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HomeMy WebLinkAboutApproved Minutes - March 14, 2019Finance Committee Meeting Minutes March 14, 2019 Page 1 of 10 CITY OF NEWPORT BEACH FINANCE COMMITTEE MARCH 14, 2019 MEETING MINUTES I.CALL MEETING TO ORDER The meeting was called to order at 3:00 p.m. in the Crystal Cove Conference Room, Bay 2D, 100 Civic Center Drive, Newport Beach, California 92660. II.ROLL CALL PRESENT:Mayor Pro Tem/Chair Will O’Neill, Mayor Diane Dixon, Council Member Joy Brenner, Committee Member William Collopy, Committee Member John Reed, Committee Member Joe Stapleton, and Committee Member Larry Tucker ABSENT: None STAFF PRESENT: City Manager Grace K. Leung, Assistant City Manager Carol Jacobs, Finance Director/Treasurer Dan Matusiewicz, Senior Accountant/Finance Theresa Schweitzer, Budget Manager/Finance Susan Giangrande, Accounting Manager/Finance Rukshana Virany, Evelyn Tseng, Revenue Manager, Harbormaster Kurt Borsting, and Administrative Specialist to the Finance Director Marlene Burns OTHER ENTITIES: None MEMBERS OF THE PUBLIC: Jim Mosher, Jennifer MacDonald, Jean Watt, and Allen Cashion Prior to public comments, Chair O’Neill welcomed Committee Member John Reed to the Finance Committee. He also announced that the City Council passed the restructuring of the unfunded pension liability unanimously at the last City Council meeting and thanked the City Council, Finance Committee and Finance Department for their work in moving the item forward. III.PUBLIC COMMENTS Chair O’Neill opened public comments. Noting there were no other members of the public who elected to speak, Chair O’Neill closed public comments. IV.CONSENT CALENDAR A.MINUTES OF FEBRUARY 14, 2019 Recommended Action: Approve and file. MOTION: Committee Member Stapleton moved, and Committee Member Tucker seconded, to approve the minutes. The motion carried 5 ayes – 0 noes, 2 abstentions (Brenner, Reed). V.CURRENT BUSINESS A.REVIEW OF OPERATING BUDGET (HARBOR DEPARTMENT) Summary: Finance Committee Meeting Minutes March 14, 2019 Page 2 of 10 The goal of this presentation will be to familiarize members of the Finance Committee with the elements of the FY 2018-19 Harbor Department budget, provide opportunity for questions, and to gain clarity in the funding allocations for departmental programs. Recommended Action: Receive and file. Chair O’Neill introduced the item and advised that the Harbor Department review will replace the Public Works review. Chair O’Neill provided the Finance Committee’s history of reviewing the operating budget of specific departments annually with the goal of better understanding their needs before preparing the annual City budget. Harbormaster Kurt Borsting introduced himself to the Finance Committee and reviewed his previous experience with the City of Long Beach. He provided the historical background of the Harbor Department, which began with the City assuming responsibility of the City’s moorings from the Orange County Sheriff’s Department in July 2017. In July 2018, the City Council created a stand-alone Harbor Department. Harbormaster Borsting reported the Harbor Department would like to provide a customer- focused approach, with the team acting as “Harbor Ambassadors”, which allows patrons to have a fun and safe experience while using the Harbor. He also noted the Harbor is an active environment with people who live on the water and visit the water so they hope to strike a balance to address all issues such as noise, nuisance abatement, and environmental concerns. Harbormaster Borsting reported organizationally, the Harbor Department falls underneath the City Manager with a dotted line response to the Harbor Commission, and provided details on the full-time and part-time staffing. He noted Harbor Capital Projects, such as infrastructure projects, are still under the administration of Public Works. Additionally, Public Works is working on the federal advocacy to obtain funds to bring the Harbor to its design depth. City Manager Grace Leung clarified Public Works handles Capital Projects and Non-Recurring projects. Chair O’Neill advised Harbor Resources Manager Chris Miller is also under Public Works. Harbormaster Borsting presented the Harbor Department’s goal to engage in public information, market the brand, and include stakeholder meetings. He would like to use existing tools such as the City’s social media platform to provide messages regarding safety and programming including partnerships with the U.S. Coast Guard. Another information tool will be to improve signage on the water that will visibly display the principles of a no-wake Harbor, shared use of the public docks, and other information, which is clear to visitors. Harbormaster Borsting discussed the goal of promoting effective Harbor Code Enforcement that will include promoting fairness, promoting safety, protecting the environment including wildlife, safeguarding property and reinforcing community standards. He advised the Harbor Commission is looking to break up the Title 17 community reviews into several topic areas with April 8, 2019, being the first opportunity for Title 17 community feedback in response to Chair O’Neill’s inquiry. Assistant