Consent Calendar Item 4d
STAFF REPORT
City Council Consent Calendar Agenda Item
DATE: April 18, 2022
TO: Honorable Mayor and Council Members
FROM: Aaron Felmlee, Finance Director
THROUGH: Merritt Perry, City Manager
SUBJECT: Finance Department Monthly Report
STAFF RECOMMENDATION:
Receive report as an informational item.
EXECUTIVE SUMMARY:
California Low Income Household Water Assistance Program:
EMMA Annual Bond Disclosure Reports:
The City is required each year to post and make public on the Municipal Securities Rulemaking Boards (MSRB) Electronic Municipal Market Access (EMMA) website data related to each of the City’s outstanding Bond Series. Currently the City has three outstanding bond series. Those are the 2017 Refunded Water Bonds, 2017 Refunded Wastewater Bonds and the 2018 Successor Agency Tax Allocation Bonds. The data requirements include financial statements, bond information such as debt service schedules and fund balances, operating information, and reporting of any significant events.
The EMMA website was established to increase the transparency of the municipal securities market by providing free public access to municipal securities disclosures and data. EMMA provides investors, state and local governments, and other market participants with key information and tools to put that information into context. Staff is pleased to announce that it has completed the Annual Bond Disclosure Reports and posted all required material and data on the EMMA website before the deadline. For those interested in seeing the report please visit https://emma.msrb.org/Home/Index and search for “City of Fortuna”.
American Rescue Plan Act (ARPA) Reporting:
As has previously been presented to the City Council, the Coronavirus State and Local Fiscal Recovery Funds (SLFRF) program, a part of the American Rescue Plan, provided the City with $2,932,614 to be used on specified COVID-19 related expenses. As part of the City’s eligibility to receive these funds the City is required to report project and expenditure reports to the Department of Treasury on an annual basis until funds have been expended.
Consent Calendar Item 4d
The Department of Treasury released the project and expenditure report and associated reporting requirements on Friday, April 1. The requirement items include projects, obligations and expenditure data, and subaward data, as well as certain required programmatic data. The City has until April 30 to complete and submit the report to the Department of the Treasure. Finance staff are working to ensure the complete and accurate submission of the report by the deadline.
Measure E Update:
The Measure E committee’s next regularly scheduled meeting for April 5, 2022 was pushed until April 20, 2022 at 5:30 pm. Staff determined it was in the best interest of the City to delay the meeting in order to allow additional time to receive important expenditure data that had yet to be received from our Insurance Pool, the State, and other entities. The primary purpose of this meeting will be for the committee to approve a list of recommended projects to be funded by Measure E.
The complete list will then be presented to the City Council at a special budget workshop in May.
List of Measure E items funded this month:
(2) Police Detective Positions
Community Services Officer Position
Parks and Recreation Director Position
Recreation Program Supervisor Position
Transit Trips to Eureka for Seniors
PT Code Compliance Officer Position
Code Compliance Violation Site Cleanups
Illegal Camp Coordination and Assistance
K-9 Program
Street Maintenance Projects
An activity log displaying important Finance data is attached for informational purposes.
RECOMMENDED COUNCIL ACTION:
Receive Finance Department Monthly Report. Consent Agenda vote.
ATTACHMENTS:
Finance Staff Activity Log for March 2022
New Business List for Quarter 1 2022