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2020 11 23 FAC Special MeetingFINANCIAL ADVISORY COMMISSION AGENDA 1 NOVEMBER 23, 2020 SPECIAL MEETING SPECIAL MEETING OF THE LA QUINTA FINANCIAL ADVISORY COMMISSION TO THE MEMBERS OF THE LA QUINTA FINANCIAL ADVISORY COMMISSION AND TO THE COMMISSION SECRETARY: NOTICE IS HEREBY GIVEN that a Special Meeting of the La Quinta Financial Advisory Commission is hereby called to be held on Monday, November 23, 2020 starting at 4:00 p.m.; at La Quinta City Hall located at 78495 Calle Tampico, La Quinta, CA 92253. Pursuant to Executive Orders N-25-20, N-29-20, N-33-20, and N-35-20, executed by the Governor of California in response to the state of emergency relating to novel coronavirus disease 2019 (COVID-19) and enabling teleconferencing accommodations by suspending or waiving specified provisions in the Ralph M. Brown Act (Government Code § 54950 et seq.), members of the Financial Advisory Commission, the City Manager, City Attorney, City Staff, and City Consultants may participate in this emergency meeting by teleconference. The emergency meeting is called for the following purpose: BUSINESS SESSION 1. Recommend Appropriation of Additional Measure G funding for the SilverRock Park Venue Project No. 2016-08 and SilverRock Retention Basin Soil Stabilization Project Project No. 2020-07 DEPARTMENTAL REPORTS 1. Fiscal Year 2019/20 Year-End Budget Report Amendment Dated: November 19, 2020 /s/ W. Richard Mills W. RICHARD MILLS, Chairperson Attest: Jessica Delgado, Management Assistant DECLARATION OF POSTING I, Jessica Delgado, Management Assistant, do hereby declare that the foregoing notice for the La Quinta Financial Advisory Commission Special Meeting of November 23, 2020 was posted on the outside entry to the Council Chamber at 78495 Calle Tampico and on the bulletin boards at 51321 Avenida Bermudas and 78630 Highway 111 on November 19, 2020. Jessica Delgado, Management Assistant FINANCIAL ADVISORY COMMISSION AGENDA 2 NOVEMBER 23, 2020 SPECIAL MEETING FINANCIAL ADVISORY COMMISSION AGENDA CITY HALL COUNCIL CHAMBERS 78-495 Calle Tampico, La Quinta SPECIAL MEETING ON MONDAY, NOVEMBER 23, 2020 AT 4:00 P.M. ****************************** SPECIAL NOTICE Teleconferencing and Telephonic Accessibility in Effect Pursuant to Executive Orders N-25-20, N-29-20, N-33-20, and N-35-20, executed by the Governor of California in response to the state of emergency relating to novel coronavirus disease 2019 (COVID-19) and enabling teleconferencing accommodations by suspending or waiving specified provisions in the Ralph M. Brown Act (Government Code § 54950 et seq.), members of the Financial Advisory Commission, the City Manager, City Attorney, City Staff, and City Consultants may participate in this meeting by teleconference. Additionally, pursuant to the above-referenced executive orders, the public is not permitted to physically attend at City Hall the meeting to which this agenda applies, but any member of the public may listen or participate in the open session of this meeting as specified below. Members of the public wanting to listen to this meeting may do so by tuning-in live via https://laquinta.12milesout.com/video/live. Members of the public wanting to address the Financial Advisory Commission, either for public comment or for a specific agenda item, or both, are requested to send an email notification to the La Quinta CityClerkMail@LaQuintaCA.gov, and specify the following information: 1) Full Name 4) Public Comment or Agenda Item Number 2) City of Residence 5) Subject 3) Phone Number 6) Written or Verbal Comments Financial Advisory Commission agendas and staff www.laquintaca.gov FINANCIAL ADVISORY COMMISSION AGENDA 3 NOVEMBER 23, 2020 SPECIAL MEETING Verbal public comments requests to speak must be emailed to the City Clerk no later than 3:00 p.m. on the day of the meeting ; the City will facilitate the ability for a member of the public to be audible to the Financial Advisory Commission and general public for the item(s) by contacting him/her via phone and queuing him/her to speak during the discussion. Only one person at a time may speak by telephone and only after being recognized by the Financial Advisory Written public comments, received prior to the adjournment of the meeting, will be distributed to the Financial