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the City is reviewing seven responders. She expects to bring a recommendation to Council in late March or early April and clarified that staff reviews the applicants. In response to Mayor Brown's inquiries, Director of Finance Olson confirmed the City did not start with a 50-50 split between PARS Capital Growth and PARS Conservative. She advised that last year, staffers were given the option of adding PARS Conservative to their portfolio which is part of why that number has increased. She explained she did not have an opinion on where the balance between the funds should be but stated the City has some time to take a little more risk as there are 10 years until the obligation shift detailed earlier by City Manager Fialho. She noted she is comfortable with the current split. City Manager Fialho reported the City envisioned using the PARS Conservative Fund like a money market in case of emergency. He expressed support for the practice and noted the City has one of the largest Section 115 Trusts in the state. He explained Pleasanton is often cited as a model for other similar-sized cities. He advised the balance between the funds can be reassessed in the future if needed based on economic and fiscal conditions. In response to Councilmember Balch's inquiry, City Manager Fialho confirmed the middle portion of the pension obligations shift will begin around 2027. Mayor Brown noted there were no speakers. Councilmember Balch noted the City has grown in cost over the past year despite the pandemic hiring freeze and staff reductions due to raises and pension expenses. He commented that the Water Fund, Sewer Fund, and Storm Drain Proprietary Fund, are operating at losses. He added the City purchased more water from Zone 7 due to the shutdowns of Wells 5 and 8. He expressed concern that only one CaIPERS asset exceeded the 7.15% stated so he believes this rate will be challenged in the future. He reiterated there were no differences between staff and auditors. MOTION: It was m/s by Narum/Balch to accept the CAFR Report for Fiscal Year 2019/20. Motion passed by the following vote: Ayes: Councilmembers Arkin, Balch, Narum, Testa, Mayor Brown Noes: None Absent: None 17. Adopt and waive second reading of Ordinance No. 2213 approving amendments to Chapters 18.08, 18.28, 18.32, 18.36, 18.44, 18.46, 18.84, 18.88 and 18.106 of the Pleasanton Municipal Code to comply with state legislation for accessory dwelling units *Councilmember Balch voted "no" on introduction Senior Planner Shweta Bonn reviewed revisions to the ordinance based upon the Council's direction to adopt the ordinance amendments except for the prohibition of two-story ADUs. She advised the revisions state a two-story ADU could still occur if the ADU is 16 feet or less in height or if the ADU is the result of a conversion of existing space even if the space is over 16 feet in height. Senior Planner Bonn reported two revisions that require consideration are ADUs in new Planned Unit Developments (PUD) and clarifying changes for setbacks on corner lots and landscape screening. She advised ADUs greater than 16 feet in height would be determined at the point of PUD approval because potential impacts are evident to potential buyers. She advised consideration could also be given regarding standards for future ADUs in a PUD, and the ADU could count towards the City's Regional Housing Needs Allocation (RHNA) totals. City Council Minutes Page 5 of 17 February 16, 2021