City Manager Carol Jacobs advised proposed changes for Title 17 would be provided to City Council in a study session in June or July. Harbormaster Borsting noted that while code enforcement is an important aspect, code education is equally important. They will be working with the community to ensure Harbor users are in compliance and operating safely. In response to Committee Member Stapleton’s inquiry, Harbormaster Borsting advised the City has received $125,000 in grant funding for derelict vessels through the Division of Boating and Waterways, Surrendered and Abandoned Vessel Exchange (SAVE) program, and is pursuing the next grant cycle. Finance Committee Meeting Minutes March 14, 2019 Page 3 of 10 Committee Member Collopy noted that there are two line items in the budget for $100,000 for derelict vessels for a total of $200,000, and inquired if the $125,000 grant offset the costs. Harbormaster Borsting advised $90,000 of the $125,000 has been allocated. Chair O’Neill opened public comments. Jim Mosher inquired regarding the division of labor between Public Works and the Harbor Department. He believes any Harbor construction requires Coastal Commission approval and prior to approval, requires an “approval-in concept” by Public Works. Assistant City Manager Jacobs affirmed this is the correct process. Harbormaster Borsting advised the Harbor Department would be expanding seasonal operation hours and developing an after-hours arrival program similar to what would be found at an RV park. Additionally, they would like to expand the use of the City’s online services to assist Harbor customers. Harbormaster Borsting added that another goal is the review of Title 17 of the Municipal Code and the Department is working very closely with the Harbor Commission, stakeholder groups, City Attorney’s Office, and ultimately City Council, to solicit their input. In response to Mayor Dixon’s inquiry Harbormaster Borsting advised the Harbor Department manages the Marina Park guest slip rental. He reported the slips have been at half capacity during the winter months. Mayor Dixon noted the revenue would be important information for City Council review. Assistant City Manager Jacobs reported revenue for the FY 16-17 at $133,000. The amount of $146,000 has been collected to date, surpassing the projection. Harbormaster Borsting advised that an additional goal will be to assess the Marine Activities Permits process, which is a permit required for businesses conducting their activities in the Harbor, and will help ensure operators are operating safely to protect public safety. Mayor Dixon inquired regarding the charter boat passenger fee and was advised an outside vendor has been contracted to conduct an audit of all the charter boat companies. City Manager Leung noted that there is a plan in place for conducting revenue audits. Harbormaster Borsting reported City Council recently adopted an updated Harbor fees and rents schedule after a market analysis was conducted. The Harbor Department is committed to actively marketing these services to help achieve revenue targets. Chair O’Neill noted it is important to understand the charter boat passenger fee is, in fact, a tax and will need to go to the voters as a ballot measure to adopt a tax increase. Any charter boat company which does not report correctly can be assessed a penalty. In response to Mayor Dixon’s inquiry, Revenue Manager Evelyn Tseng mentioned that Revenue Auditor Hortensia Mato conducted an audit of one of the charter boat operators a few years ago and penalties were assessed. Harbormaster Borsting reported the final goal is Mooring Holder and Live Aboard information, which will ensure proper records are maintained, including DMV registration, current insurance certificates, and mooring service dates. Additionally, they are meeting with the “live-aboards” annually to discuss sanitation requirements to maintain the health of the Harbor. In response to Committee Member Collopy’s inquiry, Finance Director/Treasurer Dan Matusiewicz advised that Marine Charter tax revenue is estimated to be $335,000 for this fiscal year, with last year’s actual revenue being $284,000, with a per head tax at $1.25. He further advised any increase to the tax would require a ballot measure. Finance Committee Meeting Minutes March 14, 2019 Page 4 of 10 Chair O’Neill noted the Marine Charter Tax increase discussion comes up every year and has not been advanced by any member of City Council. He believes the most difficult component would be to initiate a proposed ballot measure. Harbormaster Borsting advised that there is currently a $100,000 allocation to upgrade a patrol vessel and work boat, which would allow the Department to be better equipped. He presented an overview of the Harbor Department budget and noted the proposed budget is relatively flat for next year. Committee Member Stapleton noted that the City is spending $1.2 million for the Harbor Department, but receiving more services since the City is no longer paying Harbor Patrol for their services. Mayor Dixon noted fees have been adjusted to market rate as well, but they were always being received by the City. Assistant City Manager Jacobs advised that