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Home My WebLink AboutMINUTES - 12202005 - D.2 Di�z � -sE--L Contra TO: BOARD OF SUPERVISORS ?-�� .; FROM: FINANCE COMMITTEE o h , Costa John Gioia, Chair Ma N. Pie ho °mss ' ��~, County ry P 'A cou`ciT; DATE: December 20, 2005 SUBJECT: General Fund Reserve Policy SPECIFIC REQUEST(S)OR RECOMMENDATION(S)&BACKGROUND AND JUSTIFICATION RECOMMENDATION: ACCEPT report from the Auditor-Controller and County Administrator regarding the County's fiscal outlook and the need for a General Fund Reserve Policy; ADOPT the attached General Fund Reserve Policy (Resolution 2005/91,? FISCAL IMPACT: No impact in current fiscal year. Fiscal year 2006-07 impact will be to increase the Contingency Appropriation by $2 million. Eventually, following the proposed policy will achieve a minimum unreserved General Fund balance of 5% of budgeted General Fund revenues and a minimum total General Fund balance of 10% of budgeted General Fund revenues. BACKGROUND: On December 5 the Finance Committee reviewed and discussed the County's fiscal outlook and the following staff report regarding establishing a General Fund Reserve Policy. The Committee directed the County Administrator to report to the full Board on December 20, 2005 the recommendation to adopt the attached General Fund Reserve Policy (Resolution 2005/-7451)y During the FY 04-05 budget hearings, the Board of Supervisors requested that the Finance Committee review the budget process and identify areas for reform. On October 25, 2004, the Finance Committee considered and recommended changes to Contra Costa County's budget process. On March 1, 2005, the Board of Supervisors adopted the Finance Committee's recommended changes, including the recommendation to develop a policy for the use of fund balance and other one-time resources. The policy was to address the following issues: • Avoidance of the use of one-time resources for ongoing expenses • Allocation of a set portion to a reserve for economic uncertai • Allocation of a set portion to one-time projects/expenses • Allocation o a set portion for capital projects A'i f�------------ JOUACHMENT: OIA, DISTRICT I CONTINUED O � YES SIGNATURE: �,f RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE "APPROVE OTHER SIGNATURE(S ACTION OF BOVD ON ( � APPROVED AS RECOMMENDED gbOTHER '4�ele_ VOTE OF SUPERVISORS n I HEREBY CERTIFY THAT THIS IS A TRUE AND CORRECT COPY OF AN ACTION TAKEN AND ENTERED ON MINUTES OF THE BOARD OF SUPERVISORS ON THE DATE SHOWN. UNANIMOUS(ABSENT AYES: NOES: ABSENT: ABSTAIN: Contact: Lisa Driscoll 335-1023 Cc: Mary Ann Mason, Deputy County Counsel ATTESTED Steve Weir,County Clerk-Recorder J HN SVVEETEN,CLERK OP THE BOARD OFSUPERVISORS Jim Sepulveda,Sr.Deputy District Attorney a BY: UTY December 20, 2005 Page Two (2) This report will attempt to address the following questions. • What is a fund balance? • What level of reserve is generally recommended? • What ratio of general fund reserve to general fund budget do California counties maintain? • Do other California Counties have a general fund reserve policy? • Does Contra Costa County need a general fund reserve policy? • If so, what might such a policy include? What is a fund balance? Per the Governmental Accounting, Auditing, and Financial Reporting guidelines, governmental fund reports depict the difference between their assets and liabilities as fund balance, which is divided into reserved and unreserved portions. The function of reserved fund balance is simply to isolate the portion of fund balance that is not available for the following period's budget. Unreserved fund balance measures current available financial resources.' The reservation of fund balance is necessary for two reasons: • Resources not available for spending2 • Legal restrictions on spending3 Unreserved fund balance may, in turn, be subdivided into designated and undesignated portions. Designations represent management's intended future use of resources (e.g., contingencies, equipment replacement). Designations essentially reflect a government's self-imposed limitations on the use of otherwise available current financial resources.4 What level of reserve is generally recommended? An adequate level of unreserved fund balance in the general fund is necessary to mitigate current and future risks and to preserve service levels. It also is an important element of long-term financial planning. For these reasons, laws and regulations often govern the appropriate levels of fund balance and unreserved fund balance in the general fund. Likewise, fund balance and unreserved fund balance are carefully monitored'by credit rating agencies.5 The Governmental Accounting, Auditing, and Financial Reporting manual, among others, recommends