Menifee Finance Committee
March 26, 2024
City Council Chambers
29844 Haun Road
Menifee, CA 92586
Lesa Sobek, District 3
Dean Deines, District 4 MINUTES
Finance Committee
Regular Meeting
Minutes
Tuesday, March 26, 2024
2:00 PM Regular Meeting
Travis Hickey, Chief Financial Officer
Stephanie Roseen, Acting City Clerk
REGULAR MEETING (2:00 PM)
1. CALL TO ORDER
Councilmember Sobek called the meeting to order at 2:19 PM.
2. ROLL CALL
Present: Dean Deines and Lesa Sobek
3. PUBLIC COMMENTS (NONAGENDA ITEMS)
None.
4. APPROVAL OF MINUTES NONE
5. DISCUSSION ITEMS
5.1 Proposed Bond Issuance for Community Facilities District No. 20221, Quartz Ranch
Chief Financial Officer Travis Hickey introduced the item and welcomed City Consultant Shane Spicer to further discuss the item.
Mover: Lesa Sobek
Seconder: Dean Deines
ACTION
1. Reviewed the proposed Series 2 bond issue request for Community Facilities District No. 20221, Quartz Ranch by Lennar Homes, to finance the costs of certain public improvements for the development of a residential tract containing 379 units located south of La Piedra Road, on both the east and west sides of Evans Road; and
2. Recommended that the Finance Department proceed with preparation of the Official Statement and other legal documents related to the transaction for presentation to the City Council at a future City Council meeting.
Menifee Finance Committee
March 26, 2024
5.2 Proposed Formation of Community Facilities District No. 20242, Golden Meadows
Chief Financial Officer Travis Hickey introduced the item and welcomed Consultant Shane Spicer to further discuss the item.
Mover: Lesa Sobek
Seconder: Dean Deines
ACTION
1. Reviewed the proposed Community Facilities District No. 20242, Golden Meadows by Richland Communities, to finance certain costs of public improvements within the 552lot singlefamily residential development located east of Evans Road, north of Wickerd Road, west of Ascot Way and south of Garbani Road, and recommended the proposal should be forwarded to City Council for consideration.
5.3 Proposed Formation of Community Facilities District No. 20243, River Walk Village
Chief Financial Officer Travis Hickey introduced the item and welcomed Consultant Shane Spicer to further discuss item.
Mover: Dean Deines
Seconder: Lesa Sobek
ACTION
1. Reviewed the proposed Community Facilities District No. 20243, River Walk Village by Richmond American Homes, to finance certain costs of public improvements within the 198 unit singlefamily residential development located north of Lazy Creek Road and west of Bradley Road and recommended the proposal should be forwarded to City Council for consideration.
5.4 City of Menifee Investment Portfolio: Investment Opportunity Review
Chief Financial Officer Travis Hickey introduced the item and provided a general overview of the difference in functions between Chandler Asset Management and Piper Sandler & Co.
Councilmembers requested clarification from staff ; staff provided clarification when needed.
ACTION
1. The Councilmembers provided consensus regarding the r ecommendation to invest an additional $50 million into the investment portfolio with Chandler Asset Management and transfer of securities purchased by Piper Sandler & Co. to Chandler Asset Management.
6. STAFF COMMENTS
None.
7. COMMITTEE MEMBER UPDATES AND COMMENTS
None.
8. FUTURE AGENDA ITEMS:
- Next Meeting Date: May 7, 2024, at 2:00 p.m.
- End of Fiscal Year Update provided by Chandler Asset Management
9. ADJOURNMENT
The meeting was adjourned by Councilmember Sebek at 3:17 PM.
Menifee Finance Committee
March 26, 2024