TO: HONORABLE
CHAIR AND MEMBERS OF THE FINANCE ADVISORY COMMITTEE
FROM: DENNIS
McLEAN, FINANCE DIRECTOR
DATE:
APRIL 24, 2002
SUBJECT: REVISED
2002 FIVE-YEAR FINANCIAL MODEL
Staff Coordinator:
Kathryn Downs, Accounting Manager
BACKGROUND
AND DISCUSSION:
Public Works staff
made a comprehensive Power Point presentation of the City’s primary
infrastructure to the Finance Advisory Committee (the "FAC")
on March 13, 2002. The presentation included the Pavement Management
System, the citywide storm drain plan, the PVDE (specific) comprehensive
storm drain plan and a preliminary sewer maintenance plan. Public
Works staff and the City Manager presented a draft of the Five-Year
Infrastructure Plan (the "Infrastructure Plan") to the FAC
on March 20, 2002. The Infrastructure Plan included projected costs
for the five-year period ending FY 2006-2007.
The first draft
of the 2002 Five-Year Financial Model ("2002 Model") was
presented to the FAC on March 27, 2002, including the costs associated
with the Infrastructure Plan. Staff presented a second draft of the
2002 Model to the FAC on April 17, 2002, substantially excluding costs
associated with the Infrastructure Plan. The exclusion of the preliminary
sewer maintenance plan and the citywide storm drain plan is based
upon the lack of funding sources.
This report and
the second draft of the 2002 Model is now offered as the final version,
subject to unexpected revisions and the input of the FAC, to be presented
to the City Council at the Budget Workshop on April 30th.
No revisions have been made to the second draft of the 2002 Model.
The following report is intended to serve as the staff report document
to accompany the 2002 Model for presentation to the City Council at
the Budget Policy Workshop.
Overview
The Five-Year
Financial Model (the "Model") is a financial schedule prepared
by the Finance Department under the supervision of the City Manager.
City Council Policy No. 18 requires preparation of the Model. The
2002 Model includes all funds of the City and its component units
(Redevelopment Agency and Improvement Authority). The Five-Year Infrastructure
Plan, prepared by the Public Works Department, has been incorporated
into the 2002 Model. A description of the Five-Year Infrastructure
Plan follows in this staff report. The 2002 Model is labeled as Attachment
"A" accompanying this staff report.
Utility
Users Tax
Section 3.30.180
of the Municipal Code requires the City Manager to submit an analysis
of revenues derived from the City’s Utility Users Tax (UUT) in connection
with the preparation of the City’s annual budget. The 2002 Model includes
the projection of UUT revenue, as well as all other revenues and expenditures
for the City and its agencies.
The UUT rate has
always been 3% since its inception during FY 1993-1994. The City Council
may vote to decrease or eliminate the UUT rate at any time. In the
event the rate is decreased, the City Council may elect to increase
the rate at a later date, but not to exceed 3%. As a result of the
1996 municipal election, the UUT rate may only be increased in excess
of 3% with the majority vote of the people.
DISCUSSION:
Significant
Revenue, Expenditures and Transfers Not Reflected in the 2002 Model
- The Public
Works estimate of citywide drainage repairs in the amount of $650,000
annually has not been included in the 2002 Model;
- The Public
Works estimate of sewer line inspection, cleaning and repairs in
the amount of $640,000 annually (based upon its preliminary sewer
maintenance plan) has not been included for the last four years
of the 2002 Model;
- The annual
$225,000 transfer from the General fund to the Utility Undergrounding
fund has not been included in the 2002 Model;
- The annual
$200,000 transfer from the General fund to the Roadway Beautification
fund has not been included in the 2002 Model;
- The annual
transfer from the General fund to the Building Replacement fund
has been reduced to $100,000 for all five years of the 2002 Model;
- No revenue
from the proposed Long Point Resort project has not been included
in the 2002 Model;
- The 2002 Model
does not include a provision for other projects currently discussed
within the community, including:
- Additional
athletic fields;
- A permanent
home for the Peninsula Seniors;
- Improvement
to Upper Pointe Vicente Park (surrounding City Hall);
- An Equestrian
facility; and
- Improvements
to the City Hall facility.