that the appropriate policy-setting body within a government establish a formal policy on the level of unreserved fund balance to be maintained in the general fund.6 The adequacy of unreserved fund balance in the general fund should be assessed based upon a government's own specific circumstances. Nevertheless, the Government Finance Officers' Association (GFOA) formally recommends that the minimum level of unreserved fund balance in the general fund be no less than 5 to 15 percent of general fund revenue. What ratio of general fund reserve to general fund budget do California counties maintain? Attachment A is a report compiled by the Sonoma County Auditor-Controller's Department reflecting fifty-two (52) California counties' ratio of general fund reserve to general fund budget. The data used for this report are compiled from State Schedules 1, 2, 3, and 8, and reflect individual county reporting as of June 30, 2004. Analysis of the data in this report identifies the fifty-two counties' average cumulative general fund budget as $708.1 million, their average cumulative general fund reserves/designations as $69.8 million, and their ratio of reserves/designations to general fund budget as 9.9 %. Of note, 7 counties had general fund reserves/designations to general fund budget of 0-5%; 14 counties had 5-10%; 12 had 10-15%; and 19 counties had over 15%. Comparatively, Contra Costa County was close to the average during this same reporting period with 9.7%. However, as of June 30, 2005, Contra Costa County has reduced its reserve ratio to 8.3% and is projected to have a reserve level of 6.3% as of June 30, 2006. In January 2006, when statewide individual county data is available, this report will be updated through June 30, 2005. Governmental Accounting,Auditing, and Financial Reporting Manual; Classification and Terminology Section. 2 Ibid. 3 Ibid. °Ibid. s Ibid. 61bid. December 20, 2005 Page Three (3) Do other California Counties have a general fund reserve policy? Of the fifty-eight counties in California surveyed, only six responded (Contra Costa, Mariposa, San Luis Obispo, Solano, Sonoma, and Yolo). San Luis Obispo and Solano's budget policies both include a formal general fund reserve policy. San Luis Obispo puts five percent of total budget into a contingency appropriation; Solano puts five percent into the general fund reserve and an additional five percent into the general fund contingency appropriation. Does Contra Costa County need a general fund reserve policy? As previously stated, the Board of Supervisors recently recommended changes to Contra Costa's budget process, including the recommendation to develop a policy for the use of fund balance and other one-time resources (i.e. a general fund reserve policy). It was noted at that time that creating reserves is easier at a time when resources are growing faster than costs. However, in preparing to brief credit rating agencies for an upcoming Tax and Revenue Anticipation Notes (TRAN) borrowing, the County Administrator concluded that Contra Costa should adopt a reserve policy now, notwithstanding our resource constraint. As was noted in the Auditor's fiscal outlook presentation, the County has been depleting its fund balances and other reserves over the past three years. This use is not sustainable, and the County would be better served by adopting a plan of action to reverse this trend. A general fund reserve policy would be the first step in this direction. If so, what might such a policy include? The best reserve policies incorporate three main criteria: • Establishing a target level of reserves; • Specifying the appropriate circumstances for drawing down those reserves; and • Directing the replenishment of reserves. Establishing a target level of reserves Per the September 2005 GFOA newsletter on Governmental Accounting, Auditing, and Financial Reporting (GAARF Review), perhaps the most common question posed in connection with local governmental financial statements is "How much unreserved fund balance is enough?" Although there is no single right answer to this question, it is possible to offer some practical guidance. As stated above, the GFOA recommends a minimum level of unreserved fund balance in the general fund of 5 to 15 percent of general fund regular revenues, or one to two months of general fund regular expenditures. In determining which end of the range to target, the GFOA goes on to advise the following: • Higher levels of unreserved fund balance may be needed if significant revenue sources are subject to unpredictable fluctuations, or if regular expenditures are highly volatile; • The availability of resources in other funds may reduce the amount of unreserved fund balance needed in the general fund,just as deficits