City of Laguna Beach

This presentation provides an overview of Laguna Beach's city services, infrastructure, and financial standing. It outlines current services including public safety, public works, and community development, details infrastructure assets, and presents the city's budget and funding sources. The document highlights fiscal challenges such as rising costs and a projected budget gap, along with proposed strategies for cost control and potential revenue enhancements through Transient Occupancy Tax and sales tax adjustments to ensure continued funding for essential city operations and infrastructure projects.

The meeting included a review of consensus discussions from the Annual Investment Status Report Meeting held on November 6, 2018, and a report on the investment inventory as of May 31, 2019. Discussions covered the impact of the lack of an official city General Ledger on mandatory investment reporting, the inverted yield curve and its effects on investing, and a revisiting of the Investment Status Committee's ad hoc composition. The committee also touched on the 2019 Investment Agreed Upon Procedures.

The meeting included an economic update on the Coronavirus Impact, a review of portfolio attributes, and a discussion on investment policy direction. Unrealized gains were examined, and strategies for investing in the future were considered, including modifying the benchmark rate of return, adding treasuries to reduce volatility, and imposing limitations on callable bonds. The possibility of refinancing assessment district debt to lower rates for homeowners was also discussed.

The document provides a roadmap for implementing recommendations from a Finance Organizational Assessment, focusing on improving the City's financial operations. Key areas include creating two divisions within the Finance Department, clarifying roles, developing comprehensive financial policies, documenting internal procedures, enhancing training, and improving communication. The plan aims to address past challenges, such as staff turnover and audit findings, by providing a structured approach to enhance efficiency, effectiveness, and accountability within the Finance Department.

The City Council's 2024 strategic vision focuses on exploring revenue enhancements, promoting environmental stewardship through solar panels on city facilities, and developing a funding plan for Laguna Canyon Road improvements. It also prioritizes community design through downtown action plans and artist live/work affordable housing, enhancing the customer experience in community development, and implementing performance measures and efficiency programs.