- The menu of
financing alternatives, presented to the FAC on April 17, 2002,
have not been included in the 2002 Model.
Additional
Budget Policy Issues Not Reflected in the 2002 Model
- Adjustments
to current salary ranges, estimated at $150,000 to $200,000, resulting
from a recently conducted salary survey;
- Addition of
four full-time employees with an estimated cost of $171,000;
- A Building
& Safety Division personnel study with a roughly estimated cost
of $25,000;
- Additional
ergonomic furniture with an estimated cost of $24,000;
- Estimated consulting
and advisor costs of $170,000 to support the FAC and the investigation
of infrastructure financing alternatives to the City, as well as
other projects assigned to the FAC; and
- Additional
City grants to community organizations in the amount of $4,400.
Loss of
Vehicle License Fee (VLF) Revenue – A Contingency Plan
Staff expects
that Vehicle License Fee (VLF) revenue will reach $2.3 Million during
FY 2001-2002, approximately twenty (20%) percent of total General
fund revenue. Approximately $1.6 Million of the VLF revenue is currently
back-filled by the State. As you already know, the back-fill is at
risk in light of the State’s budget crisis during the FY 2002-2003
budget process.
With the back-fill
at risk, staff will present a proposed FY 2002-2003 budget with a
contingency plan in the event the back-filled revenue is eliminated
by the State legislature. The City operates as a "lean and mean"
government with one of the lowest cost per capita ratios in California.
With a staff of 42 full-time employees, staffing cuts are unrealistic.
Therefore, the contingency plan will focus on the reduction of the
City’s CIP plan, such as the possible elimination of the PVDE Sunnyside
Drive storm drain project in the amount of $1,190,000.
Complete
List of 2002 Model Assumptions
General assumptions
- Most expenditure
items have been increased annually using a factor of 3.0% beginning
in FY 2002-2003 and continuing through FY 2006-2007. A 4% factor
was used during the preparation of the 2001 Model; however, a 3%
factor was used during the preparation of Models prior to 2001.
Staff temporarily increased the factor for the 2001 Model in light
of anticipated increases of contractor costs (resulting from the
increase of the California minimum wage rate) and an increasing
trend of the Los Angeles area Consumer Price Index (CPI) during
calendar year 2000. For the 2002 Model, staff has returned to a
3% factor due to the current decreasing trend of the CPI.
- Most revenues
have been increased annually using various factors, including: a
general increase of 2% for most revenue categories, projected changes
in permit activity and retail sales, and staff’s expectations. The
factors (% rate of change) are presented on Page 1 of the 2002 Model
using an alphabetical index (a through l) and are referenced throughout
the 2002 Model.
- It is assumed
that the State will not reduce Vehicle License Fee (VLF) revenue.
The City’s share of VLF revenue has been "back-filled"
by the California legislature in conjunction with the state legislated
reduction of VLF costs for consumers. In light of the State’s financial
burden created by the energy crisis and economic recession, the
future back-fill of VLF revenue (currently 67.5%) is less certain.
Motor Vehicle in Lieu Fee revenue is nearly 20% of total General
fund revenues.
- It is assumed
that the City's share of property tax will remain constant at 6.2%
of the one-percent rate assessed by the County. Property tax revenues
have been increased at the rate of 4% annually beginning in FY 2002-2003
and continuing through FY 2006-2007. The 2001 model assumed annual
property tax increases of about .5%. The current estimated increase
of 4% is based upon average increases of about 6% annually over
the last five years.
- It is impossible
to accurately project future UUT revenue through FY 2006-2007. The
2002 Model assumes the continuation of the 3.0% utility user
tax through FY 2006-2007. Based upon recent discussions with utility
providers, staff has chosen to increase UUT revenue at the rate
of 1% annually beginning in FY 2002-2003 and continuing through
FY 2006-2007. The estimated annual rate of increase included in
the 2001 Model was 2%.
- The 2002 Model
assumes that the RDA - Portuguese Bend projects will continue to
be funded by General fund loans and no additional developer revenue
will be received by the City to offset future project costs. The
Improvement Authority will continue to fund the maintenance of improvements
developed in the Portuguese Bend section of the RDA.
