seattle University Professor Joaquin Ávila, a member of the City of Seattle task force currently studying public campaign financing, and former Republican King County Councilmember Lois North, who offered a historical look at public campaign financing in King County.

The extensive public comment heard during the meeting provided the opportunity to learn what suggestions and concerns constituents have about public campaign financing. Although I am a proponent of public campaign financing, in light of the County’s predicted budget shortfall, I do not think it is feasible in King County this year.

The next step may include a pilot program to study the use of public campaign financing for just King County Council elections. If the Council chooses to go forward with public campaign financing, it can only do so with voter approval.

I will continue to keep you updated on future Council actions regarding public campaign financing. You may also learn more by listening to my recent podcast episode on this topic.

Northshore Family Center Award

(L to R) With Beratta Gomillion, Lake Forest Park City Councilmember Ed Sterner, Linda Cufley and Bothell Mayor Mark Lamb at the May 14 grand opening of the new Northshore Family Center.

On May 14, I was recognized by the Northshore Family Center as a “Champion of the Center for Human Services.” As a former director of an emergency services office, I greatly appreciate this honor because it comes from a group of individuals who are the true “champions” in the human services field – those who work every day to make life better for all King County residents.

I was able to help in the Center’s fundraising efforts by securing King County funds for their new facility in Bothell. The facility will allow the Center’s employees and volunteers to provide school-readiness, family-support, childcare, youth leadership activities, adult learning, and English language instruction in a comfortable, community center atmosphere. I congratulate all those who worked so hard to make the opening of the facility a reality.

Sound Transit Expansion Programs

Sound Transit recently presented three transit expansion packages for public review. The packages all propose an increase in light rail, commuter rail, and regional express bus service. The Sound Transit Board will vote in July on whether to place one of the packages on the November 2008 ballot.

I encourage you to learn more about the public comment period and proposed expansion plans by visiting the Sound Transit website.

Seattle Municipal Jail Site Selection

The City of Seattle recently announced plans to build a new municipal jail. One of the four proposed sites for the jail is located in North Seattle at 11762 Aurora Avenue North, where the Puetz Golf Driving Range is currently located. As a King County Councilmember I have no authority to decide which of the four sites will ultimately be selected, but as a North Seattle resident it is an issue of concern to me.

The City is presently in the site selection process for the new municipal jail. The City has added a section to its website to provide information about the jail planning process. The City has also scheduled four public forums to hear feedback about the proposed sites.

King County Conversations Podcasts

Subscribe to the King County Conversations Podcast: Learn more about how to subscribe.

In May, I released two new programs for my podcast series "King County Conversations". The first, “King County Courthouse South Entrance Restoration,” features a recent discussion I had with Seattle City Councilmember Tom Rasmussen about our efforts to restore downtown Seattle’s historic civic center. Tom chairs the City Council’s Parks Committee, and this podcast illustrates the planning and inter-governmental coordination that goes into many of our public building projects.

The second program, “Conversation with Father Bob Camuso,” is a little different from previous King County Conversations. Rather than spotlighting one topic, this program features an in-depth discussion about my core values, and how I apply them to policymaking. It was originally recorded and released by Father Bob Camuso for his radio series in May 2007.

You can subscribe to King County Conversations or listen to individual programs by clicking on their title.

Updates from Around District One

• The Lake City Farmers Market is now open for the season. This year the market will be located in Albert Davis Park, Northeast 125th and 28th Ave Northeast, next to the Lake City Library. The market is open every Thursday from 3:00 p.m. to 7:00 p.m., and will run through October 16.

• The annual eight-week Kenmore Summer Concert Series begins on July 3rd. The free concerts feature bands from around the country, and are held on Thursday evenings at Saint Edward State Park from July 3 through August 21.

• The 2008 Northshore Freedom Festival, sponsored by the City of Bothell, will be on July 3rd and 4th. Events will include dancing, a pancake breakfast, parades, and a reenactment of the Battle of Concord.
  
  At 10:00 p.m. you can also catch the free, 20-minute Fourth of July fireworks show over Lake Washington at Log Boom Park hosted by the City of Kenmore.

About my E-Newsletter

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Phone: (206) 296-1001 | Fax: (206) 296-0198 | TTY/TDD: (206) 296-1024 | Toll Free: (800) 325-6165
Mailing Address: King County Courthouse, 516 Third Avenue, Room 1200, Seattle, WA 98104-3272