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go <br />• R'Lq IN <br />CITY COUNCIL MEETING DATE: <br />DECEMBER 1, 2015 <br />TITLE: <br />CITY OF SANTA ANA GENERAL <br />CREDIT ANALYSIS & POTENTIAL <br />ECONOMIC UNCERTAINTY RESERVE <br />FUNDING FOR SARTC SCHEDULE <br />{STRATEGIC PLAN NO. 4,2D) <br />CITY MANAGER <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />® As Recommended <br />© As Amended <br />Q Ordinance on 1"Reading <br />© Ordinance on 2ntlReading <br />® Implementing Resolution <br />Ll Set Public Hearing For,,,_ <br />CONTINUED TO <br />FILE NUMBER <br />Adopt the Credit Analysis Schedule as well as the timeline prior to taking action to fund the Santa <br />Ana Regional Transportation Center improvements using Economic Uncertainty Reserve Funds. <br />Staff will request specific action at a future City Council Meeting to make any changes necessary <br />to the Economic Uncertainty Reserve Fund Policy if credit rating analysis is favorable. <br />DISCUSSION <br />City Credit Rating Analysis & Economic Uncertainty Reserve Fund Schedule for SARTC <br />Funding <br />At the November 3, 2015 City Council meeting, Councilmember Martinez requested that Agenda <br />Item 65A on the Santa Ana Regional Transportation Center (SARTC) maintenance and <br />improvements (Maintenance, Safety /Liability, Tenant space, signage) in the amount of <br />$3,800,000 be re- agendized for a revote. The action before you provides the City Council the <br />opportunity to adopt the timeline and actions necessary to establish a general credit rating for the <br />City as well as outlining the actions necessary in order to use the Economic Uncertainty Reserve <br />Account to fund the necessary improvements at SARTC. <br />The City of Santa Ana has taken dramatic strides to ensure fiscal stability. Beginning with the <br />adoption of the City's Fiscal Policy (Policy), the City established key strategies to ensure ongoing <br />fiscal stability. A key element was the first ever Council adopted five -year forecast in February of <br />2014. The forecast allowed for a more effective method to project revenues that resulted in the <br />presentation of balanced budgets, more specifically matching ongoing revenues with ongoing <br />expenditures. In addition, with adoption of the City Manager's effort for innovation and efficiency, <br />coupled with growth in the City's top six revenue generating categories (8.8% over the last three <br />65A -1 <br />