in other funds may require that a higher level of unreserved fund balance be maintained in the general fund; • A larger amount of unreserved fund balance may be needed to avoid cash flow problems if the average maturity of receivables significantly exceeds the average maturity of payables; • Governments sometimes designate a portion of unreserved fund balance to reflect tentative plans of management or the governing board. In that case, a government may wish to focus on unreserved, undesignated fund balance rather than on total unreserved fund balance; • A larger amount of unreserved fund balance may be necessary to compensate for the added risk faced by local governments that must rely heavily upon a single corporate taxpayer or upon a group of corporate taxpayers in the same industry. The same holds true in regions prone to natural disasters; and • Rapidly growing budgets are also an indicator that greater than normal levels of unreserved fund balance may be necessary in the general fund. In Contra Costa County it is recommended that the goal of the unrestricted general fund reserve be set at 5% of general fund revenue. It will take Contra Costa several years to achieve this level of reserve. Once achieved, consideration may be given to the merits of increasing this goal. December 20, 2005 Page Four (4) Specifying the appropriate circumstances for drawing down those reserves It is to be expected that the reserve or budgetary cushion will temporarily diminish when unforeseen pressures affect the general fund. Therefore, it is important to have a policy for drawing down reserves. The GFOA suggests those circumstances in which invasion of the general reserve may be warranted: • Emergency • Non-recurring expenses • One-time capital cost There is no "one-size-fits-all" definition of what constitutes an "emergency"for purposes of administering a reserve policy. Ultimately, an "emergency" is what the legislative body determines it to be. It will always reflect a careful balancing of the body's desire to maintain an adequate reserve, with its desire to maintain essential services — and, in some cases, its obligation to maintain statutorily required service levels. Until the County reaches its general reserve goal, the budget process permits appropriations for one- time projects/expenses and capital projects. In the event the County realizes reserves above the minimum levels defined, the first use of such funds should be a designation for capital projects and other one-time uses, up to an amount equal to a certain percent of general fund revenues. Directinq the replenishment of reserves If and when reserves are diminished, the legislative body should adopt a plan to replenish reserves to minimum levels within a specific timeframe. THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA Adopted this Resolution on December 20, 2005 by the following vote: s c _ ,cam AYES: Gioia,Piepho,DeSaulnier,Glover and Uilkema oy - r gNad.` NOES: None ABSENT: None �osTd'couN cP~ ABSTAIN: None SUBJECT: ESTABLISHING A GENERAL FUND ) RESERVE POLICY ) Resolution No. 2005/7 q,2. WHEREAS, the Board of Supervisors has an interest in the County's long-term financial stability; and WHEREAS, the establishment and maintenance of a reserve is a key element in enhancing the management of the County's finances and maintaining the County's credit quality; and Whereas, the best reserve policies incorporate three main criteria: establishing a target level of reserves; specifying the appropriate circumstances for drawing down reserves; and directing the replenishment of reserves; and WHEREAS, the Board of Supervisors acknowledges the importance of building reserves during periods of financial strength so that such reserves can be drawn upon during economic downturns; and WHEREAS, the Board of Supervisors desires to balance the need to maintain a reserve for severe circumstances with the need to address revenue shortfalls, unanticipated expenses and emergency situations; It is hereby RESOLVED by the Board that: 1. Effective immediately, Contra Costa County shall strive to achieve a minimum unreserved General Fund balance of 5% of budgeted General Fund revenues and a minimum total General Fund balance of 10% of budgeted General Fund revenues; 2. Until such time as the County has an unreserved General Fund balance equal to at least 5% of budgeted General Fund revenues, no less than $2 million of year-end fund balance in any fiscal year shall be added to the appropriation for Contingency Reserve; 3. In the event the County realizes reserves above the minimum levels defined by this policy, the first use shall be to annually deposit the funds into an account designated for capital projects and other one-time uses, up to an amount