City Council Memorandum
TO: HONORABLE MAYOR AND CITY COUNCIL DATE: FEBRUARY 14, 2023 FROM: FINANCE DEPARTMENT WARDS: ALL
SUBJECT: Training on Municipal Disclosure ResponsibilitIes and best practices for Elected Officials ISSUE:
Receive training on Municipal Disclosure Responsibilities and Best Practices.
RECOMMENDATIONS:
That the City Council receives training on Municipal Disclosure Responsibilities and Best Practices.
BACKGROUND:
As an issuer of Municipal Securities, City of Riverside staff and elected officials should regularly receive training to ensure continued compliance with the Securities Act. This is becoming even more critical as the U.S. Securities and Exchange Commission (SEC) implements reporting requirements and increased scrutiny of municipal issuers.
DISCUSSION:
The City contracts Stradling Yocca Carlson & Rauth, P.C. (“Stradling”) to provide legal counsel related to many City municipal issuances. Stradling provides specialized knowledge of municipal reporting and disclosure law. Brian Forbath of Stradling will provide a brief training designed for elected officials related to 1) SEC regulations, 2) securities enforcement and investigations, and 3) best practices to mitigate risk.
STRATEGIC PLAN ALIGNMENT:
This item contributes to Strategic Priority 5 – High Performing Government and Goal 5.1 – Attract, develop, engage, and retain a diverse and highly skilled workforce across the entire city organization.
This item aligns with each of the five Cross-Cutting Threads as follows:
Community Trust – Periodic training ensures staff and elected officials have a regularly updated knowledge of responsibilities and best practices, thereby enhancing confident decision-making and cultivating public trust.
Equity – Fundamental knowledge of regulations governed by the SEC ensures fair and equitable dissemination of information to the public.
Fiscal Responsibility – Keeping abreast with disclosure obligations supports the City’s commitment to responsibly manage public funds and financial resources.
Innovation – Receiving expert guidance from disclosure counsel is a prudent use of City resources and a proactive approach to compliance management.
Sustainability & Resiliency – Compliance with SEC requirements allows the City to issue debt to fund capital projects that are essential to maintaining and strengthening City infrastructure.
FISCAL IMPACT:
There are no fiscal impacts associated with this training.
Prepared by: Heidi Schrader, Debt and Treasury Manager Certified as to
availability of funds: Edward Enriquez, Interim Assistant City Manager/Chief Financial Officer/City Treasurer Approved by: Edward Enriquez, Interim Assistant City Manager/Chief Financial Officer/City Treasurer
Approved as to form: Phaedra A. Norton, City Attorney
Attachment: Municipal Disclosure Responsibilities and Best Practices Presentation