Assumptions
Specific to the 2002 Model
- In prior Models,
the entire project budget for CIP projects was presented in the
current fiscal year column, with the knowledge that unexpended amounts
for uncompleted portions of such projects would be carried forward
to the next fiscal year. Beginning with the preparation of the 2002
Model, staff will present project costs in the fiscal year columns
in which they are likely to occur. For example, the PVIC Expansion
project is currently budgeted at almost $3,200,000. Due to required
soil remediation efforts, staff anticipates the Expansion project
will be delayed until the summer of 2003. Therefore, staff has presented
half of the project budget in the FY 2002-2003 column and the remainder
in the FY 2003-2004 column. Staff has elected to change this method
of presentation to more accurately project the effect of the timing
of project costs on the estimation of the City’s cash flows and
interest earnings.
- Annual transfers
to the CIP fund in excess of $380,000 are included in FY 2002-2003
and FY 2003-2004 for the Environmental Excise Tax (EET) fund. These
transfers represent partial funding of the PVIC Expansion project.
- A transfer
to the CIP fund of $350,000 is included in FY 2002-2003 for the
Measure A Maintenance fund. This transfer represents the funding
for Forrestal Open Space improvements and drainage.
- Staff anticipates
substantial savings for four CIP projects currently budgeted, as
follows:
- PVIC Soil
Remediation savings of approximately $1,300,000;
- 25th
Street Settlement Reconstruction savings of approximately $280,000;
- Forrestal
Open Space Trail and Drainage savings of approximately $250,000;
and
- Citywide
Street Overlay savings of approximately $750,000.
The Forrestal
Open Space project savings of $250,000 will enable EET reserves to
be used for the PVIC Expansion project. Total savings are expected
to provide a favorable $2,000,000 impact on the General fund balance,
generally offsetting about $2,000,000 of unfavorable FY 2001-2002
budget adjustments.
- Staff has included
costs for a traffic signal to be added every other year, beginning
with FY 2002-2003.
- The County
of Los Angeles sent a letter to the City’s Public Works department,
dated March 28, 2001, informing the City of new regulations developed
by the Environmental Protection Agency (EPA) to ensure that sanitary
sewer system owners take a pro-active approach to minimize sanitary
sewer overflows. Adoption of the new regulations, as currently proposed,
are expected to occur during 2003, and will require the City to:
- Apply for
a National Pollution Discharge Elimination System (NPDES) permit;
- Evaluate
the physical condition of all sewer facilities;
- Identify
and develop corrective action plans to address deficiencies;
- Implement
new programs for monitoring and reporting sewer overflows; and
- Develop a
Capacity Management Operation and Maintenance program.
The letter
clearly states that the City is legally responsibility for compliance
with the new regulations.
Staff is in the
early stages of assessing the impact of the new regulations, especially
the development of a revised sewer maintenance plan, the City’s role
vs. the County’s role in continued maintenance of the sewer system
and the possibility of establishing additional user fees. In anticipation
of the new regulations, staff has included estimated costs of $335,000
for sewer cleaning, filming, and system evaluations during FY2002-2003.
Staff will consider this matter in conjunction with the development
of a financing plan associated with the preparation of the 2002 Model
and the assignment made by the City Council.
- For the 2001
Model, estimated interest income for all funds was based on a 5%
investment interest rate. Currently, the LAIF investment interest
rate has fallen to less than 3%. For the 2002 Model, staff has used
an investment interest rate of 3% increasing to 4.5% to estimate
interest earnings. The estimated upward trend represents a return
to normal interest rates based on an improved economy in the future.
- FY 2001-2002
projected golf tax revenue reflects the amount received to date.
Due to the Ocean Trails Chapter 11 bankruptcy proceeding, future
cash receipts remain uncertain. A conservative annual revenue estimate
of $150,000 is included in the 2002 Model for FY 2002-2003 continuing
through FY 2006-2007.
- Projected building
maintenance expenditures for the current fiscal year are expected
to reach approximately $350,000. The increase from prior years’
activity is related to increased maintenance costs, as well as the
addition of "one-time" projects such as replacing the
air conditioning unit in the computer server room and repainting
the exterior trim on City Hall. One-time projects are included for
the remaining years of the Model, with an approximate initial $40,000
decrease in FY 2002-2003 from FY 2001-2002.
