CITY OF RANCHO PALOS VERDES
REGULAR MEETING OF THE FINANCE ADVISORY COMMITTEE
- Roll Call.
- Approval of Agenda.
- Approval of Draft
Minutes for the meeting conducted August 14, 2002.
- Proposed Long Point
Resort Project – Status Report (Wolowicz, McLean)
- Financing Alternatives
- Reports by Liaisons.
- Public Comments.
CHAIR AND MEMBERS OF THE FINANCE ADVISORY COMMITTEE
FROM: DENNIS McLEAN, FINANCE DIRECTOR
DATE: SEPTEMBER 18, 2002
SUBJECT: FINANCING ALTERNATIVES
MEETING, AUGUST 19, 2002
Chair Becky Clark, Gina McLeod of the Finance Advisory Committee (the
"FAC"), Deputy City Attorney Mark Mandell, Richards Watson &
Gershon and the Finance Director met on August 19, 2002 to discuss several
issues regarding the Financing Alternatives project. Upon completion of
the discussion, the following was decided regarding the direction of the
Financing Alternatives project:
- Present a draft
financing alternatives matrix suitable for presentation at a future
City Council meeting to the FAC at the next meeting;
- Postpone pursuit
of financing of the Sunnyside Ridge storm drain project separately;
- Consider recommending
the adoption of a debt policy by the City.
Financing Alternatives Matrix intends to present a one-page overview of
the several different alternatives for:
- Debt financing
methods of future infrastructure improvements;
- Related revenue
sources required to re-pay term debt; and
- Some general information
about the different financing methods.
IN ANTICIPATION OF OCTOBER MEETING WITH THE CITY’S ADVISORS
invited Joan Cox, consultant with Harris & Associates and Mark Mandell,
the Deputy City Attorney to join the October 2002 meeting of the FAC.
Staff offers the following ideas for discussion topics this evening regarding
the Financing Alternatives Project:
- The general content
of FAC’s report to the City Council;
- Financing the Sunnyside
Ridge storm drain project;
- The integration
of the Financing Alternatives project with the City Council’s assignment
to the Open Space, Planning And Park And Recreation Task Force regarding
the City’s recreational facilities and open space needs;
- The expected timeline
for completion of the sewer study included in the FY 2002-2003 budget
for a preliminary evaluation of the City’s sewer infrastructure;
- The expected timeline
for completion of the citywide storm drain study included in the FY
2002-2003 budget for a preliminary evaluation of the City’s storm drain
infrastructure over and above the facilities along PVDE;
- Providing information
to the City’s residents regarding the condition of the City’s infrastructure
- Conducting a benchmark
survey to determine how comparable cities finance infrastructure needs;
- The risk of the
possible loss of about $1.6 Million of VLF backfill in FY 2003-2004
and years thereafter; and
- Inclusion of utility
undergrounding financing in the Financing Alternatives Project.
discussion, comments and ideas in anticipation of the October 2002 FAC
meeting possibly followed by a report to the City Council in November