9/17/18 Irvine Finance Commission Meeting Notes–Business Donation, FEMA Grant, Fiscal Reports

Business Donation, FEMA Grant, Fiscal Reports

At the 9-17-2018 Finance Commission meeting, the commissioners recommended the City Council accept a donation to Irvine’s Department of Public Safety from an Irvine-based company as well as accept a Local Hazard Mitigation Planning grant from FEMA (Federal Emergency Management Agency). In addition, the City Treasurer gave a fiscal-year-end report as well as a City investment policy report.

Irvine-based Maruchan Donation to Public Safety

“For more than 10 years, Maruchan has donated funds to the Department of Public Safety.”–Irvine Public Safety Department

In April 2018, Irvine-based Maruchan, Inc. sent a $100,000 donation to Irvine’s Department of Public Safety. Irvine’s Department of Public Safety has received donated funds from Maruchan for over ten years and used these funds for various projects. These include the purchase of audio visual systems, technology systems, the Department’s Naloxone (Narcan) program, and forensics software. If the City Council accepts this current donation, Irvine’s Department of Public Safety would use the funds to improve the department’s technology, equipment, and training.

At the 9-17-2018 Finance Commission meeting, the finance commissioners, as part of the consent calendar, recommended the Irvine City Council accept the Maruchan, lnc. donation.

FEMA Local Hazard Mitigation Plan (LHMP) Award

“Research on recent disasters has shown that every $1 spent on mitigation activities can save $6 in future disaster-related costs.“– Irvine Police Department’s Office of Emergency Management (OEM)

The severity and likely ongoing harms from wildfires prompted the Irvine Police Department to apply for a FEMA grant. This FEMA grant would help the Police Department’s Office of Emergency Management (OEM) update Irvine’s community resiliency plan, known as a Local Hazard Mitigation Plan (LHMP). The LHMP would help provide resiliency to the Irvine community, not just in the case of wildfires, but also when confronted with other natural, human-caused, and technological disasters. Irvine’s OEM submitted the LHMP FEMA grant application through the state of California in December 2017.

Recently, the California Governor’s Office of Emergency Services (Cal OES) notified Irvine’s OEM that the FEMA grant was successful, and Irvine’s OEM would be awarded $106,466 to complete the LHMP. This LHMP will be the result of a multi-disciplinary approach to a comprehensive study of all hazards that could impact our area.

“The availability of federal funding to support an update to the City’s LHMP comes at an
opportune time for a number of reasons:
–The Office of Emergency Management has been revising and updating the City’s
Emergency Operations Plan (EOP), of which hazard exposure and preparedness
is a key element; .
–Community Development has been working on an update to the City’s General
Plan, of which there are new requirements within the Safety Element that directly
tie in to the City’s LHMP; and .
–Enhanced efforts to mitigate wildfire risk are a current discussion within the City,
and an LHMP will help further identify needs and strategies to safeguard at-risk
communities located near open space.”
–Irvine Police Department’s Office of Emergency Management (OEM)

At the 9-17-2018 Finance Commission meeting, the Finance Commissioners, as part of the consent calendar, recommended the Irvine City Council accept this FEMA grant.

Treasurer Reports

Irvine’s Treasurer provided a fiscal-year-end report and a City investment policy report at this Finance Commission meeting.

Irvine Fiscal Year End Report June 30, 2018

Irvine’s Treasurer Report for Fiscal Year End June 30, 2018 “provides a synopsis of investment activity for the City’s three investment portfolios for the fiscal year ended June 30, 2018. The portfolios, managed by United American Capital Corporation (UACC) under the direction of the Treasurer, include the Irvine Pooled Investment Portfolio, Bond Proceeds Fund Portfolio, and the Special District Funds Portfolio. The total market value for all three portfolios was $964 million as of June 30, 2018.

This report provides information on assets, allocations, average maturities, yields, and valuations for each of the three portfolios. A discussion of market conditions is included to give additional perspective to these measurements.”

The complete report can be read at:  TREASURER’S REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2018

Irvine Investment Policy Report for Calendar Year 2019

The City of Irvine Investment Policy for Calendar Year 2019 Report defines the goal of Irvine’s investment policy as: “The ultimate investment goal is to enhance the economic status of the City while protecting funds under management and meeting the daily cash flow demands of the City. This investment policy has been prepared in conformance with all pertinent existing laws of the State of California including California Government Code Sections 53600, et seq.2.

This investment policy applies to the City’s Irvine Pooled Investment Portfolio, Bond Proceeds Portfolio held by the City, and Special District Funds Portfolio. These portfolios encompass all monies under the direct oversight of the Treasurer and include the General Fund, Reserve Funds, Special Revenue Funds, Debt Service Funds, Capital Project Funds, Permanent Fund, Proprietary Funds, Trust and Agency Funds, including the Successor Agency to the Dissolved Irvine Redevelopment Agency, and any other funds that may be created. These funds are accounted for in the City of Irvine’s Comprehensive Annual Financial Report.”

The complete report can be read at: CITY OF IRVINE INVESTMENT POLICY FOR CALENDAR YEAR 2019