- It is anticipated
that expenditures for legal fees may reach $1,000,000 during FY
2002-2003. If this occurs, it will be an increase of approximately
$200,000 over the previous year. The cost of legal services in prior
years was approximately $500,000 annually. The significant expenditure
increase is a result of ongoing litigation (i.e. Abrams antenna
and the Echevarrieta view ordinance lawsuits). Based upon the recent
unfavorable decision rendered in the Federal District court regarding
the Abrams antenna matter, and the City Council’s recent decision
to appeal the decision, staff has included $1,000,000 in FY 2002-2003
and FY 2003-2004 for the costs of continued litigation. The 2002
Model includes $750,000 in the remaining fiscal years in anticipation
of litigation activity.
- The City Council
recently decided to form an Emergency Preparedness Committee. Upon
appointment of its members, staff anticipates that the Committee
will work closely with staff, the Peninsula Emergency Response Team,
and public safety officials to improve the coordination of the City’s
emergency plan with the entire Peninsula community. Approximately
$100,000 has been added to the program cost in FY 2002-2003 continuing
through FY 2006-2007 for the cost of staffing and supporting the
Committee.
- The City Council
recently began the process of updating the City’s General Plan,
Coastal Specific Plan and other related master plan documents of
the City. An estimate of $200,000 has been included in FY 2002-2003
and 2003-2004 to pay for the cost of updating these master plans.
- During the
Budget Policy Workshop in 2001, the City Council directed staff
to include a transfer of $200,000 from the General fund and $100,000
from the Recycling fund during FY 2001-2002 to the newly formed
Roadway Beautification fund. Only the Recycling fund transfer has
been included for the five projected years of the 2002 Model.
- The 2002 Model
includes new State one-time revenue sources as follows:
- "Trees
for the Millennium" grant of $50,000; and
- Parks "Per
Capita" grant of $488,000.
- Gas Tax fund
revenue sources include approximate averages of $800,000 for State
apportioned Highway Users tax, $300,000 for 1972 Act fund operating
transfers, $130,000 for State apportioned Traffic Congestion Relief
funding, $110,000 for Proposition C fund operating transfers, and
$20,000 for Sidewalk repair fees. The remainder of the approximate
average annual expenditures of $2.2 million is funded with General
fund operating transfers of more than $800,000 annually.
- FY 2000-2001
recycling revenues exceeded $200,000, and current fiscal year revenues
are expected to exceed $200,000. Based on recent activity, staff
has increased the annual recycling revenue estimate from $80,000
to $200,000.
- Staff has included
an assumption that approximately $1.1 million will be spent from
the Affordable Housing Set-Aside fund in FY 2003-2004 for an affordable
housing project. The project may include use of the Crestridge property
purchased with RDA Housing Set-Aside funds in FY 1999-2000. The
City Council has recently scheduled a joint workshop to be held
on May 7, 2002 to discuss the use of the Crestridge property.
- Staff estimates
the Proposition A fund will build a reserve of almost $800,000 by
FY 2006-2007. A proposed FY 2006-2007 sale of Proposition A funds
in the amount of $700,000 has been included in the 2002 Model. Based
on the 1999 sale of Proposition A funds to the City of Torrance,
staff has estimated the FY 2006-2007 sale will be exchanged for
approximately $455,000 of unreserved and undesignated General fund
monies.
- Current cost
based fees charged by the City (e.g. encroachment permit fees and
planning permit fees) are based on a cost based fee study performed
in 1992. Total annual revenues generated by cost based fees are
approximately $1.1 million. An estimate of $25,000 has been included
to provide for an updated Cost Based Fee Study during FY 2002-2003.
- While preparing
this report, staff has become aware of the possibility of the
need to increase the cost of the City’s contribution to the Calpers
retirement system in the later years of the 2002 Model. There
is not sufficient information available at the time of the preparation
of this report to determine whether additional amounts will be
necessary. Staff will review this development further and make
its determination prior to the completion of the final version
of the 2002 Model presented to the FAC.