there was a significant increase in expenses in creating the Harbor Department but feels there will also be a significant increase in revenue given the way the fees were adjusted. Harbormaster Borsting described that there are two program enhancements as part of the request, which includes $82,500 for property management fees associated with Balboa Yacht Basin Marina, and $100,000 for the acquisition for the previously referenced work boat. Committee Member Stapleton inquired if the City could do a better job in managing the Basin Marina. Harbormaster Borsting advised it may be possible to manage it in the future should capacity increase within the Department. In response to Mayor Dixon’s inquiry, Harbormaster Borsting advised a third party is paid $13,600 per month to manage the oversight for Basin Marina, and the $82,000 covers six months of the payment. The request is for an additional six months. Assistant City Manager Jacobs reported the line item was in the Public Works budget and when the Harbor Department was set up there was some thought the operation could be taken over for six months. It is just not feasible at this time given the Harbor Department’s current capacity. In response to Committee Member Tucker’s inquiry, Assistant City Manager Jacobs advised the County Board of Supervisors were setting and collecting the fees and then forwarding them to the City. Harbormaster Borsting continued to review the Harbor Department budget and noted the largest portion is dedicated to salaries and benefits. In response to Committee Member Tucker’s inquiry, Harbormaster Borsting reported the City Council recently met to assess and set the fees. He advised a market analysis was conducted to help set those fees. He cited an example of mooring fees, which were $16.00 per night, regardless of the size of the boat. After the market analysis was conducted, they were $1.25 per-square-foot of the boat. Senior Accountant Theresa Schweitzer advised that the fees would be reviewed every three to five years. Harbormaster Borsting reviewed the maintenance and repairs expenditures in the budget, which includes auto services, Marina Park maintenance, and Marina maintenance. In response to Mayor Dixon’s inquiry, Assistant City Manager Jacobs responded that a thorough analysis was completed of all the tasks, and as more services are provided to the community, the fee structure can be analyzed. She noted that the fees went into effect February 22, 2019, and some time will be required to realize the impact. Mayor Dixon inquired about the current lifeboat and asked if it could be repurposed. Harbormaster Borsting advised that he has not researched this possibility, but will explore it. Finance Committee Meeting Minutes March 14, 2019 Page 5 of 10 In response to Committee Member Stapleton’s inquiry, Harbormaster Borsting reported a life jacket is required to be attached for a paddleboard rental. He hopes to create educational opportunities for the operators and the public so they can make better safety decisions. Committee Member Collopy inquired about the potential of navigation buoy lights in the Back Bay. Harbormaster Borsting advised he would be discussing the topic with the Coast Guard. Jim Mosher suggested, pursuant to an approved ballot measure, the Marine Charter Tax, currently set at $1.25 per head, should be a percentage instead of a flat amount so that it can automatically be increased in the future. He also suggested that clear net-costs be provided during the budget process of new services versus old services to provide a true comparison of services before and after the inception of the Harbor Department. Chair O’Neill thanked Harbormaster Borsting for his detailed presentation. There was no further action taken on this item. B.APPOINTMENT OF FINANCE SUBCOMMITTEE TO REVIEW THE BEACON BAY MARKET STUDIES Summary: At the February 12, 2019, City Council Study Session, the City Council requested the Finance Committee create a subcommittee of citizen members to review/reconcile the Beacon Bay market studies prepared by the City’s consultant, Keyser Marston Associates and the resident proponent study. The subcommittee will report back to the full City Council with its recommendations. Recommended Action: Receive and file. Chair O’Neill introduced this item. Committee Member Stapleton recused himself and left the meeting. Committee Member Collopy inquired about the expectations of the subcommittee from Chair O’Neill and from the Finance Committee. Chair O’Neill advised he would expect the subcommittee members watch the video from the study session item. His expectation would be that the subcommittee would review the study that the residents had prepared and presented to the City Council. He noted the City reached out to the State Lands Commission for a review and prepared an analysis of the cost to the City in terms of revenue should it move forward with the proposed rate schedule the residents presented. The residents do not agree with the conclusions, which have been reached by outside consultants. Chair O’Neill advised this subcommittee would be reporting directly back to City Council on this item, given the nature of where it may eventually