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HomeMy WebLinkAboutApproved Minutes - September 16, 2021Finance Committee Meeting Minutes September 16, 2021 Page 1 of 10 CITY OF NEWPORT BEACH FINANCE COMMITTEE SEPTEMBER 16, 2021 MEETING MINUTES I. CALL MEETING TO ORDER The meeting was called to order at 3:02 p.m. in the Newport Beach Central Library, Friends Meeting Room, 1000 Avocado Avenue, Newport Beach, California 92660. II. ROLL CALL PRESENT: Chair Will O’Neill, Committee Member Noah Blom, Committee Member William Collopy, Committee Member John Reed, Committee Member Nancy Scarbrough, and Committee Member Joe Stapleton ABSENT: Mayor Brad Avery (Excused Absence) STAFF PRESENT: City Manager Grace K. Leung, Finance Director/Treasurer Scott Catlett, Deputy Director/Finance Steve Montano, Administrative Specialist to the Finance Director Marlene Burns, Budget Manager Shannon Espinoza, and Harbormaster Paul Blank OTHER ENTITY: Jayson Schmitt (Chandler Asset Management) Participated via teleconference. MEMBERS OF THE PUBLIC: Jim Mosher and Charles Klobe III. PUBLIC COMMENTS None IV. CONSENT CALENDAR MINUTES OF MAY 27, 2021 Recommended Action: Approve and file. Chair O’Neill called for public comments and hearing none, closed the public comments. MOTION: Committee Member Reed moved to approve the minutes, as amended, seconded by Committee Member Collopy. The motion carried 5 ayes, 0 noes, 1 abstention (Committee Member Scarbrough), 1 excused absence (Mayor Avery) V. CURRENT BUSINESS A. ANNUAL REVIEW OF INVESTMENT PERFORMANCE Summary: The City's investment advisor, Chandler Asset Management, will report on the performance of the City's investment portfolio for the fiscal year ending June 30, 2021. Recommended Action: Receive and file. Jayson Schmitt, Chandler Asset Management, reported that while recovery continues there are headwinds from the Delta COVID-19 variant that have lowered optimism about the Finance Committee Meeting Minutes September 16, 2021 Page 2 of 10 economy. He advised a potential infrastructure bill may be coming from the Federal level that could provide more stimulus but expects to see a 6% growth in the economy for all of 2021. Mr. Schmitt reported the Federal Reserve purchased $80 billion of U.S. Treasuries and $40 billion of Agency Mortgage-Backed Securities (MBS) for a total of $120 billion on their balance sheets. He anticipates the Federal Reserve will announce a tapering which is a reduction in the amount of the purchases starting in October or November with the actual taper starting at the beginning of 2022. He reported the Treasury yield curve has steepened, meaning that short-term rates have remained relatively the same and longer-term rates have increased over that period. Mr. Schmitt provided a brief overview of the employment situation. He reported jobs continue to increase although the numbers are underwhelming at 235,000 compared to the consensus estimate of 733,000. He anticipates the job market to continue to heal and get healthier. He advised the unemployment rate continues to trend down but is still above the pandemic levels. Mr. Schmitt provided a brief overview of inflation. He reported the core Consumer Price Index (CPI) headline number was slightly below 5.5%. He advised the most recent survey brought the number down to about 5.3% but noted there are still supply chain disruptions. He advised they continue to see pressure in commodity prices and wages. He reported the Federal Reserve believes the impact on Personal Consumption Expenditures (PCE) will be transitory and will continue to be watched. Mr. Schmitt reported the housing market has recovered but noted there is a slowdown of housing starts. He referenced the S&P 20 City Composite Home Price Index and advised home prices have increased by 19.1% on a year-over-year basis. He believes there is an undersupply of housing as a result of the Great Recession. He noted some of the increase is likely to abate but the home prices will be here to stay. Mr. Schmitt provided a brief overview of bond yields. He reported the two-year and the five- year Treasury yields have remained relatively the same but noted longer-term rates such as the 10-year Treasury yield have started to decline. He advised some of that is due to the reduced expectations for Gross Domestic Product (GDP). Mr. Schmitt reported the objectives of the City are to provide safety, liquidity, and earn commensurate returns. He advised the objective is to meet or exceed the return on an index of 1-3 Year Treasury notes which is met through investing in high-quality fixed-income securities that comply with the City's investment policy. Mr. Schmitt provided a brief overview of the portfolio characteristics. He reported the average maturity of the portfolio is 2.00 years, the average modified duration is 1.81 years which is in line with the benchmark which is 1.80 years. He reported the Average Purchase Yield is 1.35% which has come down from 1.52% three months ago due to rates coming down. He advised the Average Market Yield is 0.27% and is an AA+ rated portfolio valued at $247.8 million. Mr. Schmitt provided a brief overview of the portfolio’s allocation, which includes Mortgage- Backed Securities, US Treasury Notes, Corporate Notes, and Asset-Backed Securities. He advised the yields on the Asset-Backed Securities have