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MINUTES
BUDGET AND FINANCE COMMISSION
REGULAR SESSION
MARCH 16, 2021
ONLINE ZOOM MEETING
             
REGULAR SESSION AT OR AFTER 4:00 PM
             
CALL TO ORDER - Chair Latchford called the meeting to order at 4:00 p.m.
             
ROLL CALL
Present:
John Latchford, Chairman  
 
Cathy Solverson, Vice Chair  
 
David Newell, Commissioner  
 
James Beasley, Commissioner  
 
Michael Mason, Commissioner  
Staff Present:
David Gephart, Chief Financial Officer
Mary Jacobs, Town Manager
Tobin Sidles, Legal Services Director
Wendy Gomez, Finance and Budget Administrator
Michael Dyckman, Senior Budget Analyst
Attendees:
Bill Siegenthaler, CBIZ Consultant
Hugh Blaxall, CBIZ Consultant
Tom Mennie, CBIZ Consultant
             
PLEDGE OF ALLEGIANCE - Commissioner Mason led the group in the Pledge of Allegiance.
             
CALL TO AUDIENCE - No comments were received.
             
STAFF LIAISON REPORT

Chief Financial Officer David Gephart stated that staff has concluded departmental budget meetings and that the draft budget for the next fiscal year is in progress.

He also stated there is an upcoming meeting with a benefits broker to firm up what the benefits budget looks like.

Chief Financial Officer David Gephart thanked the commissioners for their comments regarding the strategic leadership plan.
             
REGULAR SESSION AGENDA
             
1. REVIEW AND APPROVAL OF THE MARCH 9, 2021 SPECIAL SESSION MEETING MINUTES
  Motion by Vice Chair Cathy Solverson, seconded by Commissioner Michael Mason to approve the March 9, 2021 minutes as written.
  Vote: 5 - 0 Carried
             
2. PRESENTATION AND POSSIBLE DISCUSSION OF THE TOWN'S FY 20/21 FINANCIAL UPDATE THROUGH JANUARY 2021

Finance and Budget Administrator Wendy Gomez presented the financial update through January 2021. 

Discussion ensued amongst staff and the Commission regarding Agenda Item #2.
             
3. PRESENTATION, DISCUSSION, AND POTENTIAL RECOMMENDATION ON PSPRS LIABILITY FUNDING OPTIONS

Chief Financial Officer David Gephart introduced the CBIZ Consultants to the Commission. 

CBIZ Consultant Bill Siegenthaler presented PSPRS Liability Funding Options to the Commission. 

Discussion ensued amongst commissioners, staff, and attendees regarding the various funding options.
  Motion by Commissioner James Beasley, seconded by Commissioner David Newell to select the funding option of "Hybrid Baseline Plus Significant Contribution of $10 Million, and $17 Million Debt Issuance" to recommend to the Town Council. 
  Vote: 5 - 0 Carried
             
4. DISCUSSION AND POSSIBLE RECOMMENDATION OF DRAFT PSPRS PENSION FUNDING POLICY FOR FISCAL YEAR ENDING JUNE 30, 2022

Chief Financial Officer David Gephart opened discussion regarding how to present the "Hybrid Baseline Plus Significant Contribution of $10 Million, and $17 Million Debt Issuance" funding option to the Town Council. 

Discussion ensued amongst staff and commissioners. 

Chief Financial Officer David Gephart stated he will prepare a draft of the revised funding policy to present to commissioners at the next meeting. 
             
COUNCIL LIAISON COMMENTS

The council liaison was not present.
             
FUTURE AGENDA ITEMS

- 2021/2022 Fiscal year recommended budget
             
ADJOURNMENT
  Motion by Commissioner David Newell, seconded by Vice Chair Cathy Solverson to adjourn the meeting at 6:22 P.M.
  Vote: 5 - 0 Carried
I hereby certify that the foregoing minutes are a true and correct copy of the minutes of the regular session of the Town of Oro Valley Budget and Finance Commission of Oro Valley, Arizona held on the 16th day of March, 2021.  I further certify that the meeting was duly called and held and that a quorum was present.

Dated this 17th day of March, 2021.
 

___________________________
Alison Cote
Legal Secretary

    

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