Pamela A. Moon

The meeting included a presentation from the Deputy Treasurer regarding the investment policy revisions, job description restructuring based on a study by Viant Consulting Group, and updates on the county's cash management principles of safety, liquidity, and yield. The Board discussed collateral associated with bank accounts and the goal of increasing pledged collateral. Additionally, there were reports on gross receipts tax and property tax collections. Investment portfolio balances were reviewed, and a decision was made to adjust the benchmark for the core portfolio from a 0-10 year target to a 0-7 year target to reduce volatility. The session also touched on asset allocation strategies, focusing on US Treasuries over agency and municipal securities.

The meeting included the approval of agenda changes to expedite budget and expenditure processes for capital outlay grants and fiscal year budget adjustments. Proclamations were issued for the Los Pas Elementary School Wildlife Sanctuary student leaders, Motorcycle Awareness Month, and for Ernie Cabbaka in recognition of his service to the community. Public comment included a reflection on the historical significance and meaning of Memorial Day.

The meeting focused on the consideration of an Industrial Revenue Bond application from DESRI Renewables, LLC for a large-scale solar and battery storage project. Key topics included the financial structure of the bond program, the role of tax abatements versus public funding, project benefits to the community such as job creation, and the anticipated fiscal impact on the local economy. Staff recommended moving the application forward, noting its alignment with county initiatives regarding renewable energy and sustainability.

The Commission discussed several zoning and planning matters. Key topics included the approval of a zone change for a property on Blake Road to allow for higher density residential development, the granting of a special use permit for multiple single-family dwellings on a lot on Alameda Road, and proposed amendments to the Comprehensive Zoning Ordinance to align with recent state legislation regarding childcare facilities and residential group homes. The Commission also discussed administrative procedures for providing clarification on community input.

The board discussed and sought approval for American Rescue Plan Act (ARPA) projects. Key topics included the allocation of $2,300,000 in ARPA funding for a single-site multifamily supportive housing development to assist homeless or precariously housed individuals, and the allocation of $5,000,000 in ARPA funding for premium pay for qualified county employees working in critical infrastructure sectors. The meeting also addressed project cost breakdowns, compliance requirements, and future expenditure deadlines for ARPA funds.