increased and noted the yields on the Agency Securities have declined and they have not provided as much value as in the past. He advised other opportunities are being investigated in the marketplace to better achieve the goals of the City. He advised the portfolio allocation also includes Supranationals, Collateralized Mortgage Obligations, Municipal Bonds, and a small amount in a Money Market Fund. He reported the City’s portfolio duration is at 100% of the benchmark meaning that the duration is right in line with the benchmark. He advised it did go a little bit higher on May 31, 2020, when there were opportunities, but has gone down since then. Finance Committee Meeting Minutes September 16, 2021 Page 3 of 10 In response to Committee Member Collopy’s inquiry regarding the benchmark of the AAA rating, Mr. Schmitt explained the benchmark is 100% US Treasuries and the City’s portfolio owns some corporate securities which have lower ratings. He confirmed the portfolio has dropped down, but most portfolios typically have a little bit lesser quality than 100% US Treasuries, allowing the portfolio to gain some additional yield. He advised the portfolio’s rating increased a notch on May 31, 2020, and noted it used to be an AA rated overall portfolio and is now an AA+ rated portfolio. Mr. Schmitt provided a brief overview of the investment performance, which is measured through the total return on the portfolio. He reported the City's portfolio has earned three basis points versus the benchmark, which was flat over the last three months. He advised the 12-month rate of return for the portfolio was 0.28%, the two-year rate of return was 1.97%, the three-year rate of return was 2.84%, the five-year rate of return was 1.95%, and the ten-year rate of returnwas1.44% on an annualized basis. The portfolio has earned an average return of 4.1% since its inception, which is 28 basis points above the benchmark. In response to Committee Member Collopy’s inquiry regarding how the City benchmarks against the portfolios of other cities managed by Chandler Asset Management, Mr. Schmitt explained Chandler Asset Management generally has the same strategy mandate from other cities as Newport Beach. He reported many other public agencies use the one-to-three-year benchmark. He explained they are managing portfolios in a group-type setting meaning that all the portfolios have similar characteristics, and their performance is going to be very similar. In response to Committee Member Stapleton’s inquiry regarding when opportunities are taken to sell securities , Mr. Schmitt confirmed it is considered when advantageous and explained that as securities mature in the current portfolio, they are reinvesting into a lower-interest-rate environment from securities that were purchasing probably three to four years ago. He confirmed the annualized rate of return is gross of fees and would be five or six basis points less net of fees. Chair O’Neill’s inquired as to the amounts listed for the Civic Center COP and the Fire Station COP. Deputy Director/Finance Steve Montano advised the amount shown for the Civic Center reflects the City’s Build America Bond subsidy payment that comes in and is used to pay a portion of the debt service payment later in the fiscal year. He clarified the $10 million shown for the Fire Station COP is the full amount the City borrowed for construction, which is still sitting in the portfolio earning interest pending drawdown to reimburse the City for project costs. He advised payments to the contractor are slow at the outset and will start ramping up over the next few months. Chair O’Neill opened public comments. Jim Mosher inquired whether all of the City funds such as a Tideland Fund are in a separate account somewhere or is mingled into this one investment account or not and how that works. Chair O’Neill closed public comments. Finance Director/Treasurer Catlett confirmed the funds are comingled within a pooled investment portfolio. He advised that in addition to the portfolio managed by Chandler Asset Management, the City also has cash invested in the Local Agency Investment Fund and in the City’s bank accounts. He noted that the funds are pooled because it is easier to manage cashflows that way. From a risk management standpoint, the kinds of securities allowable under the California Government Code are very conservative investments and essentially risk- free. He advised it would be very rare to see a default by one of the securities’ issuers. Mr. Schmitt explained that the corporate bonds held within the City’s portfolio are rated at a high level by a nationally recognized rating agency and are issued by large and stable corporate issuers. Finance Committee Meeting Minutes September 16, 2021 Page 4 of 10 In response to Committee Member Collopy’s inquiry regarding the $3 million transfer in/out, Deputy Director/Finance Montano advised the City quite regularly transfers money in and out of the portfolio based on liquidity needs. Finance Director/Treasurer Catlett explained there are three layers within the City’s portfolio that include the City’s bank account, the Local Agency Investment Fund, and the Chandler-managed portfolio. He advised funds regularly move around between those accounts as needed. The item was received and filed. B. ANNUAL REVIEW OF INVESTMENT POLICY Summary: Staff