lead. The initial process would be to try and reconcile the differences between what the residents propose and what the consultants recommend, and to determine what is correct. The second objective would be to complete an appraisal as required by the State Lands Commission before they would consider a modification. He believes it will be a lengthy process given the direction the City has been given from the State Lands Commission. Committee Member Tucker noted that there is a huge difference between what homeowners think the revenue loss will be versus what the City’s consultant is reporting. He feels the subcommittee members should understand the framework and hear concerns from staff’s standpoint. Chair O’Neill clarified the subject is lease revenue from the Beacon Bay leases, in response to Mayor Dixon’s inquiry. Finance Committee Meeting Minutes March 14, 2019 Page 6 of 10 Chair O’Neill opened public comments. Jim Mosher raised concern with the subcommittee reporting directly to the full City Council, rather than to the Finance Committee, and believes the subcommittee should be presenting at the regular publicly noticed Finance Committee meetings. City Manager Leung stated that Community Development Director Seimone Jurjis would be the Staff Liaison. MOTION: Chair O’Neill moved, with Committee Member Tucker seconding the motion, to form the subcommittee comprised of Committee Members Tucker, Collopy, and Reed, with the subcommittee presenting its findings to City Council and ending with the completion of the task. The motion carried 6 ayes – 0 noes, 1 abstention (Stapleton). There was no further action taken on this item. C.REVIEW OF REVENUE ASSUMPTIONS Summary: Staff will provide of an overview for revenue assumptions for the FY 2019-20 Proposed Budget. Recommended Action: Receive and file. Finance Director/Treasurer Matusiewicz introduced the item and introduced Accounting Manager Rukshana Virany, Budget Manager Susan Giangrande, Revenue Manager Evelyn Tseng and Senior Accountant Theresa Schweitzer. He advised the budget calendar begins as early as November with revenue estimates due back at the end of November each year. Senior Accountant Schweitzer meets with each of the Department Directors to review their assumptions. Senior Accountant Schweitzer presented a review of the General Fund, Tidelands and Tidelands Capital Funds, Water and Water Capital Funds, Wastewater and Wastewater Capital Funds. She reported FY20 General Fund Revenue projections are $228 million, with the top three being Property Tax, Sales Tax, and Transient Occupancy Tax, making up 76% of the total revenue. Senior Accountant Schweitzer presented the detailed General Fund Revenues depicting the FY18 actuals, FY19 estimate, FY20 projection and Year on Year (YOY) change. For YOY, she estimates a 3% increase for FY19 and just under 2% for FY20, which is a conservative estimate. She presented the Property Taxes and reported the City received about 17.15% of the 1% collected, which equates to 17 cents on the dollar. Property taxes make up 50% of the City’s General Fund Revenues and include a variety of categories. Secured property taxes make up 85% of our total revenues within property tax. For FY20, the City is projecting a 5% increase over FY19 mid-year estimates. In response to Committee Member Tucker’s inquiry on how the 5% growth number was calculated, Senior Accountant Schweitzer stated the City works with HDL Consultants to assist with Property Tax and Sales Tax forecasting. Senior Accountant Schweitzer presented the Sales Tax category and reported the City receives 1% of the 7.75% sales tax paid, which equates to 15.7% of General Fund Revenues. There are a handful of industry groups the City collects sales tax on, but Autos and Transportation is the City’s largest, coming in at 30%. The City’s mid-year estimate and FY20 projection are provided by the City’s sales tax consultant, HDL. They complete a very thorough analysis based on actual receipts and remove any anomalies, such as one-time payments or Finance Committee Meeting Minutes March 14, 2019 Page 7 of 10 misallocations, and add back in anything that may be missing. HDL then completes an analysis- by-industry group, specific to Newport Beach and applies a growth factor. In response to Committee Member Tucker’s inquiry regarding sales tax revenues for vehicles purchased in Newport Beach, Finance Director/Treasurer Matusiewicz noted that sales tax is collected based on point-of-sale and the registration tax is collected based on where the owner resides. Senior Accountant Schweitzer reported Sales Tax is a more volatile revenue source. For FY20, the City is projecting Sales Tax growth at a much slower rate than prior years. She also advised cars are not selling the way they used to, with less brick and mortar sales and more online sales. FY19 estimates include some increased sales due to Tesla backfilling the Model 3.She noted it is important to mention Tesla just recently announced its online-only sales strategy, which will impact the City if point-of-sale is no longer conducted in Newport Beach and rather in Palo Alto. Finance Director/Treasurer Matusiewicz advised the FY19 increase looks dramatic