equal to I% of General Fund revenues per year; 4. Reserves may be drawn below the minimum level in order to address an unforeseen emergency, to fund a non-recurring expense, or to fund a one-time capital cost; but only following the adoption, by a four-fifths vote, of a resolution of the Board of Supervisors specifying the circumstances that justify the invasion of the minimum reserve level; and 5. Should reserves fall below the established minimum levels, a request to utilize reserve funds must be accompanied by recommendations for restoring, within three years, minimum reserve levels (fiscal stabilization plan). I hereby certify that this is a true and correct copy of an action taken and entered on the minutes of the Board of Supervisors on the date shown / ATTESTED: •(Date) John Sweeten, Clerk of the Board of Supervisors And County AdmiQistrator — eptsfy cc: Lisa Driscoll, County Administrator Steve Ybarra,Auditor RESOLUTION 2005/ 'T9 ADDENDUM TO ITEM D.2 December 20, 2005 On this day, the Board of Supervisors considered accepting a report from the Auditor-Controller and the County Administrator regarding the County's fiscal outlook and the need for a General Fund Reserve Policy; and adopting the General Fund Reserve Policy as stated in Resolution 2005/792. John Sweeten, County Administrator, introduced this item, strongly suggesting the County consider adjusting those things that drive up expenses faster than revenues can grow. He noted that the County is in negotiations to develop a more sustainable benefits package for the workforce, but that alone will not alleviate the financial problems faced by the County. He said that the County is not in a particularly worse financial state this year than in any of the last few years, but because reserves have been utilized,this year the County does not have the reserves to compensate. Jason Crapo, Capital Facilities Administrator, presented to the Board a Power Point presentation (a printed record is on file with the Clerk of the Board). The Chair asked for public comment on this item. The following persons spoke: Marilynne Mellander, El Sobrante resident; Kris Hunt,Contra Costa Taxpayers Association; Jack Weir, Pleasant Hill Taxpayers Association; Donald Lively,Lafayette Taxpayers Association. Supervisor Piepho asked if it would be possible to set a specific timeframe for the fiscal processes being discussed. Lisa Driscoll, Senior Deputy County Administrator,responded that the first thing the County needs to do is balance the budget. She said that could take one to two fiscal years.After that, she said,the general fund reserves will grow. But, she said it would be difficult to set specific timeframes without knowing what future actions the Board will take, particularly on the 2006/07 budget. Supervisor Glover said a bar needs to be set for Contra Costa County, and that adopting this policy would be a good first step. He noted there will still be a lot of difficult decisions in the future. Supervisor DeSaulnier suggested requesting that the Finance Committee examine the ways the Board communicates with rating agencies and find out what the agencies are looking at when they compare us to other jurisdictions. Supervisor Gioia asked Jean Buckley, Financial Advisor to Contra Costa County,what the likelihood is that even with the adoption of this policy the County could still encounter future downgrades. ADDENDUM TO ITEM D.2 December 13, 2005 Page 2 of 2 Ms. Buckley of Sperry Capital, Inc., responded that the quicker the County gets to a 5% unreserved General Fund balance,the more likely it will be that the County can hang on to its ratings. She said it is important the County quickly take steps to close the budget gaps and stick to that plan of action. Supervisor Gioia requested the Board receive a status report on all the types of County reserves, such as property tax and Workers' Compensation. He noted that when dealing with the budget, every action will have a reaction, and policy decisions that come before the Board should be examined not only in terms of short term fiscal benefits but also in terms of what would have the least impact on the quality of life in the long term. Chair Uilkema said that while it is very healthy for the Board to be looking at the County's financial responsibilities,the adoption of this policy is not the full solution to all the County's financial problems, especially when the reality is the State is still retaining a lot of the County's money. She suggested the County might have to move forward with its financial planning under the assumption that the County will not get property taxes back from the State. Supervisor Piepho moved approval and Supervisor Gioia seconded the motion, By a unanimous vote with none