will provide a presentation regarding any changes proposed to the City's Investment Policy by staff or the City's investment advisor prior to the Investment Policy being approved by the City Council. Recommended Action: Review and discuss this report and recommend that Council formally approve the proposed changes by adopting a resolution. These changes are in furtherance of the City’s investment objectives. Deputy Director/Finance Montano reported three changes to the Investment Policy, which would align the Policy to recent changes made to the California Government Code. In response to Committee Member Collopy’s inquiry, Deputy Director/Finance Montano confirmed all this is doing is aligning with State legislation and there have been no zero or negative coupon securities purchased by the City. In response to Chair O’Neill’s inquiry regarding the sunset date for several of the changes, Deputy Director/Finance Montano confirmed the sunset date of January 1, 2026, is a provision in the State code. He also confirmed the sunset date also means such securities purchases are allowed only through that date. Finance Director/Treasurer Catlett clarified if such a security was held in the portfolio as of January 1, 2026, it could be held to maturity. Deputy Director/Finance Montano reported on a fourth and final change that will allow Chandler Asset Management to act on a security that is downgraded below policy minimums if the Finance Director cannot be reached in time. He confirmed this has never happened in his tenure with the City, but it is good to include this language just in case. Chair O’Neill called for public comments and hearing none, closed the public comments. MOTION: Committee Member Stapleton moved to recommend the Council formally approve the proposed changes by adopting a resolution, seconded by Committee Member Collopy. The motion carried 6 ayes, 0 noes, 1 excused absence (Mayor Avery). C. OVERVIEW OF HARBOR DEPARTMENT OPERATIONS, REVENUES, AND OPERATING BUDGET Summary: Staff from the Finance Department and the Harbor Department will provide the Committee with an overview of the revenues generated in the Harbor and the operating budget for the Harbor Department. Recommended Action: Receive and file. Harbormaster Paul Blank provided a brief overview of the Harbor Department’s operations and finances. He reported it was formed in July 2017 when the City assumed responsibility for mooring management from the Orange County Sheriff's Department and realized $300,000 in savings by doing so. He reported the Harbor Operations Division was initially assigned to the Finance Committee Meeting Minutes September 16, 2021 Page 5 of 10 Public Works Department and was transferred to the City Manager's Office in January 2018. He explained the portion of Harbor resources that deals with structures over the water remains in Public Works. Harbormaster Blank reported in July 2018 the City Council created a standalone Harbor Department as part of a change to Title 17. He reported the Harbor Department’s mission is to keep Newport Harbor clean, safe, and well-enjoyed by everyone. He noted in keeping with the paradigm of the General Plan, he explained decisions are made in favor of residents first, businesses second, and visitors third. He provided examples of how the staff is maintaining a clean Harbor and referenced a recent graffiti clean-up effort. Harbormaster Blank reported the Harbor Department provides mooring management, code enforcement, Harbor events permitting, safety/rescue operations, Marina Park/Hospitality, pump-out equipment maintenance and upgrades, impounds and auctions, and public relations and concierge services. He described mooring management that includes the new mooring permitting process, which was established on January 1, 2021. He advised the department is conducting a wholesale audit and update of mooring permits many of which had not been updated in several years. He reported they continue to work on ongoing permit requirements that require maintenance such as overhauls, registration and insurance, and transfers. He noted they also monitor the 51 permitted liveaboards in the live-aboard program including one in the commercial marina. He advised they also manage mooring sub-permitting and explained the Harbor Department can sub-permit moorings that have been vacant for more than 30 days on a two-week basis. He advised sub-permitting of onshore moorings is new this season and is very popular. Lastly, he advised they manage incident documentation and resolution and use the same request system as the rest of the City. He confirmed one audit is being conducted this year and feels they can maintain the data moving forward. Harbormaster Blank reported on code enforcement services that include issuing the Marine Activity Permits for all the commercial operators. He advised he met with the Balboa Bay Club Dock Master and Sales Manager to talk about the people who run charter operations out of the Bay Club. He advised there will be some letters sent between the Harbor Department and some of the Balboa Bay Club’s slip tenants who do not have a Marine Activity Permit and are not permitted to be operating commercial charters out of the Bay Club. Harbormaster Blank reported code enforcement services also include sea lion deterrent and abatement. He explained it is the