It should be noted
that future economic activity, legislation and policy decisions, as
well as any other unforeseen circumstances could affect the City's
revenue stream and expenditures during any of the years presented
in the 2002 Model.
Significant
Variances from the 2001 Model:
The 2002 Model
reflects a decrease of combined fund reserves of the City of approximately
$2.6 Million since the preparation of the 2001 Model. A condensed
summary of the variances between 2001 and 2002 follows:
Condensed Summary
of Significant Variances From the 2001 Model:
|
|
|
In thousands
|
|
|
Combined
Fund Reserves, 2001 Model
|
18,248
|
|
|
|
|
|
|
FY 2000-2001
Capital Improvement Project Savings
|
679
|
|
|
FY 2001-2002
Capital Improvement Project Budget Adjustments
|
|
|
|
San Ramon
Drainage
|
(1,360)
|
|
|
Arterial
Overlay
|
(533)
|
|
|
Hawthorne/Vallon
Traffic Signal
|
(135)
|
|
|
FY 2001-2002
Capital Improvement Project Savings:
|
|
|
|
PVIC Soil
Remediation
|
1,339
|
|
|
Citywide
Street Overlay
|
757
|
|
|
25th Street
Settlement
|
288
|
|
|
Forrestal
Open Space Improvements
|
250
|
|
|
Future Capital
Improvement Project Additions
|
|
|
New
Project
|
Sewer Cleaning
& Filming
|
(335)
|
|
New
Projects
|
Traffic
Signal Modifications
|
(280)
|
|
|
Revenue
Fluctuations
|
|
|
|
Property
Tax
|
2,010
|
|
|
Recycling
Revenues
|
503
|
|
New
Grant
|
State Parks
"Per Capita" Grant
|
488
|
|
|
Sales &
Use Tax
|
348
|
|
|
Business
License Tax
|
305
|
|
|
Building
& Safety Permits
|
(439)
|
|
|
Interest
Earnings
|
(462)
|
|
|
Golf Activity
fees
|
(731)
|
|
|
Utility
Users Tax
|
(1,258)
|
|
|
Expenditure
Fluctuations
|
|
|
|
Litigation
Costs
|
(1,673)
|
|
New
Program
|
Emergency
Preparedness
|
(418)
|
|
New
Project
|
Master Planning
|
(400)
|
|
New
Project
|
View Restoration
Foliage Analysis
|
(371)
|
|
|
Other Net
Changes
|
(1,133)
|
|
|
|
|
|
|
Combined
Fund Reserves, 2002 Model
|
15,687
|
Five Year
Infrastructure Plan
In a 1990 report,
the EPA stated that "publicly owned wastewater systems will require
more than $42 Billion of repairs before the year 2010." This
statement emphasizes the infrastructure challenge facing public agencies,
including Rancho Palos Verdes, in the future.
The Infrastructure
plan, presented to the FAC by Public Works staff on March 27th,
includes a citywide storm drain plan, a comprehensive Palos Verdes
Drive East (area) storm drain plan and a preliminary citywide sewer
maintenance plan.
Citywide Storm
Drain Plan
The City has nearly
completed the inventory and determination of an estimate of net book
value of its roadways, sewers, storm drains, buildings, park facilities
and other infrastructure assets. Based upon the inventory, the replacement
cost of the City’s storm drain system is approximately $100 Million.
Most of the drainage facilities are either at, or near the end of
their useful life.
A comprehensive
PVDE storm drain plan was presented to the City Council in May 2001,
citing approximately 30 storm drain repair projects along PVDE. General
fund monies are currently the only available source of funding the
PVDE storm drain plan. Because unknown costs of storm drain projects
are likely, staff hereby extends a word of caution that the estimated
project costs included in the PVDE storm drain plan may be understated.
The 2002 Model includes projected costs of about $1.2 Million annually
for PVDE storm drain projects.
The City had a
comprehensive citywide storm drain plan prepared in 1996. Staff expects
to update the plan during FY 2002-2003. The City currently has no
funding source for the citywide storm drain plan; therefore, it has
not been included in the 2002 Model. Establishing a funding source
for the citywide storm drain plan is a high priority, in light of
the likelihood that storm drain repairs will be necessary.