Advisory Commission, incorporated into the agenda packet and public record of the meeting, and will not be read during the meeting unless, upon the request of the Financial Advisory Commission Chair, a brief summary of any public comment is asked to be read, to the extent the City Clerk s Office can accommodate such request. It would be appreciated that any email communications for public comments related to the items on the agenda, or for general public comment, are provided to the City Clerk s Office at the email address listed above prior to the commencement of the meeting. If that is not possible, and to accommodate public comments on items that may be added to the agenda after its initial posting or items that are on the agenda, every effort will be made to attempt to review emails received by the City Clerk s Office during the course of pause before action is taken on any agenda item to allow the City Clerk s Office to review emails and share any public comments received during the meeting. All emails received by the City Clerk s Office, at the email address above, until the adjournment of the meeting, will be included within the public record relating to the meeting. ****************************** CALL TO ORDER Roll Call: Commissioners: Batavick, Hoffner, Hunter, Rosen, Twohey, Way and Chair Mills PLEDGE OF ALLEGIANCE PUBLIC COMMENT At this time members of the public may address the La Quinta Financial Advisory Commission on any matter not listed on the agenda. Please email Written Public Comments to CityClerkMail@LaQuintaCA.gov and limit your comments to three minutes (approximately 350 words). The Commission values your comments; however, in accordance with State law, no action shall be taken on any item not appearing on the agenda unless it is an emergency item authorized by the Brown Act [Government Code Section 54954.2(b)]. CONFIRMATION OF AGENDA FINANCIAL ADVISORY COMMISSION AGENDA 4 NOVEMBER 23, 2020 SPECIAL MEETING ANNOUNCEMENTS, PRESENTATIONS AND WRITTEN COMMUNICATIONS None CONSENT CALENDAR None BUSINESS SESSION 1.Recommend Appropriation of Additional Measure G funding for the SilverRock Park Venue Project No. 2016-08 and SilverRock Retention Basin Soil Stabilization Project Project No. 2020-07 STUDY SESSION None DEPARTMENTAL REPORTS 1. Fiscal Year 2019/20 Year-End Budget Report Amendment ADJOURNMENT The next regular quarterly meeting of the La Quinta Financial Advisory Commission will be held on February 10, 2021 commencing at 4:00 p.m. at the La Quinta Study Session Room, 78-495 Calle Tampico, La Quinta, CA 92253. DECLARATION OF POSTING I, Jessica Delgado, Management Assistant, of the City of La Quinta, do hereby declare that the foregoing Agenda for the Commission special website, near the entrance to the Council Chamber at 78-495 Calle Tampico, and the bulletin boards at 78-630 Highway 111, and 51-321 Avenida Bermudas, on November 19, 2020. DATED: November 19, 2020 Jessica Delgado, Management Assistant City of La Quinta, California Public Notices The La Quinta City Hall Council Chambers is handicapped accessible. If special equipment is needed for the hearing impaired, please call the -7092, twenty- four (24) hours in advance of the meeting and accommodations will be made. If special electronic equipment is needed to make presentations to the Commission, (760) 777-7092. A one (1) week notice is required. If background material is to be presented to the Commission during a Commission meeting, please be advised that eight (8) copies of all documents, exhibits, etc., must be supplied to the Management Assistant for distribution. It is requested that this take place prior to the beginning of the meeting. Any Writings or documents provided to a majority of the Commission regarding any item(s) on the agenda will be made available for public inspection at the Community Development counter at City Hall located at 78-495 Calle Tampico, La Quinta, California, 92253, during normal business hours. City of La Quinta FINANCIAL ADVISORY COMMISSION MEETING: November 23, 2020 STAFF REPORT AGENDA TITLE: RECOMMEND APPROPRIATION OF ADDITIONAL MEASURE G FUNDING FOR THE SILVERROCK PARK VENUE PROJECT NO. 2016-08 AND SILVERROCK RETENTION BASIN SOIL STABILIZATION PROJECT NO. 2020-07 RECOMMENDATION Recommend appropriation of additional Measure G funding in the amount