COMMISSION
AGENDA MEMORANDUM
ACTION ITEM

DATE :

December 2, 2025

TO:

Stephen P. Metruck, Executive Director

FROM:

Diane Campbell, Treasury Manager

Item No.
Date of Meeting

10b
December 9, 2025

SUBJECT: Introduction and Adoption of Resolution No. 3843
ACTION REQUESTED
Introduction and Adoption of Resolution No. 3843, a Resolution of the Port of Seattle Commission
to repeal and replace Resolution No. 3476 and correspondingly amending Exhibit B to Resolution
No. 3748, the Port of Seattle Statement of Investment Policy,
EXECUTIVE SUMMARY
Staff requests Commission approval to repeal and replace Resolution No. 3476 for the purpose
of updating the resolution for two technical corrections. Resolution No. 3476 appointed the
Port's CFO as the Port's Treasurer, specifically naming Daniel R. Thomas, retired Chief Financial
Officer ("CFO"). The Resolution also calls for the requirement of a bond with a specified amount.
This action will (1) delete a specific name and instead allow for the CFO, their successor in
function or their delegate having experience in treasury operations, (2) allow for a bond or
insurance in lieu of a bond and increase the amount of the bond/insurance, and (3) amend Exhibit
B to Resolution No. 3748.
JUSTIFICATION
Since the Port became its own Treasury in 2001 Daniel R. Thomas served as the Port's Treasurer
until his retirement in May 2025. Elizabeth Morrison served as Interim CFO since May 2025 until
Chris Wimsatt began his role as the Port's CFO on October 27, 2025. The first requested change
is a technical correction to remove Daniel R. Thomas as individually named and provide for a
more durable appointment tied only to function. Secondly, the operational revenues and
expenses of the Port have increased over time; provisions to protect the Port against loss should
accordingly increase and the recommended mechanism is the Port's insurance coverage rather
than a separate bond.
DETAILS
RCW 53.36.010, District treasurer, governs the appointment of the Port of Seattle's Treasurer,
and the statute reads that a "person" must be named, and accordingly, the Port's Resolution
No. 3476 appointed the Port's CFO as Port Treasurer and specifically named a "person", Daniel
R. Thomas, now retired CFO. The requested action removes a specific name, uses a title instead,
Template revised January 10, 2019.

COMMISSION AGENDA - Action Item No. 10b
Meeting Date: December 9, 2025

Page 2 of 2

and provides flexibility when the CFO leaves the position, is unavailable or separates from the
Port. It is the view of Port staff that it is considered better practice and more flexible to use a
position/title and allow for a delegate. Staff recommends updating the resolution by deleting a
person's name, and adding language for the CFO's successor in function, or their delegate having
experience in treasury operations instead.
RCW 53.36.010 also requires a bond to protect the Port against loss, and Resolution No. 3476,
includes the provision for the bond for $750,000.00. Staff is recommending:
• broadening the language of the resolution to allow for a bond or "insurance in lieu of a
bond" and
• increasing the amount to $1,000,000.00.
With respect to protecting the Port against loss, the Port purchases Crime Primary and Crime
Excess insurance policy covering all Port employees including the Port Treasurer. The insurance
policy meets Section 2 of the resolution in terms of limit of liability, provides equivalent or better
coverage than a bond and the Port's insurance coverage is reviewed annually with Commission.
Last, Exhibit B to Resolution No. 3748 also names Daniel R. Thomas as an "Authorized Individual".
Exhibit B is the Washington State Treasurer's Office resolution authorizing the Port to invest in
the Local Government Investment Pool (LGIP). This action will remove the specific name and
replace it with a title and their delegate as described in this memo.
FINANCIAL IMPLICATIONS
There are no anticipated financial implications of these resolution updates.
ATTACHMENTS TO THIS REQUEST
(1)
(2)

Draft Resolution No. 3843
Exhibit B to Resolution No. 3748

PREVIOUS COMMISSION ACTIONS OR BRIEFINGS
June 2018 -Commission approved Resolution No. 3746 - Statement of Investment Policy
December 11, 2001 - Commission approved Resolution No. 3476 - appointing Port Treasurer

Template revised June 27, 2019 (Diversity in Contracting).