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MINUTES BUDGET AND FINANCE COMMISSION REGULAR SESSION MARCH 16, 2021 ONLINE ZOOM MEETING

REGULAR SESSION AT OR AFTER 4:00 PM

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

ROLL CALL

Present:	John Latchford, Chairman
	Cathy Solverson, Vice Chair
	David Newell, Commissioner
	James Beasley, Commissioner
	Michael Mason, Commissioner
Staff Present:	David Gephart, Chief Financial Officer
	Mary Jacobs, Town Manager
	Tobin Sidles, Legal Services Director
	Wendy Gomez, Finance and Budget Administrator
	Michael Dyckman, Senior Budget Analyst
Attendees:	Bill Siegenthaler, CBIZ Consultant
	Hugh Blaxall, CBIZ Consultant
	Tom Mennie, CBIZ Consultant

PLEDGE OF ALLEGIANCE - Commissioner Mason led the group in the Pledge of Allegiance.

CALL TO AUDIENCE - No comments were received.

STAFF LIAISON REPORT

Chief Financial Officer David Gephart stated that staff has concluded departmental budget meetings and that the draft budget for the next fiscal year is in progress.

He also stated there is an upcoming meeting with a benefits broker to firm up what the benefits budget looks like.

Chief Financial Officer David Gephart thanked the commissioners for their comments regarding the strategic leadership plan.

REGULAR SESSION AGENDA

REVIEW AND APPROVAL OF THE MARCH 9, 2021 SPECIAL SESSION MEETING MINUTES


				Motion by Vice Chair Cathy Solverson, seconded by Commissioner Michael Mason to approve the March 9, 2021 minutes as written.

				Vote: 5 - 0 Carried

	2.			PRESENTATION AND POSSIBLE DISCUSSION OF THE TOWN'S FY 20/21 FINANCIAL UPDATE THROUGH JANUARY 2021 Finance and Budget Administrator Wendy Gomez presented the financial update through January 2021. Discussion ensued amongst staff and the Commission regarding Agenda Item #2.

	3.			PRESENTATION, DISCUSSION, AND POTENTIAL RECOMMENDATION ON PSPRS LIABILITY FUNDING OPTIONS Chief Financial Officer David Gephart introduced the CBIZ Consultants to the Commission. CBIZ Consultant Bill Siegenthaler presented PSPRS Liability Funding Options to the Commission. Discussion ensued amongst commissioners, staff, and attendees regarding the various funding options.


				Motion by Commissioner James Beasley, seconded by Commissioner David Newell to select the funding option of "Hybrid Baseline Plus Significant Contribution of $10 Million, and $17 Million Debt Issuance" to recommend to the Town Council.

		Vote: 5 - 0 Carried

	4.	DISCUSSION AND POSSIBLE RECOMMENDATION OF DRAFT PSPRS PENSION FUNDING POLICY FOR FISCAL YEAR ENDING JUNE 30, 2022 Chief Financial Officer David Gephart opened discussion regarding how to present the "Hybrid Baseline Plus Significant Contribution of $10 Million, and $17 Million Debt Issuance" funding option to the Town Council. Discussion ensued amongst staff and commissioners. Chief Financial Officer David Gephart stated he will prepare a draft of the revised funding policy to present to commissioners at the next meeting.

COUNCIL LIAISON COMMENTS The council liaison was not present.

FUTURE AGENDA ITEMS - 2021/2022 Fiscal year recommended budget

ADJOURNMENT


				Motion by Commissioner David Newell, seconded by Vice Chair Cathy Solverson to adjourn the meeting at 6:22 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 16th day of March, 2021. I further certify that the meeting was duly called and held and that a quorum was present.

Dated this 17th day of March, 2021.

___________________________
Alison Cote
Legal Secretary