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Ayes: Councilmembers Arkin, Balch, Narum, Testa, Mayor Brown Noes: None Absent: None MEETING OPEN TO THE PUBLIC 15. Public Comment Phani Nagaraj expressed concern that Pleasanton Meadows neighborhood residents have had recent issues with noise from airplanes not following the Federal Aviation Authority flight path into Livermore Municipal Airport. He added 825 Pleasanton and Dublin residents have signed a petition to bring the matter to the Council's attention. Jill Buck reported that her school students were shocked the insurrection at the United Stated Capitol was an unprecedented event. She thanked the Council for providing her students a good example of respectful civil engagement as opposed to their national peers which reflects well upon the City. PUBLIC HEARINGS AND OTHER MATTERS 16. Accepted the Comprehensive Annual Financial Report (CAFR) and other related audits for the year ending June 30, 2020 Director of Finance Tina Olson stated the report was previously shared with the Audit Committee and explained the presentation reflects the Committee's comments. She noted the City's independent audit firm, Maze & Associates, is in the final year of a five-year contract and the City is working towards selecting a firm for the next five years. She advised the CAFR is prepared based upon guidelines set forth by the Government Finance Officers Association (GFOA) and standards adopted by the Governmental Accounting Standards Board (GASB). Director of Finance Olson reported the City received a GFOA Certificate of Achievement for the 23rd consecutive year for the City's CAFR due to meeting the highest standard in governmental accounting and financial reporting. She stated it is a high standard staff feels obligated to meet. She provided a general overview of details that can be found in the financial and statistical sections of the report. Director of Finance Olson reported the City's Total Assets exceeded Liabilities by $749 million in Fiscal Year 2019/20 which is an increase of $2.1 million from the prior year. She advised Assets were $998.7 million of which Capital Assets comprise $671.4 million which is a decrease of $6.8 million from the previous year. She stated Current and Other Assets amass to $327.4 million which is an increase of $25.2 million from FY 18/19. She added $288 million of Current and Other Assets stems from cash, investments, and receivables, accounting for 29% of the City's entire range of assets. She stated the City's liabilities total $262.9 million of which $211.1 million is pension related. She clarified how deferred pension inflows and outflows are calculated into the totals. Director of Finance Olson reported all governmental funds combine for a positive balance of $149 million which is an increase of $14.7 million from FY 18/19. She advised the General Fund stands at $37.3 million which is an increase of $7.7 million from the previous year. She added Enterprise Funds currently have $52.4 million available which is an increase of $3.6 million from FY 18/19. She added Internal Services Funds have $58.8 million available which is a decrease of $1.2 million from FY 18/19. She noted the large shift was due to the City moving the Retiree Health Savings Reserve Fund to the Public Employees Retirement System (PERS) Rate Stabilization Fund. Director of Finance Olson reported the City has $15.5 million in outstanding debt, a decrease of $1.2 million from the previous year. She noted a new line item was for the Federal Paycheck Protection City Council Minutes Page 3 of 17 February 16. 2021