responsibility of the owner to keep sea lions off of their boats, structures, and docks; however, when it is not possible, the City will deploy the deterrents and charge the cost to the owner. He reported that all visitors to anchorages are subject to a dye tab testing to test the sanitation system and are apprised of the fines if there is discharge in the Harbor. He explained the same dye tab testing program exists for every new boat assigned to a morning. He reported that Code Enforcement officers will write administrative citations for speeding in the Harbor and advised over two dozen have been issued this year. Harbormaster Blank reported bridge jumping was a huge issue beginning in the summer and noted the Harbor Department was able to provide bridge jumping deterrence before the Lifeguard Program was ramped up for the season. He advised 15 total bridge jumping administrative citations were issued. He explained if the bridge jumper is an adult it is issued to the adult and if it is a juvenile the citation is written to their parents or guardians. Harbormaster Blank reported there have been inspections conducted at the commercial marinas for multiple berthing. He explained there is a tremendous cooperative arrangement between the Fire Department and the Harbor Department, in that the Fire Department has code that says every vessel moored in Newport Harbor needs to be independently tied so it can be independently disconnected from the dock or mooring it is tied to in the event of a fire. He noted the Fire Code does not permit multiple berths, meaning, one boat blocking in another boat. He advised Code Enforcement Officers have been issuing warnings for multiple berthing to be Finance Committee Meeting Minutes September 16, 2021 Page 6 of 10 cleared up within 30 days. He confirmed inspections were not conducted on residential piers because the main concern was on the commercial marinas. Harbormaster Blank reported Vessel Turn-In Program (VTIP) grants and the Abandoned Watercraft Abatement Fund (AWAF) are administered by Code Enforcement. He explained that this program takes a no longer wanted vessel and uses California Boating and Waterway Funds to have the boat destroyed. He explained the vessel cannot be salvaged under this program because the State does not want to have to pay to remove the same boat twice. In response to Committee Member Nancy Scarbrough's inquiry regarding who completes vessel destruction, Harbormaster Blank reported three authorized contractors complete this work for the Harbor. He explained the Harbor Department takes the title of the boat and then offers the opportunity to those three contractors to 00bid on the destruction and removal. He advised the current grant has $30,000 remaining with a deadline of September 30, 2021, and noted approximately 30 vessels have been destroyed this year. He reported the Harbor Department recently received another $175,000 in grant funds. In response to Committee Member Collopy's inquiry regarding grant funding, Harbormaster Blank explained that to accept the grant funds the City has to pay 10%. He confirmed the Harbor Department could do more if it had more grant funding but noted there are less than five vessels in Newport Harbor that he would consider eligible today. He advised many people are enjoying their boats this year due to the pandemic and the situation may be very different in 18 months. Harbormaster Blank reported Code Enforcement Services also permits all that activity in Newport Harbor including parades, regattas, large vessel stays, raft-ups, temporary moorings, and coordination with Orange County Sheriff’s Department, and U.S. Coast Guard. He advised large vessel owners expressed appreciation for the easy permitting process in Newport Harbor. In response to Committee Member Scarbrough’s inquiries regarding dye testing and inspections, Harbormaster Blank explained they conduct a mooring check-up every day to confirm vacant moorings and to ensure all vessels have an appropriate reservation. He explained the vessel needs to make it to Marina Park before it is assigned a mooring. He presented photos of an unpermitted raft-up where the permits were revoked and both permittees received $2,000 in fines and are unlikely to receive another permit in the future. Harbormaster Blank reported the Harbor Department is involved in Safety and Rescue Operations and regularly receives training on how to perform safety and rescues at sea or in the Harbor. He referenced a New York Times article that noted a 25% increase in boating accidents this summer. He noted the City implemented the first Paddleboard Safety Program for Newport Harbor in 2013. He reported two rescues that occurred on July 2 and September 4 and provided highlights of each rescue. He advised all staff were recently recertified in Cardiopulmonary Resuscitation (CPR). Harbormaster Blank encouraged residents to visit the Marina Park information page on the City’s website and advised there is a “Ship Shape” light maintenance and cleaning program for mooring permittees available. He advised staff is working with Geographic Information Systems and Information Technology to improve Harbor maps available to visitors and noted there will soon be a QR code on the steering wheel of every Duffy Rental with restroom locations. Harbormaster Blank reported the