of $290,000 for the SilverRock Park Venue Project No. 2016-08 for additional project improvements, and $10,000 for preliminary design of the SilverRock Retention Basin Soil Stabilization Project No. 2020-07. EXECUTIVE SUMMARY •On November 4, 2020, the Financial Advisory Commission (FAC) discussed the proposed SilverRock Venue Site Project (Project) (Attachment 1) Phase II improvements and prioritization. •A SilverRock Venue Site FAC Subcommittee (Subcommittee) was formed to perform review and analysis of the Phase II priorities with staff. •The Subcommittee has identified priority improvements and recommends appropriation of Measure G Funds in the total amount of $300,000. •The priority improvements include additional shade trees, a safety fence for the outlet structure, conversion of irrigation from well and potable water source to canal water, and the preliminary design for the SilverRock Retention Basin Soil Stabilization Project (Soil Stabilization Project). •A budget for the entirety of the Soil Stabilization Project will be established once a preferred design is recommended by Staff, reviewed by the FAC, and approved by City Council. •The remaining future Phase II enhancements would be evaluated in the future. FISCAL IMPACT Additional Measure G funding is requested in the amount of $290,000 to complete priority improvements to the SilverRock Venue Site. The following BUSINESS SESSION ITEM NO. 1 table shows the projects budgeted revenue sources and proposed requested funding: Current Budget Proposed Budget Arts in Public Spaces $ 300,000 $ 300,000 Measure G Funding $ 1,866,600 $ 2,156,600 Park & Rec DIF Fund $ 2,400,000 $ 2,400,000 Quimby Funding $ 2,000,000 $ 2,000,000 Total Budget: $ 6,566,600 $ 6,856,600 Measure G funding is also requested in the amount of $10,000 to complete the preliminary design options for the Soil Stabilization Project. The remaining budget for this project will be established once a preferred design option is approved. Soil Stabilization Project Budget Preliminary Design Options $ 10,000 The following is the summary of costs for the requested items. Details are in Attachment 2. Cost Convert irrigation from well and potable water source to canal water $ 239,000 Adding 50 additional trees for shade in the park $ 36,425 Safety fencing for top of outlet structure $ 14,575 Preliminary design for retention basin stabilization project $ 10,000 Total: $ 300,000 A list of additional Phase II improvements to be addressed at a future time are included in Attachment 3. BACKGROUND/ANALYSIS On November 4, 2020, the Financial Advisory Commission (FAC) recommended approval of additional Measure G Funding ($404,700) to complete necessary project improvements for the SilverRock Venue Site and Alongi Building Projects. The FAC also discussed the proposed SilverRock Venue Site Project Phase II improvements and prioritization. During this meeting, the FAC requested the formation of an FAC SilverRock Venue Site Subcommittee (Subcommittee) to further review and provide recommendations on any future Phase II improvements and additional appropriation of Measure G funds. The Subcommittee included Commissioners Dick Mills, Steven Rosen and Ellen Way. The Subcommittee conducted a site visit of SilverRock Park and held two review meetings to analyze and discuss the prioritization of proposed Phase II improvements. The Subcommittee identified priority improvements and recommends appropriation of Measure G funds in the amount of $300,000 to complete the following improvements: •50 additional shade trees • Safety fence for outlet structure •Conversion of irrigation from well and potable water source to canal water •Preliminary design for the Soil Stabilization Project A budget for the entirety of the Soil Stabilization Project will be established and funding appropriation will be requested once a preferred design is recommended by Staff, reviewed by the FAC, and approved by City Council. A temporary soil stabilization polymer will be applied in the interim, while a more permanent solution is identified and designed. Funding for the cost of the temporary polymer application was included in the previously approved SilverRock Venue Site Project budget. All of the remaining proposed Phase II items are identified as non-high priority improvements and are recommended