Finance Committee
July 9, 2024

Menifee Finance Committee
March 26, 2024

City Council Chambers
29844 Haun Road
Menifee, CA 92586

Lesa Sobek, District 3
Dean D eines, 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
­uni
t single­f
amily 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.

Counc
ilmembers requested clarification from staff ; s
taff 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.

Menifee Finance Committee
March 26, 2024

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 Sobek at 3:17 PM.

______________________________
Edna Aguliar,
Meeting Clerk