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2. Frequency of committee meetings <br />Francisco Gutierrez suggested meetings should be quarterly per bylaws, unless <br />there is a need to meet sooner. Final bylaws will be completed by the City <br />Attorney's Office. <br />3. Audit Policy <br />Finance will formalize audit process and have city council engaged with audit <br />process and auditors. Audit calendar distributed listing various audit reports and <br />due dates. Council committee members will be interviewed as part of this process. <br />Kathy Lai, CPA with Macias Gini & O'Connell LLP gave a brief overview of services <br />provided to the City. Audit results will be ready in January /February for review. <br />Councilmember Martinez would like to go over past couple of years. <br />4. LAFCO Fiscal Trend Analysis <br />Ben Legbandt from Orange County Local Agency Formation Commission ( LAFCO) <br />provided a brief presentation on LAFCO background and enhanced financial trend <br />analysis that can be found online. Site shows cities' fiscal health and financial <br />condition. Currently eight indicators are listed but may be increased to 20 indicators <br />for a comprehensive view of financial and economic indicators /trends. This <br />information will be rolled out by the League of California Cities with the purpose of <br />helping cities identify benchmarks and as a diagnostic tool. <br />5. CDBG — Reallocated Funds — City Projects for consideration <br />A revised CDBG proposal list was provided. Sandi Gottlieb, CDA Acting Executive <br />Director stated that $750,000 in reallocated funds were available for projects that <br />meet eligibility requirements. In accordance with the direction from the committee <br />at its first meeting, $400,000 is being retained for any unanticipated gaps in the <br />funding of already approved projects. <br />As directed by the committee at its last meeting, staff presented a prioritized list of <br />city projects, with the three top projects identified as coming within the $750,000 <br />allotment. Staff also provided an update on discussions and preliminary eligibility <br />screening with respect to the Delhi Center's and The Grain Project's proposed <br />concepts - solar panels at Delhi and Grain Project's concept of purchasing land for <br />a community garden. A discussion by the committee followed with staff providing <br />further details. <br />The committee also addressed representatives from the Delhi Center and The <br />Grain Project who were present. Project needs were discussed and questions were <br />raised regarding project readiness and funding eligibility. The committee directed <br />staff to work with the two entities to potentially identify up to two capital projects that <br />August 6, 2013 1 Finance, Economic Development, & Technology Minutes <br />13B -6 <br />