to be addressed at a future time. Prepared by: Julie Mignogna, Management Analyst Approved by: Bryan McKinney, Public Works Director Attachments: 1.SilverRock Venue Project Vicinity Map 2.High Priority Improvements – Cost Breakdown 3. Phase II Future Improvements – Cost Breakdown 131 Convert Irrigation from well and potable water source to canal water Cost Construction 164,000$ Design:16,400$ Professional:12,710$ Insp/Test/Survey:15,990$ Utility Allowance:8,200$ Contingency:21,700$ Total Soft Costs 75,000$ TOTAL COSTS 239,000$ Adding 50 additional trees for shade in park Cost Construction 25,000$ Design:2,500$ Professional:1,938$ Insp/Test/Survey:2,438$ Utility Allowance:1,250$ Contingency:3,300$ Total Soft Costs 11,425$ TOTAL COSTS 36,425$ Safety fencing for top of outlet structure Cost Construction 10,000$ Design:1,000$ Professional:775$ Insp/Test/Survey:975$ Utility Allowance:500$ Contingency:1,325$ Total Soft Costs 4,575$ TOTAL COSTS 14,575$ Total High Priority Construction:199,000$ Total High Priority Soft Costs 91,000$ TOTAL HIGH PRIORITY COST 290,000$ HIGH PRIORITY IMPROVEMENTS - COST BREAKDOWN ATTACHMENT 2 Shade Structures (3x500sf) Cost Additional Restroom Cost Construction 135,000$ Construction 234,138$ Design:13,500$ Design:23,414$ Professional:10,463$ Professional:18,146$ Insp/Test/Survey:13,163$ Insp/Test/Survey:22,828$ Utility Allowance:6,750$ Utility Allowance:11,707$ Contingency:17,888$ Contingency:31,023$ Total Soft Costs 61,763$ Total Soft Costs 107,118$ TOTAL COSTS 196,763$ TOTAL COSTS 341,256$ Storage Building Cost Adding concrete curb between the parking lot and overflow parking lot Cost Construction 140,062$ Construction 17,000$ Design:14,006$ Design:1,700$ Professional:10,855$ Professional:1,318$ Insp/Test/Survey:13,656$ Insp/Test/Survey:1,658$ Utility Allowance:7,003$ Utility Allowance:850$ Contingency:18,558$ Contingency:2,253$ Total Soft Costs 64,078$ Total Soft Costs 7,778$ TOTAL COSTS 204,140$ TOTAL COSTS 24,778$ Landscaping and Irrigation of surrounding slopes Cost Replacing DG Parking Lot with Permeable Pavers Cost Construction 275,000$ Construction 1,600,000$ Design:27,500$ Design:160,000$ Professional:21,313$ Professional:124,000$ Insp/Test/Survey:26,813$ Insp/Test/Survey:156,000$ Utility Allowance:13,750$ Utility Allowance:80,000$ Contingency:36,438$ Contingency:212,000$ Total Soft Costs 125,813$ Total Soft Costs 732,000$ TOTAL COSTS 400,813$ TOTAL COSTS 2,332,000$ Mitigation measures for retention basin bottom Cost Shade Cover over Stage Cost Construction 246,700$ Construction 350,000$ Design:24,670$ Design:35,000$ Professional:19,119$ Professional:27,125$ Insp/Test/Survey:24,053$ Insp/Test/Survey:34,125$ Utility Allowance:12,335$ Utility Allowance:17,500$ Contingency:32,688$ Contingency:46,375$ Total Soft Costs 112,865$ Total Soft Costs 160,125$ TOTAL COSTS 359,565$ TOTAL COSTS 510,125$ Total Construction:2,997,900$ Total Soft Costs 1,371,539$ TOTAL COST 4,369,439$ PHASE II FUTURE IMPROVEMENTS - COST BREAKDOWN ATTACHMENT 3 City of La Quinta FINANCIAL ADVISORY COMMISSION MEETING DEPARTMENT REPORT TO: The Financial Advisory Commission FROM: Karla Romero, Finance Director DATE: November 23, 2020 SUBJECT: FISCAL YEAR 2019/20 YEAR-END BUDGET REPORT AMENDMENT The Fiscal Year 2019/20 Year-End Budget Report (Report) was presented on November 3, 2020. The Report included a summary of Reserves. The total fund balance excluded the Pension Trust Fund balance of $10,249,738, which should be added to the General Fund fund balance for the presentation of total fund balance. Upon making this correction the Unassigned Fund balance has increased to $19,094,653. No other fund balance categories or sections of the report are affected by this adjustment. This amendment was presented to City Council on November 17, 2020. Attachment 1 to this Departmental Report redlines the charts within the Reserve section of the Report. Attachment 1: Fiscal Year 2019/20 General Fund Year-End Budget Report Amendment DEPARTMENTAL REPORT ITEM NO. 1 RESERVES (Amended) The chart below depicts reserve balances by category and the value change from June 30, 2019 to June 30, 2020. These reserve balances reflect the financial health of the City at fiscal-year end. •Non-spendable balance decreased by a total of $2,196,483 and included: •The disposal of 35 acres of Land