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AGENDA
BUDGET AND FINANCE COMMISSION
REGULAR SESSION
FEBRUARY 21, 2023
HOPI CONFERENCE ROOM
11000 N. LA CAÑADA DRIVE
REGULAR SESSION AT OR AFTER 4:00 PM
CALL TO ORDER
ROLL CALL
PLEDGE OF ALLEGIANCE
CALL TO AUDIENCE - at this time, any member of the public is allowed to address the Commission on any
issue not listed on today’s agenda. Pursuant to the Arizona open meeting law, individual Commission
members may ask Town staff to review the matter, ask that the matter be placed on a future agenda, or
respond to criticism made by speakers. However, the Commission may not discuss or take legal action on
matters raised during "Call to Audience." In order to speak during "Call to Audience", please specify what
you wish to discuss when completing the blue speaker card.
STAFF LIAISON REPORT
REGULAR SESSION AGENDA
1.REVIEW AND APPROVAL OF THE JANUARY 17, 2023 REGULAR SESSION MEETING MINUTES
2.PRESENTATION AND DISCUSSION OF PSPRS PENSION FUNDING AND RELATED PENSION
FUNDING POLICY
3.PRESENTATION AND POSSIBLE DISCUSSION OF THE TOWN'S FY 22/23 FINANCIAL UPDATE
THROUGH DECEMBER 2022 (Please reference attachments)
COUNCIL LIAISON COMMENTS
FUTURE AGENDA ITEMS
ADJOURNMENT
POSTED: 2/16/23 at 5 PM by dt
When possible, a packet of agenda materials as listed above is available for public inspection at least 24 hours prior
to the Commission meeting in the Town Clerk's Office between the hours of 8:00 a.m. – 5:00 p.m.
The Town of Oro Valley complies with the Americans with Disabilities Act (ADA). If any person with a disability needs
any type of accommodation, please notify the Town Clerk’s Office at least five days prior to the Commission meeting
at 229-4700.
INSTRUCTIONS TO SPEAKERS
Members of the public have the right to speak during any posted public hearing. However, those items not
listed as a public hearing are for consideration and action by the Commission during the course of their
business meeting. Members of the public may be allowed to speak on these topics at the discretion of the
Chair.
If you wish to address the Commission on any item(s) on this agenda, please complete a blue speaker card located
on the Agenda table at the back of the room and give it to the Recording Secretary. Please indicate on the
speaker card which item number and topic you wish to speak on, or if you wish to speak during “Call to
Audience,” please specify what you wish to discuss when completing the blue speaker card.
Please step forward to the podium when the Chair announces the item(s) on the agenda which you are interested in
addressing.
1. For the record, please state your name and whether or not you are a Town resident.
2. Speak only on the issue currently being discussed by the Commission. Please organize your speech, you will only
be allowed to address the Commission once regarding the topic being discussed.
3. Please limit your comments to 3 minutes.
4. During “Call to Audience”, you may address the Commission on any issue you wish.
5. Any member of the public speaking must speak in a courteous and respectful manner to those present.
Thank you for your cooperation.
“Notice of Possible Quorum of the Oro Valley Town Council, Boards, Commissions and Committees: In accordance
with Chapter 3, Title 38, Arizona Revised Statutes and Section 2-4-4 of the Oro Valley Town Code, a majority of the
Town Council, Board of Adjustment, Historic Preservation Commission, Parks and Recreation Advisory Board,
Stormwater Utility Commission, and Water Utility Commission may attend the above referenced meeting as a
member of the audience only.”
Budget and Finance Commission AGENDA ITEM: 1.
Meeting Date:02/21/2023
Submitted By:Alison Cote, Legal
SUBJECT:
REVIEW AND APPROVAL OF THE JANUARY 17, 2023 REGULAR SESSION MEETING MINUTES
RECOMMENDATION:
Staff recommends approval.
EXECUTIVE SUMMARY:
N/A
BACKGROUND OR DETAILED INFORMATION:
N/A
FISCAL IMPACT:
N/A
SUGGESTED MOTION:
I MOVE to approve (approve with changes) the January 17, 2023 regular session meeting minutes.
Attachments
Draft Minutes - 1/17/23
Budget and Finance Commission AGENDA ITEM: 2.
Meeting Date:02/21/2023
Submitted By:David Gephart, Finance
SUBJECT:
PRESENTATION AND DISCUSSION OF PSPRS PENSION FUNDING AND RELATED PENSION FUNDING
POLICY
RECOMMENDATION:
N/A.
EXECUTIVE SUMMARY:
This agenda item is meant to update the Budget and Finance Commission on the funding status of the PSPRS
plan, especially as it relates to Town police pensions, in anticipation of updating the PSPRS Pension Funding
Policy for next fiscal year ending June 30, 2024.
BACKGROUND OR DETAILED INFORMATION:
Actuarial reports for the fiscal year ending June 30, 2022, have been released by PSPRS. Both the Town police
plan and dispatch (CORP) plan have been attached. Yields last fiscal year were a negative 4% net of fees. Also,
the reports now reflect funding from the Town's pension obligation bond issuance as well as a $10M payment from
reserves. The impacts of these items brought the Tier 1/Tier 2 funded status for police to 102%. The net unfunded
actuarial accrued liability declined from $24.02M to actually being a net pension asset of $1.53M.
Finally, the current year PSPRS pension funding policy for the Town has been attached for reference.
FISCAL IMPACT:
N/A
SUGGESTED MOTION:
N/A
Attachments
2022 CORP Actuarial Report
2022 PSPRS Actuarial Report
FY23 PSPRS Pension Funding Policy
PSPRS Update Powerpoint Presentation
Budget and Finance Commission AGENDA ITEM: 3.
Meeting Date:02/21/2023
Submitted By:Christopher Hutchison, Finance
SUBJECT:
PRESENTATION AND POSSIBLE DISCUSSION OF THE TOWN'S FY 22/23 FINANCIAL UPDATE THROUGH
DECEMBER 2022 (Please reference attachments)
RECOMMENDATION:
N/A
EXECUTIVE SUMMARY:
Please reference attachments.
BACKGROUND OR DETAILED INFORMATION:
Please reference attachments.
FISCAL IMPACT:
N/A
SUGGESTED MOTION:
N/A
Attachments
Council Memo - December 2022 Financial Update
Attachment A - General Fund
Attachment B - Highway Fund
Attachment C-1 - Community Center Fund
Attachment C-2 Golf Contractor P&L
Attachment D - Water Fund
Attachment E - Stormwater Fund
Attachment F - Summary All Funds
Attachment G - Gen Fund Local Sales Tax
Attachment H - Gen Fund State Shared Revenue