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MINUTES BUDGET AND FINANCE COMMISSION REGULAR SESSION January 21, 2020 ORO VALLEY COUNCIL CHAMBERS 11000 N. LA CAÑADA DRIVE

REGULAR SESSION AT OR AFTER 4:00 PM

CALL TO ORDER

ROLL CALL

Present:	James Beasley, Chairman
	John Latchford, Vice Chairman
	David Newell, Commissioner
	Cathy Solverson, Commissioner
	Michael Mason, Commissioner
Staff Present:	Josh Nicolson, Councilmember
	Mary Jacobs, Town Manager
	Kevin Artz, Interim Finance Director/CFO
	Joe Andrews, Chief Civil Deputy, Legal Department

PLEDGE OF ALLEGIANCE

CALL TO AUDIENCE

No speakers

COUNCIL LIAISON COMMENTS

Councilmember Nicolson thanked the Commission members for their service. He also stated he looks forward to learning as much as possible from the Commission.

STAFF LIAISON REPORT

Mr. Artz stated he had no report to present.

REGULAR SESSION AGENDA

REVIEW AND APPROVAL OF THE DECEMBER 17, 2019 REGULAR SESSION MEETING MINUTES


				Motion by Vice Chairman John Latchford, seconded by Commissioner David Newell to approve the December 17, 2019 minutes as written.

				Vote: 5 - 0 Carried

	2.			PRESENTATION AND DISCUSSION ON THE TOWN OF ORO VALLEY COMPREHENSIVE ANNUAL FINANCIAL REPORT AS OF JUNE 30, 2019.
				Christopher Heinfeld from Heinfeld, Meech & Co., P.C., presented a PowerPoint presentation to the Commission on the Town’s Comprehensive Annual Financial Report (CAFR) Discussion amongst the Commission and Mr. Heinfeld ensued.

	3.			THE TOWN MANAGER IS REQUESTING THAT THE BUDGET AND FINANCE COMMISSION REVIEW THE TOWN OF ORO VALLEY PUBLIC SAFETY PERSONNEL RETIREMENT SYSTEM (PSPRS) PENSION FUNDING POLICY AND MAKE A RECOMMENDATION TO TOWN COUNCIL.
				Mr. Artz provided the Commission with a timeline for the review and possible recommendation to the Council regarding the Public Safety Personnel Retirement System Pension Funding Policy. Discussion between the Commission and staff ensued.

	4.			PRESENTATION AND DISCUSSION ON THE TOWN OF ORO VALLEY PUBLIC SAFETY PERSONNEL RETIREMENT SYSTEM (PSPRS) FY 19/20 PENSION FUNDING POLICY AND TOWN OF ORO VALLEY PSPRS ACTUARIAL REPORTS AS OF JUNE 30, 2019.
				Mr. Artz provided a PowerPoint presentation to the Commission regarding the Public Safety Personnel Retirement System Pension Funding Policy. Discussion between the Commission and staff ensued. Mr. Artz mentioned to the Commission he would be attending a training on February 12, 2020, and he is hoping to gather information from other towns and cities regarding on their process for pension funding.

	5.			DISCUSSION AND POSSIBLE ACTION ON A RECOMMENDATION TO TOWN COUNCIL RELATED TO THE STATE-IMPOSED EXPENDITURE LIMITATION AND THE PERMANENT BASE ADJUSTMENT OPTION.
				Mr. Artz presented a PowerPoint presentation to the Commission regarding the Permanent Base Adjustment. The presentation provided range options as requested by the Commission. Discussion amongst the Commission and staff took place.


				Motion by Vice Chairman John Latchford, seconded by Commissioner Cathy Solverson to recommend to the Town Council to approve the Permanent Base Adjustment option in the amount of one million six hundred fifty thousand (1,650,000.00)

		Vote: 5 - 0 Carried

	6.	PRESENTATION AND POSSIBLE DISCUSSION OF THE TOWN'S FY 19/20 FINANCIAL UPDATE THROUGH NOVEMBER 2019.
		Mr. Artz provided a PowerPoint presentation to the Commission. Discussion ensued between the Commission and staff.



FUTURE AGENDA ITEMS
		Mr. Artz mentioned staff will try to keep the agenda items to a minimum so the focus could be on the pension funding. Chairman Beasley asked about Vice Chairman Latchford's request regarding a potential date change. Mr. Artz stated he could add that to the February agenda. Commissioner Newell asked about self insurance that was presented to the Commission by an audience member at last month's meeting. Ms.Jacobs stated she would provide information to the Commission. Chairman Beasley asked about Commissioner Solverson's request for a presentation on the Arizona State Retirement System pension fund. Ms. Jacobs stated the Commission has not been tasked with ASRS as there are no changes that the Town can make regarding the liability. Ms. Jacobs also stated staff will provide an overview for the Commission on ASRS as an informational item.

ADJOURNMENT


				Motion by Commissioner David Newell, seconded by Vice Chairman John Latchford to adjoun the meeting at 6:26pm.

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 21st day of January, 2020. I further certify that the meeting was duly called and held and that a quorum was present.

Dated this _____ day of ____________________, 2020.

___________________________
Veronica Cubbage
Senior Office Specialist