Preliminary
Citywide Sewer Maintenance Plan
The County of
Los Angeles has maintained the City sewer system since the incorporation
of the City in 1973. Staff believes that a significant portion of
the sewer system is near the end of its estimated useful life. The
replacement cost of the sewer system is in excess of $75 Million based
upon the infrastructure inventory report recently prepared by the
City’s engineering consultants.
Property owners
currently pay an $18.50 assessment annually (though currently under
review) for the County’s limited efforts. The County’s maintenance
effort includes semi-annual inspection of flow (lifting of manhole
covers) and on-demand repairs of known breakages. The video inspection
of the sewer lines is performed only on an "as-needed" basis.
No plan for systematic replacement of sewer lines is underway. Four
of the seven lift stations are at the end of their estimated useful
life. Additionally, the County has notified the City that regulatory
health and safety compliance of the sewer system rests with the City.
Staff recommends
the implementation of a sewer maintenance plan, including cleaning
all City sewer lines on a two-year cycle along with the video filming
segments of the sewer lines over a ten-year cycle. The video filming
will provide staff with knowledge of the condition of the City’s sewer
system and establish a baseline for the development of a comprehensive
citywide sewer plan. A comprehensive sewer maintenance plan would
include bi-annual video inspection of all sewer lines, weekly inspection
of lift stations and periodic planned re-lining of the sewer system.
Public Works staff previously included $640,000 in the Five Year Infrastructure
plan for sewer cleaning, video filming and repairs. Because the City
currently has no funding source for a comprehensive sewer maintenance
plan, it has not been included in the 2002 Model.
Pavement Management
System
The condition
of the City arterial and residential roadways seems to be equal, if
not better than staff’s goal. The replacement cost of the City’s pavement
system is in excess of $113 Million based upon the infrastructure
inventory report recently prepared by the City’s engineering consultants.
Maintenance costs of the City’s pavement system are accounted for
in the Gas Tax fund. Generally, the total cost of maintaining the
City’s roadway system exceeds $3 Million annually. Because annual
Gas tax revenues are not sufficient to maintain City roadways, the
General fund makes transfers in excess of $800,000 annually to the
Gas Tax fund to supplement City roadway maintenance. The voters of
the City were informed in 1996 that the continuance of the 3% UUT
rate was essential to maintain City streets at current levels.
Format of
the 2002 Model
The 2002 Model
includes the presentation of actual FY 2000-2001 revenue, expenditures
and ending fund balances for all funds. The City’s independent auditors
expressed an unqualified (clean) opinion regarding the fair presentation
of the FY 2000-2001 financial statements as a result of their audit.
The 2002 Model includes projections of revenues, expenditures and
ending fund balances for FY 2001-2002. The proposed budget for FY
2002-2003 is the basis for the first year of the 2002 Model.
The 2002 Model
includes the segregation of funds as follows:
- General fund
– The General fund balance represents the City’s unrestricted reserve
monies. These monies may be used for any City expenditure, including
general operations of the City.
- Funds restricted
by action of the City Council – The fund balances of these funds
represent monies restricted by City Council action for a particular
purpose. The funds were formed with transfers from the General fund.
These monies may be returned to the General fund or used for other
purposes (e.g. infrastructure projects) upon the action of the City
Council.
- Funds restricted
by law or external agencies – The fund balances of these funds represent
monies restricted by law or external agencies, such as the Federal
Government, State of California, or Los Angeles County. These monies
can only be used for the purpose outlined by the restricting agency
in accordance with the terms and conditions set by legislation and
voter ballot measures.
A brief description
of the nature and purpose of each fund is provided in Attachment "B"
accompanying this staff report.
Recommendations
Based upon the
assumptions described above, the projected ending fund balances of
the General fund would decrease gradually to approximately $4 Million
at the end of FY 2006-2007. Additionally, the proposed construction
activities of the CIP fund and the street related costs of the Gas
Tax fund will require annual transfers from the General funds totaling
$16.4 Million over the five year period included in the 2002 Model.
