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PSBFOC 2018-08-06 Minutes
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Public Safety Bond Financial Oversight Committee Minutes
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PSBFOC 2018-08-06 Minutes
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Special Committees
Date (mm/dd/yy)
8/6/2018
Special Committee Name
Public Safety Bond Financial Oversight Committee
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Minutes
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3. Public Safety Plan Financial Overview <br />The Committee reviewed the original and revised revenue and expenditure budgets for the <br />Public Safety Plan. Total actual revenues through July 31, 2018 are $39,446,760 from the <br />voter -approved bond, fire impact fees, real estate excise tax, and investment interest. The <br />total for actual and projected revenues is $117,745,139.00. The total expenditure budget <br />change is $34,752,107. The City's bond rating was recently affirmed atAAstable. Mr. Reiswig <br />asked how fire impact fees are estimated and staff stated that it is based upon past years <br />and an assessment of current development. The City estimates fee revenue conservatively. <br />The fire apparatus budget decreased because the Council's financing plan includes <br />financing the apparatus through a State program in the out -years. Station 51 was originally <br />slated to be the headquarters station and the revised budget reflects the change to Station <br />52. Mr. Reiswig asked how contingency is estimated and staff confirmed that it is a <br />percentage of construction cost. Mr. Castillo and Mr. Coplen asked for clarification on the <br />fire apparatus budget. Some equipment has already been purchased, and everything else <br />on the schedule is funded through 2029. <br />4. Expenditure Reports <br />The Committee reviewed actual Public Safety Plan expenditures through July 31, 2018, <br />including a detailed list and current contracts. Actual expenditures through July 31, 2018 <br />are $7,673,440.00. Mr. Goode asked why settlement agreement amounts vary and staff <br />stated that the businesses have different values and the City hired an independent appraiser <br />to provide information. Mr. Reiswig inquired how the City is tracking the "not to exceed" <br />amounts in the contracts and if the full amounts will be used. Shiels Obletz Johnsen, the <br />City's project manager closely monitors all contracts and the dollar amounts should be close <br />to the actuals at this point. <br />5. Committee Charter <br />The Committee is tasked with reviewing its Charter once per year and recommending any <br />desired changes. Staff noted that one Committee responsibility is to review copies of <br />performance or financial audits of bond programs, and while no specific Public Safety Plan <br />report exists at this time, the annual audits for the City are clean. Mr. Coplen moved to <br />renew the Charter as written and Ms. Jerwa seconded. The motion unanimously passed and <br />the Charter was renewed with no changes. <br />VI. Miscellaneous <br />• The Chair and Vice -Chair will work with City staff on scheduling a report to the City Council. <br />Mr. Coplen expressed appreciation for the service Mr. Goldblatt, the Council's Public Safety Plan <br />Program Management Quality Assurance consultant, is providing. He is impressed with Mr. <br />Goldblatt's knowledge and experience. <br />VII. Adjournment <br />Mr. Goode moved adjournment and Mr. Reiswig seconded the motion. The motion carried and the meeting <br />was adjourned at 4:32 p.m. <br />Minutes by LH, Reviewed byAW <br />
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