Menifee Finance Committee
May 7, 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, May 7, 2024
2:00 PM Regular Meeting
Travis Hickey, Chief Financial Officer
Edna Aguilar, Management Analyst
REGULAR MEETING (2:00 PM)
1. CALL TO ORDER
Councilmember Sobek called the meeting to order at 2:00 PM.
2. ROLL CALL
Present: Dean Deines and Lesa Sobek
3. PRESENTATIONS NONE
4. PUBLIC COMMENTS (NONAGENDA ITEMS)
None.
5. APPROVAL OF MINUTES NONE
6. DISCUSSION ITEMS
6.1 Fiscal Year 2024/2025 Annual Investment Policy Review
Chief Financial Officer Travis Hickey introduced the item and provided a brief overview of the FY24/25 Investment Policy.
Councilmember Deines requested that the Committee receive an update on the creation of an Underwriters Pool through the issuance of an RFP.
Mover: Dean Deines
Seconder: Lesa Sobek
ACTION
1. Reviewed and provided feedback on the draft Fiscal Year 2024/2025 Investment Policy and recommended it be submitted to the City Council for approval at a future City Council meeting.
6.2 Fiscal Year 2024/25 Mid-Cycle Budget Review: Fund Balance Policy for General Fund Chief Financial Officer Travis Hickey introduced the item and provided a brief overview of the recommended updates to the Fund Balance Policy for General Fund. The recommended updates include the increase of the City's current reserve requirement from 35% to 40% and the review and establishment of assigned fund balances towards public facility costs, pension liability, unfunded liability, and fleet replacements.
Mover: Lesa Sobek
Seconder: Dean Deines
ACTION
1. Reviewed the existing Fund Balance Policy No. CC-07 for the General Fund and provided consensus on City's recommendation to present a revised policy for Council's consideration at the June 5, 2024, City Council meeting as part of the Fiscal Year 2024/2025 Mid-Cycle Budget Adoption.
7. STAFF COMMENTS
Chief Financial Officer Travis Hickey provided an update on the Request for Proposals for underwriting services related to CFDs bond issuance, which received a total of 6 responses.
Chief Financial Officer Travis Hickey requested a future meeting be held on June 6, 2024, at 2:00 PM.
8. COMMITTEE MEMBER UPDATES AND COMMENTS
None.
9. FUTURE AGENDA ITEMS
End of Fiscal Year Update Provided by Chandler Asset Management
10. ADJOURNMENT
The meeting was adjourned by Councilmember Sobek at 2:57 PM.
Edna ~
Meeti~
Menifee Finance Committee
May 7, 2024