Based upon the findings of the 2002 Model, it appears the City will
need to increase its revenue sources in the future to: (1) maintain
operations at the current level; (2) adequately maintain the City’s
infrastructure (Note: sewer and citywide storm drain infrastructure
costs are not included in the 2002 Model); (3) improve park facilities;
(4) provide a "wish list" of improvements for the benefit
of residents; and (5) enable payment of any scheduled LT debt to finance
such improvements.
In light of the
looming FY 2002-2003 state budget crisis and uncertain rate of the
national and state economic recovery, the FAC extends a word of caution
about the expansion of programs and projects without additional revenue
sources. The FAC encourages the continuance of the search for financing
alternatives, including revenue sources, currently underway by staff,
its advisors and the FAC.
Respectfully submitted,
Dennis McLean
Finance Director
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RANCHO PALOS VERDES - FINANCE ADVISORY COMMITTEE
PROPOSED CALENDAR AND AGENDA OF MEETINGS
2002
- 2003
Revised April 19, 2002
Recurring topics:
- Economic issues,
including issues related to the FY 2002-2003 State budget and its
impact on the City
- Unusual items
impacting operations (if any)
- Understanding
financial statements
- ** Potential
finance communications with other governmental sources (letter writing)
- ** Issues (including
financing) regarding the purchase of 722 acres of privately owned
property throughout the City’s coastal
open space area along PVDS
- Development
and implementation of a financing plan
- Search for
additional revenue sources
- ** Self-education
regarding GASB 34 implementation
- ** Dynamic
financial modeling
NOTES: *
Indicates limited presentation or discussion - expected to be periodic
recurring topic
** Indicates this is a proposed topic, waiting City Council approval
to formally add to agenda
April 24, 2002
- Revised 2002
Five Year Financial Model (McLean)
- Financing Alternatives
update to City Council on April 30, 2002. (McLean)
April 30, 2002
- Participation
in the Budget Workshop with the City Council
May 7, 2002
- Participation
in the Joint Workshop with the City Council and the Planning Commission
regarding:
- the Crestridge
property
- Long Point
Presentation
May 8, 2002
- * Development
and implementation of a financing plan
- * Search for
additional revenue sources
June 12, 2002
- * Development
and implementation of a financing plan
- * Search for
additional revenue sources
- ** Initial
summary discussion of GASB 34 impact (Member Smith and Staff)
July 10, 2002
- ** Issues (including
financing) regarding the purchase of 722 acres of privately owned
property throughout the City’s coastal open space area along PVDS
(Wallace)
- * Development
and implementation of a financing plan
- * Search for
additional revenue sources
- * Discussion
of Dynamic Modeling concept (Member Curtis)
August 14, 2002
- * Development
and implementation of a financing plan
- * Search for
additional revenue sources
- ** Discussion
of tax allocation percentages to City (Butler)
- *Discussion
of Dynamic Modeling concept (Member Curtis)
September 11,
2002
- * Development
and implementation of a financing plan
- * Search for
additional revenue sources
- *Discussion
of Dynamic Modeling concept (Member Curtis)
** Discussion
of tax allocation percentages to City (Butler
October 9, 2002
- * Development
and implementation of a financing plan
- * Search for
additional revenue sources
- *Discussion
of Dynamic Modeling concept (Member Curtis)
November 13, 2002
- * Development
and implementation of a financing plan
- * Search for
additional revenue sources
December 11, 2002
- ** Presentation
of audited statements with audit firm FYE June 30, 2002
- ** Presentation
of Management Letter by audit firm - FYE June 30, 2002
- * Development
and implementation of a financing plan
- * Search for
additional revenue sources
January 8, 2003
- ** Presentation
of GASB 34 requirements and impact
- * Development
and implementation of a financing plan
- * Search for
additional revenue sources
February 12, 2003
- Presentation
of 2003 Five Year Infrastructure Plan
- * Development
and implementation of a financing plan
- * Search for
additional revenue sources
March 12, 2003
- * Development
and implementation of a financing plan
- * Search for
additional revenue sources
April 9, 2003
- Presentation
2003 Five Year Financial Model
- * Development
and implementation of a financing plan
- * Search for
additional revenue sources
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