but will flat line, and noted there was a lot of Sales Tax unreported in FY18 that will hit in FY19. City Manager Leung reported the trend for Sales Tax is to receive a share of the County pool adjustment. Senior Accountant Schweitzer described the percentage breakdown and advised Newport Beach is sixth in the County. The City receives 5% of the 1% the County receives. Senior Accountant Schweitzer reported on Transient Occupancy Tax (TOT) and advised the City collected 10% of rent, which makes up almost 11% of General Fund Revenues. She reported the totals depicted include both hotel and residential, less the 18% payment to Visit Newport Beach. The City is projecting over a 4% increase for FY20. Finance Director/Treasurer Matusiewicz stated TOT comparisons are made with other Orange County cities annually, in response to Mayor Dixon’s inquiry regarding the frequency of the study. He noted the City is lower than other cities and a ballot measure would be needed for any proposed increase. Senior Accountant Schweitzer reported TOT’s in surrounding cities include Laguna Beach at 12%, Santa Monica at 14%, Anaheim at 15%, and City of Los Angeles at 15%. Chair O’Neill requested the TOT survey be placed along with meeting materials so members of the public can review. Finance Director/Treasurer Matusiewicz reported that the City is ramping up efforts to enforce TOT on short-term rental properties. Chair O’Neill advised the Ninth Circuit Court of Appeals had a recent ruling requiring short-term rentals be licensed by the City. Finance Director/Treasurer Matusiewicz advised that the City is using an outside service to identify and collect approximately $500,000 per year in TOT revenue. Additional part-time City Code Enforcement staff help to identify properties and initiate the first citation. Council Member Brenner inquired if there is an online method to see which properties are permitted for short-term rentals and Mayor Dixon advised the information is, in fact, available online. Council Member Brenner was interested in self-reporting and compliance and Finance Director/Treasurer Matusiewicz reported that the Host-Compliance service helps identify non- compliant rentals but Revenue Division staff does the heavy lifting collecting unpaid taxes due to the City. Finance Committee Meeting Minutes March 14, 2019 Page 8 of 10 Senior Accountant Schweitzer stated that Visit Newport Beach (VNB) receives 18% of every 10% collected. Finance Director/Treasurer Matusiewicz advised that VNB receives a Tourism Business Improvement District (TBID) pass-through of 3%. Senior Accountant Schweitzer presented Other Taxes, which makes up 5.1% of General Fund revenues, and noted that the property transfer tax is down considerably from FY18, and the number of sales is going down. Senior Accountant Schweitzer presented Intergovernmental Revenues, which make up .8% of General Fund Revenue and includes the public safety half-cent sales tax. The City does not budget the revenue until it is awarded or known. For this reason, FY20 could be higher than projected. In response to Committee Member Collopy’s inquiry, she advised that this includes refunds from CAL FIRE. In response to Committee Member Collopy’s inquiry regarding billing, Budget Manager Susan Giangrande reported CAL FIRE is not billed 100% of the unfunded pension liability. She also advised the City is backfilling Fire personnel through overtime and there are mutual aid agreements in place. Senior Accountant Schweitzer presented Charges for Services Revenues, which make up 9% of the General Fund. The City is estimating a slight increase over FY19. Senior Accountant Schweitzer presented Fines, Forfeitures and Penalties Revenues, which make up 1.5% of General Fund Revenue. She noted without the one-time bump, the City would be looking at a 2.7% increase for FY20. Senior Accountant Schweitzer presented Use of Money and Property Revenue Use of Money, which includes parking lot and parking permit revenues, as well as rental property revenues and investment income. The City is projecting a 4% increase for FY20. Senior Accountant Schweitzer presented Other Revenues, which includes sale of maps and publications, damage to city property, donations and contributions, and bad debt. The City is projecting a decrease for FY20. Senior Accountant Schweitzer presented Tideland Fund Revenues and reported 99% of revenue within the Tidelands fund comes from Use of Money and Property. It also includes parking meter revenue, lease of properties, onshore and offshore moorings, and Marina Park slip revenues. A handful of the accounts within Tidelands are capped and anything over an established baseline goes into the Harbor Capital Fund to help fund capital improvements within the Harbor. Senior Accountant Schweitzer presented Tideland Fund Capital Fund Revenues, which shows healthy growth estimates for this year and next. She reported in FY18, a resolution was adopted related to rent charged for commercial uses, which phased in the increase. FY19 includes the fully phased-in rates. FY20 shows an increase in guest mooring rental rates. Senior Accountant Schweitzer presented the Water Fund Revenues, with 98% of revenue from