Harbor Department provides public outreach through public presentations and education, signage, and wayfinding, and noted there is a new layer within GIS for Harbor adjacent public restrooms and conveniences. He advised service requests can also be initiated through the My Newport application. Harbormaster Blank provided an overview of the Harbor Department’s service statistics and noted anchorage dye tabs, public dock enforcement, and speeding enforcement have Finance Committee Meeting Minutes September 16, 2021 Page 7 of 10 increased. He also advised Marina Park mooring rentals and Marine Activity Permits have increased. In response to Chair O’Neill’s inquiry, Harbormaster Blank reported in August, which is a big month of summer for Marina Park slips, sand lines, sub-permits, and sub-permits of onshore moorings, generated $70,000 or roughly $600,000 per year. In response to Committee Member Collopy’s inquiry regarding buoy lights, Harbormaster Blank reported the Harbor Department has an agreement with the U.S. Coast Guard and Orange County Sheriff’s Department. He explained he knows how to file the Private Aide to Navigation (PATON) Application but needs to go through the process. He advised the Harbor Department will be paying for the lights which cost $90 and will be installed on 22 buoys. In response to Committee Member Scarbrough’s inquiry regarding public restrooms, Harbormaster Blank reported there is an opportunity to obtain floating restrooms free of charge and noted he does coordinate with Senior Engineer John Kappeler. He noted the City has obtained the free use of the devices in Lake Arrowhead to test them out for use. He noted there is grant money available that will provide for the ongoing maintenance and cleaning of the floating restrooms. He explained there will be a cost to the City to drive to Lake Arrowhead and pick up the devices. He further explained the floating restroom will be issued permits from the Harbor Department and be noticed in local newspapers. He explained they will be on a structure that will allow a vessel to tie up for 20 minutes maximum and will be added to the GIS mapping system. Harbormaster Blank provided a brief overview of Harbor Department Revenues. He advised there were some subtle increases in line with the Consumer Price Index (CPI). He reported the Harbor Department does not always collect the money it is due for special events or when a special event permit is written and noted they are doing much better at collecting revenue for every service they provide. He reported they are working on creating a secure payment portal to collect online payments. Harbormaster Blank reported Harbor Departments includes three full-time staff including the Harbormaster, Code Enforcement Supervisor, and a Permit Technician. In response to Chair O’Neill’s inquiry, City Manager Leung reported the Community Development Department lost a Code Enforcement Supervisor and the Harbor Department gained one. She advised it is now in the Harbor Department’s budget and noted some of the positions have been reclassified in Community Development as a result. Harbormaster Blank provided a brief overview of Harbor Department Expenditures and noted expenditures are not significantly higher today than they were prior to the formation of the Harbor Department. Chair O’Neill expressed concern that the report was difficult to follow since the Harbor Department was not formed until 2018. Finance Director/Treasurer Catlett explained some services already existed in Public Works that moved over to the Harbor Department. He explained the mooring management drops off expenditures in 2018 since that was part of the Orange County Sheriff’s Department contract. He clarified salaries and benefits increased from 2020 to 2022, but perhaps there were part-time vacancies at the time that staffed up in 2021. He explained the numbers show the 2021 and 2022 budget that assumes 100% staffing. Chair O’Neill noted the 2022 adopted budget for the Harbor Department is $1.9 million but this document shows $2.4 million. Finance Director/Treasurer Catlett clarified there are some harbor-related contracts under the Public Works that are included in that number because they cannot be broken out in the earlier years shown in the table. Chair O’Neill explained he is looking for trends within the Harbor Department. He noted the budget increases FTE by 2.5 but the overall budget increases $843,000 which is a giant leap. Finance Director/Treasurer Catlett noted much of that was in Maintenance and Repair and it could be that there was much Finance Committee Meeting Minutes September 16, 2021 Page 8 of 10 less spending than usual in 2021 or a high vacancy rate. City Manager Leung believes the key is the actual budget that City Council approved and is critical to the discussion. Chair O’Neill, City Manager Leung, and Finance Director/Treasurer Catlett ensued in a discussion of the adopted budget versus the actuals. City Manager Leung advised it may be helpful to show the budgeted actuals for the Harbor Department starting in 2019. Chair O'Neill noted he understands there are three to four years of data for the Harbor Department and staff is simply trying to determine their needs from an overall budget standpoint. He requested it is brought back with budget actuals from 2019. He acknowledged the