Held for Resale at SilverRock for a total value of $327,338. This property is now recognized as a City Park and home of the SilverRock Event Site. FISCAL YEAR 2019/20 GENERAL FUND YEAR-END BUDGET REPORT AMENDMENT Reserve/Fund Balance As of June 30, 2019 As of June 30, 2020 Change in Value Non-Spendable Prepaid Costs 37,182 14,065 (23,117) Land Held for Resale 5,730,990 5,403,652 (327,338) Advances to Other Funds - - - Due from Other Governments 27,915,770 26,069,742 (1,846,028) Total Non-Spendable 33,683,942 31,487,459 (2,196,483) Restricted Pension Trust 6,540,000 10,249,738 3,709,738 Committed Operational Carryovers 745,300 1,778,800 1,033,500 Cash Flow Reserve 5,000,000 5,000,000 - Natural Disaster Reserve 10,000,000 10,000,000 - Economic Disaster 11,000,000 6,800,000 (4,200,000) Capital Replacement Reserve 5,000,000 6,540,000 1,540,000 Total Committed 31,745,300 30,118,800 (1,626,500) Assigned Public Safety Fire Services 9,864,841 10,491,654 626,813 Measure G Sales Tax 7,721,975 8,736,219 1,014,244 Capital Projects 11,853,162 13,155,144 1,301,982 Total Assigned 29,439,978 32,383,017 2,943,039 Unassigned 16,228,627 19,094,653 2,866,026 8,844,915 8,844,915 TOTAL FUND BALANCE 117,637,847 123,333,667 5,695,820 113,083,929 (4,553,918) ATTACHMENT 1 The FY 2019/20 Redevelopment Agency loan repayment of $2,540,262 and interest earnings of $694,234 resulted in a decrease of $1,846,028 in Due from Other Governments. • The Due from Other Governments balance of $26,069,742 represents the principal ($15,662,342) and interest ($10,407,400) owed to the General Fund (80% of total loan repayments). An additional 20% or $6,978,943 is recognized in the Housing Authority Fund. The total outstanding loan balance as of June 30, 2020 was $33,048,685. Non-spendable reserves cannot be used to fund ongoing operations and primarily represent commitments due to the General Fund. • Restricted reserves are limited to funds held in a Section 115 Pension Trust set aside to fund the City’s pension obligations. The trust was initially established in FY 2018/19 with $6,540,000 and in FY 2019/20 an additional $3,460,000 was deposited. Coupled with investment gains, resulted in an increase in total value to $3,709,738. • Committed reserves decreased by $1,626,500. The increase of $1,033,500 in operational carryovers is detailed in Exhibit E and is lowering the Unassigned fund balance. During the FY 2019/20 Mid-Year Budget Report, the Unassigned balance was reduced by $5,000,000 and used to fund the following reserves: • $1,540,000 for Capital Replacement Reserves • $3,460,000 for the Pension Trust In March 2020, the Council allocated $4,200,000 from the Economic Disaster Reserve to cover anticipated COVID revenue shortfalls ($2,700,000) and established Small Business Economic Relief Programs ($1,500,000). • An increase of $2,943,039 in assigned reserves was due to multi-year capital improvement project funding ($1,301,982), which is also lowering the Unassigned fund balance. During FY 2019/20 the Measure G reserve allocation was $2,136,144 and $1,121,900 was allocated from prior year Measure G reserves to increase the funding for the SilverRock Event Site; resulting in an overall increase of $1,014,244 to Measure G reserves. The 2020/21 Mid-Year Budget Report will be presented in February 2021. Usually the Mid-Year Budget Report includes funding options for Council to consider placing a portion of unassigned reserves into Restricted or Committed reserves which are not fully funded. Staff will continue to monitor current economic impacts, local business restrictions, and current operating expenses to determine if additional reserve funding is recommended during the Mid-Year Budget Report. Current reserve balances and targets are summarized below. Reserve/Trust Reserve Target Current Funding Over/(Under) Funded Annual Target Emergency Reserve Natural Disaster 10,000,000 10,000,000 - 1,500,000 Economic Disaster 11,000,000 6,800,000 (4,200,000) 1,000,000 Total 21,000,000 16,800,000 (4,200,000) 2,500,000 Cash Flow Reserve 5,000,000 5,000,000 - - Capital Replacement 10,000,000 6,540,000 (3,460,000) 1,000,000 Total Reserves 36,000,000 28,340,000 (7,660,000) 3,500,000 Pension Trust Fund 10,000,000 10,249,738 249,738 1,000,000 Unassigned Reserves 10,000,000 19,094,653 9,094,653 - 8,844,915 (1,155,085) Overall Total 56,000,000 57,684,391 1,684,391 4,500,000 47,434,653 (8,565,347) POWER POINTS FAC SPECIAL MEETING NOVEMBER 23, 2020 11/23/20 1 Financial Advisory Commission Special Meeting 11/23/2020 1 2 11/23/20 2 Financial Advisory Commission Special Meeting 11/23/2020 Business Session Item No. 1 Recommend Appropriation of Additional Measure G Funding for the SilverRock Park Venue Project No. 2016-08 and SilverRock Retention Basin Soil Stabilization Project Project No. 2020-07 Background •November 4, 2020 FAC meeting –Historical project overview provided –Reviewed Phase II improvements –FAC subcommittee appointed •Mills, Rosen, and Way •Subcommittee has completed –SilverRock Park Venue site visit –Review of Phase II improvements (2 meetings) –Recommend $300,000 of additional Measure G funding 3 4 11/23/20 3 Current and Proposed Project Budget Current Budget Proposed Budget Arts in Public Spaces $ 300,000 $ 300,000 Measure G Funding $ 1,866,600 $ 2,156,600 Park & Rec DIF Fund $ 2,400,000 $ 2,400,000 Quimby Funding $ 2,000,000 $ 2,000,000 Total Budget: $ 6,566,600 $ 6,856,600 Additional Recommended  Project Funding Description  Cost Convert irrigation from well and potable water source to canal water  $ 239,000 Adding 50 additional trees for shade in the park $ 36,425 Safety fencing for top of outlet structure  $ 14,575 Preliminary design for retention basin stabilization project  $ 10,000 Total  $ 300,000 5 6 11/23/20 4 SilverRock Retention Basin Soil  Stabilization Project •Landscaping and irrigation of adjacent retention basin slope •Design budget $10,000 •Budget to be determined after design is selected •For FY 2021/22 budget or sooner if erosion occurs •Polymer application for temporary solution Outlet Structure Retention Basin 7 8 11/23/20 5 Proposed Phase II Improvements   •Non‐high priorities •Shall be addressed in the future •Include the following enhancement options: •Additional restroom •Storage building •Shade structures •Landscaping and irrigation of surrounding slopes •Mitigation measures for adjacent retention basin bottom •Adding concrete curb between the parking lot and overflow parking lot •Replacing DG parking lot with permeable pavers •Shade cover over stage Questions and Discussion 9 10 11/23/20 6 Financial Advisory Commission Special Meeting 11/23/2020 Departmental Report No. 1 Fiscal Year 2019/20 Year‐End Budget Report Amendment Reserve/Fund Balance As of June 30, 2019 As of June 30, 2020 Change in Value Non-Spendable Prepaid Costs 37,182 14,065 (23,117) Land Held for Resale 5,730,990 5,403,652 (327,338) Advances to Other Funds - - - Due from Other Governments 27,915,770 26,069,742 (1,846,028) Total Non-Spendable 33,683,942 31,487,459 (2,196,483) Restricted Pension Trust 6,540,000 10,249,738 3,709,738 Committed Operational Carryovers 745,300 1,778,800 1,033,500 Cash Flow Reserve 5,000,000 5,000,000 - Natural Disaster Reserve 10,000,000 10,000,000 - Economic Disaster 11,000,000 6,800,000 (4,200,000) Capital Replacement Reserve 5,000,000 6,540,000 1,540,000 Total Committed 31,745,300 30,118,800 (1,626,500) Assigned Public Safety Fire Services 9,864,841 10,491,654 626,813 Measure G Sales Tax 7,721,975 8,736,219 1,014,244 Capital Projects 11,853,162 13,155,144 1,301,982 Total Assigned 29,439,978 32,383,017 2,943,039 Unassigned 16,228,627 19,094,653 2,866,026 8,844,915 8,844,915 TOTAL FUND BALANCE 117,637,847 123,333,667 5,695,820 113,083,929 (4,553,918) GENERAL FUND Unassigned Fund Balance Amended 11 12 11/23/20 7 General Fund Reserves  Reserve/Trust Reserve Target Current Funding Over/(Under) Funded Annual Target Emergency Reserve Natural Disaster 10,000,000 10,000,000 - 1,500,000 Economic Disaster 11,000,000 6,800,000 (4,200,000) 1,000,000 Total 21,000,000 16,800,000 (4,200,000) 2,500,000 Cash Flow Reserve 5,000,000 5,000,000 - - Capital Replacement 10,000,000 6,540,000 (3,460,000) 1,000,000 Total Reserves 36,000,000 28,340,000 (7,660,000) 3,500,000 Pension Trust Fund 10,000,000 10,249,738 249,738 1,000,000 Unassigned Reserves 10,000,000 19,094,653 9,094,653 - 8,844,915 (1,155,085) Overall Total 56,000,000 57,684,391 1,684,391 4,500,000 47,434,653 (8,565,347) The Financial Advisory Commission will hold a special meeting on December 2, 2020 The Next Regular Quarterly Financial Advisory Commission Meeting will be on February 10, 2021 13 14