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Option #1: Commit to a future award of affordable housing funds for an <br />amount up to $11.7 million per CSG Advisors gap analysis <br />report. Award of funds to follow the approval of the project by <br />the Planning Commission and City Council pending the <br />availability of funds. <br />Option #2: Take no action to fund the project at this time. <br />MOTION: Continue consideration of matter to the June 20, 2017 City <br />Council Meeting. <br />MOTION: Tinajero SECOND: Solorio <br />VOTE: AYES: Martinez, Pulido, Solorio, Tinajero, Villegas (5) <br />NOES: None (0) <br />ABSTAIN: None (0) <br />ABSENT: Benavides, Sarmiento (2) <br />CITY FINANCIAL REVIEW/AUDIT PRESENTATION — City Manager's Office; <br />and Finance and Management Services <br />Presentation by Mark Alvarado of KAMG <br />Analysis of City Reserves <br />w KAMG hired to do a review of the City's reserve balances <br />w Review of audit reports and budgets <br />w Detail analysis of General Fund reserve balances at June 30, 2016 <br />w Review of prior budget adoption processes and practices <br />w Review of Fund Balance and Budget policy <br />w Goal was to go back and reconstruct how the City "got to where it is " at <br />June 30, 2016 <br />w Went back and reviewed the last 5 five years audit reports <br />w Clean opinions <br />w Went back and reviewed the last three years budgets <br />w Overview of conclusions <br />w Nothing in audit reports looks incorrect <br />w Attrition process should be refined; budgeting processes are fine <br />w Long term financial projections key to balancing budgets and maintaining <br />policy goals <br />Fiscal and Budget Policy <br />w Policy adopted in 2012 <br />m Reserves started to increase; prudent to establish benchmarks and goals <br />CITY COUNCIL MINUTES 16 JUNE 6, 2017 <br />10A-16 <br />