Public Works Department also does a substantial amount of work in the Harbor Department. He explained the City is also trying to figure out how to set aside sufficient funding for future harbor capital projects. He advised he is trying to understand what more can be transferred around without impacting other departments because every dollar used is from the General Fund. City Manager Leung clarified Public Works harbor-related items include many contracts and maintenance that probably fluctuate from year to year. Chair O'Neill inquired if there are areas of other departments that can better be handled now by the Harbor Department or Public Works. Committee Member Stapleton would rather see what the actual budget is for the Harbor Department and then be informed what is being done after the fact. Chair O’Neill concurred and noted Capital Expenditures for the Harbor Department in 2020 was listed as $129 total although he knows there are more expenditures out there. Finance Director/Treasurer Catlett clarified that number only includes small capital purchases and does not include capital projects and advised staff will bring back a revised presentation focusing on the requested information for the Finance Committee’s review. Chair O’Neil opened public comments. Mr. Mosher advised the Finance Department has a link to the Harbor and Beaches Master Plan on its website that links to the 2018 version and doubts that is the latest version. He reported the links to the Annual Tideland Financial Report were also not working at the time. He noted Harbormaster Blank reported the Harbor Department is doing brisk business with mooring permit transfers. He explained when the mooring permit transfers the City collects a fee that is based on the price of the transfer. He advised the mooring permit allows someone to rent public State Tidelands which many people treat as their personal property so when the permit transfers they pocket the appreciation which can be quite considerable. He inquired if there is an estimate as to how much revenue the City is losing by not taking the appreciation in the value of the property and allowing it to be privatized. He advised the City Council did try to eliminate that possibility and then quickly reverted to the old system that is in place now. Chair O’Neill closed public comments. Harbormaster Blank explained the fee for a transfer is 75% of the annual permit fee which varies by length of the vessel. He advised the form asks what the amount both parties are agreeing to transfer the mooring permit for, which is published on the Harbor Department’s website. He confirmed the log information is public but there is private information on the forms that cannot be released to the public. In response to Committee Member Blom’s inquiry regarding mooring appreciation, Harbor Master Blank reported the general formula is $1,000 per foot so a 40-foot mooring generally transfers for $40,000 between both parties. He advised onshore moorings are transferring at a premium but that growth in the value of moorings is not much greater than CPI. The item was received and filed. Finance Committee Meeting Minutes September 16, 2021 Page 9 of 10 D. INTERNAL AUDIT PROGRAM UPDATE Summary: Staff Bi-monthly progress update on the internal audit program. Recommended Action: Receive and file. Finance Director/Treasurer Catlett reported there are four reports in process. He advised the three reports from Moss Adams will be on the Finance Committee’s agenda in January. He advised the report from MGO may be on the agenda either in October or November. Chair O’Neill called for public comments and hearing none, closed public comments. The item was received and filed. E. BUDGET AMENDMENTS FOR QUARTER ENDING JUNE 30, 2021 Summary: Staff will report on the budget amendments from the prior quarter. Recommended Action: Receive and file. Chair O’Neill advised he has been asking for the budget amendments to be provided for years in the event of any questions. In response to Chair O’Neill’s inquiry regarding a specific item in the list of budget amendments, Finance Director/Treasurer Catlett indicated that the purpose of the transfer was to move where the appropriations were within the City’s account structure but resulted in no net change in spending. Chair O’Neill called for public comments and hearing none, closed public comments. The item was received and filed. F. WORK PLAN REVIEW Summary: Staff and Finance Committee to review the proposed work plan and identify matters that members would like placed on a future Agenda for discussion, action, or report. Recommended Action: Receive and file. Chair O’Neill reported the next meeting of the Finance Committee will be October 14, 2021, and will include Revenue Audit Program updates and Year-end Budget results. He encouraged the committee to read through the year-end budget results report before the next meeting. Chair O’Neill called for public comments and hearing none, closed public comments. The item was received and filed. VI. ADJOURNMENT The Finance Committee adjourned at 4:39 p.m. to the next regular meeting of the Finance Committee. The agenda for the Regular Meeting was posted on September 10, 2021, at 3:50 p.m., in the binder and on the City Hall Electronic Board located in the entrance of the Council Chambers at 100 Civic Center Drive.