Laserfiche WebLink
ciTY of <br />F NEWPORT REACH <br />City Council Staff Report <br />January 13, 2015 <br />Agenda Item No. 11 <br />TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL <br />FROM: Dave Kiff, City Manager— (949) 644 -3002, dkiff <br />PREPARED BY: Dave Kiff, City Manager <br />PHONE: (949) 644 -3002 <br />TITLE: Authorization to issue an RFP for Legal and Financial Analysis of the Tidelands <br />Trust <br />ABSTRACT: <br />Council Member Kevin Muldoon asked that the City Council consider an audit of the Tide and Submerged <br />Land Fund ( "Tidelands Fund "), a Fund within the City's administrative budget. Mr. Muldoon also provided <br />staff with suggestions as to what types of revenues and expenditures should be considered in both a look - <br />back financial analysis and a look -ahead financial projection, assuming those revenues and expenditures <br />were included in the Tidelands Fund's calculations. <br />RECOMMENDATION: <br />a) Clarify and advise staff regarding appropriate revenues and expenditures to be included in the <br />financial analysis and financial projection; <br />b) Determine whether the review should segregate Harbor from Non - Harbor Tidelands revenue and <br />expenses; <br />c) Authorize staff to release a request for proposals from qualified accounting, financial and /or legal firms <br />that would provide a comprehensive analysis of the Tidelands trust in two parts: <br />• First - A legal analysis and determination should be made of revenues that are required to be <br />assigned to Tidelands in accordance with the Beacon Bay Bill and other pertinent legislation in sufficient <br />detail to address omitted revenues sources historically questioned by Council and the public. Similarly, <br />expenditures would also be reviewed to determine their eligibility and reasonableness as it pertains to the <br />trust. This could be returned to Council prior to Part 2, which is: <br />Second - Following the legal analysis (and Council feedback on that analysis), a financial <br />compilation of the Tide and Submerged Land Fund revenues and expenditures should be prepared, going <br />back 5 years and going ahead 5 years based on the conclusions of the first analysis and any Council <br />input. This compilation could be prepared by staff or a private accounting firm, as directed by Council; and ��_� <br />