Agenda

Return
MINUTES BUDGET AND FINANCE COMMISSION REGULAR SESSION JANUARY 19, 2021 ONLINE ZOOM MEETING

REGULAR SESSION AT OR AFTER 4:00 PM

CALL TO ORDER - Chair Beasley called the meeting to order at 4:00 p.m.

ROLL CALL

Present:	John Latchford, Vice Chairman
	Michael Mason, Member
	David Newell, Commissioner
	Cathy Solverson, Commissioner
	James Beasley, Chairman
Staff Present:	Mary Jacobs, Town Manager
	David Gephart, Chief Financial Officer
	Tobin Sidles, Legal Services Director
	Wendy Gomez, Finance and Budget Administrator
	Michael Dyckman, Senior Budget Analyst
Attendees:	Christopher Heinfeld, Audit Partner with HeinfeldMeech

PLEDGE OF ALLEGIANCE - Chair Beasley led the group in the Pledge of Allegiance.

CALL TO AUDIENCE - No comments were received.

STAFF LIAISON REPORT

Chief Financial Officer David Gephart reported on the water debt refinancing process.

COUNCIL LIAISON COMMENTS

Councilmember Nicolson commented that Public Safety Pension Retirement System funding will be on the January 20, 2021 Town Council meeting agenda.

REGULAR SESSION AGENDA

REVIEW AND APPROVAL OF THE NOVEMBER 17, 2020 REGULAR SESSION MEETING MINUTES


				Motion by Vice Chairman John Latchford, seconded by Commissioner Cathy Solverson to approve the November 17, 2020 minutes as written.

		Vote: 5 - 0 Carried

	2.	PRESENTATION AND DISCUSSION OF TOWN COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR FISCAL YEAR ENDED JUNE 30, 2020
		Chief Financial Officer David Gephart stated the financial statements were drafted in-house this year. He reported the audit process was successful. Chief Financial Officer David Gephart introduced HeinfeldMeech Partner Christopher Heinfeld who provided a presentation which included the following: - Financial statements - Audit approach - Final notes Discussion ensued regarding Agenda Item #2.

	3.	PRESENTATION AND POSSIBLE DISCUSSION OF THE TOWN'S FY 20/21 FINANCIAL UPDATE THROUGH NOVEMBER 2020
		Finance and Budget Administrator Wendy Gomez presented the financial update through November 2020. Discussion ensued amongst staff and the Commission regarding Agenda Item #3.

	4.	DISCUSSION OF ITEMS TO INCLUDE IN A REQUEST FOR PROPOSAL OR FACTORS TO CONSIDER IN CONDUCTING A COMPETITIVE SOLICITATION FOR THE TOWN'S AUDIT FIRM
		Chief Financial Officer David Gephart explained the Town is due to go out to bid for auditing services. He requested the Commission's input on qualifications and how criteria should be weighted. Discussion ensued amongst the Commission and staff regarding Agenda Item #4. Chief Financial Officer David Gephart will provide a draft Request for Proposal by the next meeting for the Commission to review and provide additional input. 5 MINUTE RECESS Chair Beasley called for a recess at 5:50 p.m. Chair Beasley reconvened the meeting at 5:56 p.m.

	5.	REVIEW THE TOWN MANAGER TASKING TO THE BUDGET AND FINANCE COMMISSION TO REVIEW THE TOWN OF ORO VALLEY PUBLIC SAFETY PERSONNEL RETIREMENT SYSTEM (PSPRS) PENSION FUNDING POLICY AND MAKE A RECOMMENDATION TO TOWN COUNCIL
		Town Manager Mary Jacobs explained the Budget and Finance Commission's task to review and provide a recommendation mutually with the Town consultant regarding options to address the Town's current pension funding policy. The recommendation will be incorporated in the Town Manager's Recommended Budget. She provided the timing of the process. Town Manager Mary Jacobs identified one additional meeting for the Commission on March 9, 2021 to review the information with the consultant. Discussion ensued amongst the Commission and staff regarding Agenda Item #5.

	6.	PRESENTATION AND DISCUSSION REGARDING THE TOWN OF ORO VALLEY PUBLIC SAFETY PERSONNEL RETIREMENT SYSTEM (PSPRS) PENSION FUNDING POLICY AND TOWN OF ORO VALLEY PSPRS ACTUARIAL REPORTS AS OF JUNE 30, 2020
		Chief Financial Officer David Gephart reviewed the PSPRS Actuarial Report as of June 30, 2020. Chief Financial Officer David Gephart reviewed the process to prepare for the PSPRS Funding Policy update, to include consultant assistance and Commission feedback and recommendation to Town Council once an option is selected. Discussion ensued amongst the Commission and staff regarding Agenda Item #6.

FUTURE AGENDA ITEMS - Pension program details - Election of Budget and Finance Commission Chair and Vice Chair

ADJOURNMENT


				Motion by Member Michael Mason, seconded by Commissioner David Newell to adjourn the meeting at 6:53 p.m.

Vote: 5 - 0 Carried

I hereby certify that the foregoing minutes are a true and correct copy of the minutes of the regular session of the Town of Oro Valley Budget and Finance Commission of Oro Valley, Arizona held on the 19th day of January, 2021. I further certify that the meeting was duly called and held and that a quorum was present.

Dated this 20th day of January, 2021.

___________________________
Danielle Tanner
Senior Office Specialist