Charges for Services and includes sale of water, both fixed and usage charges, meter turn-on, and connection charges. Chair O’Neill reported the City Council recently approved the hiring of a water rate consultant who will likely provide a report through the Finance Committee. Committee Member Collopy inquired about the differentiation of Tidelands from Uplands and inquired if it was due to sharing of the revenue with the State. Finance Director/Treasurer Matusiewicz clarified if the property is Upland (e.g., not in the Tidelands trust), it is deposited into the General Fund. If the revenue is derived from property in the Tidelands trust, it is deposited into one of the Tidelands funds. He also noted if the revenues exceed the expenses Finance Committee Meeting Minutes March 14, 2019 Page 9 of 10 in the Tidelands operating fund, the City would be required to remit the excess revenue to the State Lands Commission. However, revenues deposited into the Tidelands Capital fund could be accumulated to fund future capital improvement projects. Chair O’Neill further clarified this is due to legislation going back 80 years which states the City is the steward of the Harbor on behalf of the State Lands Commission. Committee Member Tucker noted that much of the City’s revenue comes to the City without the City delivering any goods or services for that money such as property taxes, sales taxes, TOT, business license fees and income from financial assets and property holdings. Other sources of income are generated by the City providing goods or services with the charges intended to recoup costs the City incurs in providing such goods and services. Committee Member Tucker suggested that the revenue streams generated that are unrelated to provision of goods or services be grouped (and sub-totaled) so the decision makers can easily see the revenue generated by so called “unrestricted” sources as compared to revenue generated by the provision of goods and services. For the benefit of new Committee Members Finance Director/Treasurer Matusiewicz explained that there are several types of revenues such as taxes, rents, and fees but noted that fees are limited to the cost of the services provided. Chair O’Neill is hoping the advanced-metering infrastructure will help the City obtain more data for collecting wastewater revenues. Chair O’Neill opened public comments. Noting there were no members of the public who elected to speak, Chair O’Neill closed public comments. There was no further action taken on this item. D.WORK PLAN REVIEW Summary: Staff will review with the committee the agenda topics scheduled for the remainder of the calendar year. Recommended action: Receive and file. Chair O’Neill stated that the May 30, 2019, meeting is to be included in the Work Plan. He reported it is now budget season and the draft proposed budget will be reviewed on April 25, 2019, and will continue to the following meeting on May 16, 2019. Chair O’Neill added that a Joint City Council and Finance Committee Special Meeting will be held May 28, 2019, during the City Council meeting study session. Chair O’Neill noted that the Finance Committee is scheduled to make a recommendation for the proposed budget at the May 30, 2019, meeting. He noted the Committee will make a determination at the May 30 meeting as to whether to conduct a meeting on June 27. Finance Director/Treasurer Matusiewicz requested the City Auditors be invited to the May 16, 2019, meeting to provide a report. Committee Member Collopy requested Finance Director/Treasurer Matusiewicz present the Budget Calendar process at the Finance Committee’s first budget meeting. VI.FINANCE COMMITTEE ANNOUNCEMENTS ON MATTERS WHICH MEMBERS WOULD LIKE PLACED ON A FUTURE AGENDA FOR DISCUSSION, ACTION OR REPORT (NON- DISCUSSION ITEM) Finance Committee Meeting Minutes March 14, 2019 Council Member Brenner would like to see a report regarding the value of the properties rented for charitable purposes. Mayor Dixon advised that Community Development Director Jurjis is currently completing a market analysis of the Boys and Girls Club. Council Member Brenner would like to see a Finance Policy on how often the City should conduct a market analysis of the leased properties. Chair O'Neill recommended an item be placed on the first agenda in September to discuss a potential F-Policy update and requested a discussion with Community Development Director Jurjis and Real Property Administrator Lauren Wooding. Council Member Tucker requested an item be placed on a future agenda to discuss preparing a background non-technical explanation of Unfunded Pension Liability for future use by new members of the Finance Committee. Chair O'Neill placed the item on the May 30, 2019, agenda. VII. ADJOURNMENT Attest: The Finance Committee adjourned at 4:59 p.m. to the next regular meeting of the Finance Committee. Filed with these minutes are copies of all materials distributed at the meeting. The agenda for the Regular Meeting was posted on March 7, 2019, at 4:10 p.m., in the binder andon the City Hall Electronic Board located in the entrance of the Council Chambers at 100 Civic Center Drive. Will O'Neill, Chair Finance Committee Date Page 10 of 10