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City of Santa Ana <br />General Credit Analysis Schedule <br />December 1, 2015 <br />Page 2 <br />years), the City was able to achieve a key objective outlined in the Policy of attaining 20% <br />General Fund Reserves ($40.5 million by June of 2014). <br />During this strong economic period, the City has implemented many positive changes. These <br />changes included the modernization of the City's Utility Users Tax (adopted by 75% of the <br />electorate), the ability to refinance debt which will save $10.5 million in costs and provided $5.9 <br />million in capital for water projects, as well as negotiating the increase of the jail per diem. The <br />increase in revenues has allowed the City to maintain and enhance existing programs and <br />services and absorb the rise of pension costs which has remained at 11% of total general fund <br />expenses. <br />With the many positive attributes the City is experiencing, the positive financial trends provide an <br />opportunity to secure an improved credit rating for the City. As such, on July 7, 2015, staff <br />recommended and Council approved the release for proposals to the four financial advisory firms <br />approved by Council on January 21, 2014. These firms included Public Financial Group (PFM), <br />Fieldman Rolapp & Associates, First Southwest, and Urban Futures, (UFI). On August 5, 2015 <br />the RFP was issued. All four firms responded and were responsive. Fieldman Rolapp & <br />Associates was selected to perform the credit rating analysis. On October 29, 2015, staff met <br />with representatives of Fieldman Rolapp and Associates to review a tentative schedule for the <br />credit analysis development. The following is the tentative schedule: <br />City of Santa Ana <br />Credit Analysis Rating Schedule & Economic Uncertainty Reserve Fund Actions Required to Fund <br />the Santa Ana Regional Transportation Center <br />Weeks of November 9 — 20 <br />City staff will provide unaudited financial information to Fieldman Rolapp & <br />Associates for review and to begin formulating the various positive <br />financial elements to include into the presentation for Standard and Poors. <br />Staff will work with Fieldman Rolapp and Associates to highlight key <br />facilities, and major projects in the Santa Ana Community for presentation <br />inclusion as well. <br />Week of November 23 <br />Draft review of City Credit presentation with City Manager. <br />Week of November 30 <br />Updated draft incorporating changes from draft review. <br />Week of December 7 <br />Review of Audited Financial Statements to ensure no substantive changes <br />since the initial review. <br />Week of December 14 <br />Set date for rating presentation to Standard & Poors. Request local <br />presentation so as to include a City tour. <br />Weeks of December 21 -31 <br />Continued review/ holidays <br />Week of January 4, 2016 <br />Finalize Rating presentation <br />Week of January 18, 2016 <br />Rating Presentation to Standard & Poors and City tour. <br />Week of January 25, 2016 <br />Standard & Poors releases credit report for review of facts presented. <br />Week of February 1, 2016 <br />Formal release of credit report and press release. <br />February (Special Meeting)) <br />Presentation of credit rating analysis to Finance Economic Development & <br />Technology (FEDT) Committee and actions required to fund SARTC using <br />the Economic Uncertainty Fund <br />March 1 , 2016 <br />City Council meeting considering actions required to fund SARTC <br />65A -2 <br />