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City’s Finance Committee Looks at Distributing $1.5 Million in Funding Remaining After Projects’ Completions

Published on Monday, February 27, 2017 | 6:23 am
 

The Pasadena City Council’s Finance/Audit Committee will deliberate Monday on a proposal from the City’s Finance Department to adopt the City of Pasadena Debt Policy, a set of rules that will govern issuance of any public debt and track and report the spending of bond proceeds in an effort to increase transparency and improve public knowledge.

At a Special Meeting called for Monday, February 27, the Finance/Audit Committee will also discuss a recommendation to approve budget adjustments to transfer funds from the General Fund to the Project Management Fund.

According to Senate Bill 1029 signed by Gov. Jerry Brown in September last year, local government debt issuers must adopt a local debt policy that explains the purpose for which debt proceeds may be used and implements internal control procedures that will ensure the proposed debt get directed to the intended use.

The debt policy should also contain guidelines on how and when the City should report each bond sale and submit and annual report on bond activities in compliance with the bill’s requirements.

SB 1029 contains additional information that municipal issuers of debt are mandated to provide the California Debt and Investment Advisory Commission (CDIAC) in their regular reports.

After discussion on the Pasadena Debt Policy, the Finance/Audit Committee will deliberate on the Finance Department’s recommendation to amend the City’s Adopted Operating Budget for fiscal year 2017, which could increase authorized operating appropriations by over $1.5 million, according to City Finance Director Matthew Hawkesworth.

The funds are part of reserves that the General Fund has been holding for capital projects.

The Finance Department said the $1.5 million has been reserved for many years to offset capital improvement projects in the Project Management Fund that had been completed without sufficient funding. Many of the projects included funding from various grants such as Proposition A Park Funds, or from the Federal Emergency Management Agency (FEMA) that are accounted for through the General Fund.

As informational matter, the City’s Internal Audit Manager will present an update on the City’s Internal Audit Quarterly Status during the Finance/Audit committee meeting.

The Special Meeting starts 4 pm at the Council Chambers Room S249 at the Pasadena City Hall.

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