absent, the Board of Supervisors took the following action: ACCEPTED report from the Auditor-Controller and County Administrator regarding the County's fiscal outlook and the need for a General Fund Reserve Policy; ADOPTED the General Fund Reserve Policy as stated in Resolution 2005/792;DIRECTED staff to return to the Finance Committee with (1)a presentation of the Capital Facilities reserve proposal, and (2)a report on other reserve functions currently within County structure. General Fund Outlook and Reserve Policy December 20, 2005 Significance of,," Recent Credit Rating Downgrade 1 Moody's Downgrade "Negative Outlook" . Moody's downgraded the County's long-term credit rating from Aa2 to Aa3. • Standard and Poor's did not change the County's long-term rating of AA. . Both Moody's and S&P assigned the County a negative outlook, indicating signs of credit weakness that could lead to further downgrades. What Are Long-Term Credit Ratings? Third-party opinion of County creditworthiness based on relevant risk factors (fiscal, management, demographic and debt factors) Investment Grade Long-Term Ratings Moody's 5&P Best Quality Aaa AAA Aal AA+ High Quality Aa2 AA Aa3 AA- AI A+ Upper Medium Grade A2 A A3 A- Baal BBB+ Medium Grade Baal BBB Baa3 BBB- Below Investment Grade Bal and lower BB+ and lower 2 County's Rating Remains High but At Risk Counties Rated Aa2* Outlook Orange Stable San Diego Stable Santa Clara Negative Counties Rated Aa3* Alameda Stable Los Angeles Stable Contra Costa Negative Counties Rated Al** Riverside Stable Sacramento Stable San Bernardino Stable * High Quality **Upper Medium Grade Impacts of Downgrade . Impact on Borrowing Costs: Increased cost of bond insurance . Impact to Current Bond Holders: Decreased market value of uninsured bonds 3 Increased Cost of Bond Insurance Bond Size* Added Cost** $ 25 million $ 75,000 $ 50 million $130,000 $100 million $200,000 * Assumes bonds to be repaid over 25 years. ** Includes interest expense on portion of bonds used to purchase insurance. Sample Cost/Benefit Analysis of Insurance • Estimated current interest rates for a 25-year lease revenue bond: Prior Current Rating Rating Uninsured Interest Rate 4.65% 4.80% Insured Interest Rate* 4.48% 4.50% (Cost)/Benefit of Insurance 0.17% 0.30% * Insured interest rates include the cost of insurance in the rate. 4 Impact of Further Downgrades . Additional cost for bond insurance for each downgrade. . May become difficult for the County to find AAA insurance providers. Inability to purchase AAA insurance would lead to higher interest rates and increased debt service costs. . Further decrease in value of outstanding uninsured bonds. Summary of Credit Outlook . County has strong economic and demographic fundamentals that benefit long-term outlook. . Budget imbalance and debt burden are credit weaknesses. • County is at risk of slipping into the single-A tier. . To avoid further downgrades, County must close structural budget gap and stop the use of reserves to balance budget. . Moody's: "the County's reserve position is currently sufficient to afford it time to make necessary adjustments. " 5 General Fund Outlook Use of Fund Balance . General fund expenditures have exceeded revenues since FY 2002-03. . The budget gap has been filled primarily through use of available fund balance. Fiscal Year Fund Balance Used 2002-03 $20,399,000 2003-04 $11,827,000 2004-05 $19,687,000 2005-06* $20,003,000 crop 6 Recent General Fund Budgets General Fund Revenues and Expenditures *Millions $1,240 $1.180 $1,120 $1.060 $1,000 2001-02 2002-03 2003-04 2004-05 2005-06 Actual Actual Actual Actual 13109. --s—G-oss P.�-enue--&—Total Expenditures Structural Shortfall: How did we get here? The structural shortfall results largely from the following : 1. Increased salary, pension and health care costs. 2. Termination of CCCERA subvention for retiree health care and COLA costs in mid- FY 2002-03. 7 Effect of CCCERA Subventions on General Fund Unreserved Fund Balance Effect of CCCERA Subventlons on Genral Fund Unreserved Balance 120,000 110,000 10D,000 m 90,000 BOND 70,000 r 80,000 m 50,000 S40,000 30,000 FIk 20,000 10,000 o , 0� Oti 0A 9b 9y oy 9.1 90 09 DO �. Ory Ob ON ob ■CouNTY coNmBUI1oN❑CCCERA SUBVENTION CONTPBUnON Benefit Cost History (Millions) 01-02 02-03 03-04 04-05 05-06* Workers Comp $12.9 $12.0 $14.0 $19.3 $24.2 Health & $30.5 $36.5 $41.5 $43.3 $50.6 Dental Retiree Health $11.9 $14.7 $17.5 $18.5 $20.1 Retirement $53.8 $71.6 $76.4 $102.2 $131.3 Sub-Total $109.1 $134.8 $149.4 $183.3 $226.2 %D of Tot Exp 10.70% 12.73% 13.55% 16.25% 18.11% Total Exp $1,019.2 $1,058.6 $1,102.9 $1,128.3 $1,248.7 * Budgeted 8 Benefit Cost Percentage Growth 01-02 02-03 03-04 04-05 05-06* Workers Comp 20.99% -7.05% 16.10% 38.46% 24.93% Health & 18.02% 19.77% 13.88% 4.14% 17.01% Dental Retiree Health 18.55% 23.24% 19.41% 5.62% 8.69% Retirement 11.77% 33.10% 6.74% 33.72% 28.46% Sub-Total 15.23% 23.54% 10.89% 22.65% 23.39% % of Tot Exp -3.37% 18.95% 6.43% 19.90% 11.48% Total Exp 19.25% 3.86% 4.18% 2.29% 10.68% * Budgeted What is Fund Balance? Difference between assets and liabilities ■ Reserved • Reserves, such as: ■ Encumbrances ■ Inventories ■ Prepaid Items and Deposits ■ Unreserved • Designations, such as: ■ Vehicle Replacement ■ Audit and Litigation . Dougherty Valley • Appropriations, such as: ■ One-time Revenue (new) . Carryover/Restrictions (old) 9 County General Fund Unreserved Fund Balance County General Fund Unreserved Balance 120,000 13.0% 110,000 12.0% 100,000 11.0% m 90,000 10.0% m 80,000 9,0% S.D% 0 70,000 7,0% t 60,000 6,0% 50'000 5.0% N o 4.0% 30.000 3.0% 20,000 2.0% 10,000 1.0% 0 0.0% Cb e�,5 9`3,,6 4P 9^1ge 9�,a 99\00 oao o^\oti o�OS o�oa o oh TOTAL UNRESERVED BALANCE-, ASA PERCENT OF TOTAL G.F.REVENUE The Importance of Unreserved Fund Balance The key issue is not the level of unreserved fund balance at any point in time, rather the pattern of its availability over time (e.g., ten years). . Is fund balance normally in excess of minimum levels? How rapidly has unreserved fund balance been replenished in the wake of events requiring its use? 10 Unreserved Fund Balance The Government Finance Officers' Association (GFOA) formally recommends that the minimum level of unreserved fund balance in the general fund be no less than 5 to 15 percent of general fund revenue. The County has used fund balance at a rate of$20 million per year. If such use continued, the general fund balance would be zero by the end of FY 2007-08. The unreserved fund balance in the County's general fund should be large enough to serve as a cushion against unanticipated budgetary shortfalls, disasters, and other contingencies. Bond Rating agencies recommend formally adopting a minimum level of unreserved general fund balance. Factors Affecting the Adequacy of Unreserved Fund Balance o Volatility of revenues or expenditures; o Availability of resources in other funds; o Cash flow requirements; o Tentative plans of management or the governing board; o Dependency on a single source of revenue or exposure to natural disasters; and o Rapidly growing budgets. 11 General Fund Reserve Policy Three Main Criteria of a Policy • Establish a target level of reserves . Specify the appropriate circumstances for drawing down those reserves; and . Direct the replenishment of reserves 12 Proposed General Fund Reserve Policy 1. Contra Costa County will strive to achieve a minimum unreserved General Fund balance of 5% of budgeted General Fund revenues and a minimum total General Fund balance of 10% of budgeted General Fund revenues. 13 z. Until such time as the County has an unreserved General Fund balance equal to at least 5% of budgeted General Fund revenues, no less than $2 million of year-end fund balance in any fiscal year shall be added to the appropriation for Contingency Reserve. 3. In the event the County realizes reserves above the minimum levels defined by this policy, the first use of reserves will be to annually deposit funds into an account designated for capital projects and other one-time uses; up to an amount equal to 1% of General Fund revenues per year. 14 a. Reserves may be drawn below the minimum level in order to address an unforeseen emergency, to fund a non-recurring expense, or to fund a one-time capital cost; but only following the adoption, by a four- fifths vote, of a resolution of the Board of Supervisors specifying the circumstances that justify the invasion of the minimum reserve level. s. Should reserves fall below the established minimum levels, a request to utilize reserve funds must be accompanied by recommendations for restoring, within three years, minimum reserve levels (i.e., a fiscal stabilization plan). 15 Recommendation Adopt the County Administrator's proposed policy for a formal minimum level of unreserved fund balance. Questions? 16 REQUEST TO SPEAK FORM (THREE (3) MINUTE LIMIT) Complete this form and place it in the box near the speakers' rostrum before addressing the Board. Name: �Yl �f-`�lJNZ Phone: Address: 7b lo z,6- ✓�, City: I am speaking for myself or organization: CHECK ONE: I wish to speak on Agenda Item # 2- Date: My comments will be: PkGeneral ❑ For ❑ Against ❑ I wish to speak on the subject of: ❑ I do not wish to speak but would like to leave these comments for the Board to consider: Please see reverse for instructions and important information / REQUEST TO SPEAK FORM (THREE (3) MINUTE LIMIT) Complete this form and.place it in the box near the speakers' rostrum before addressing the Board. /�/ Name: kR IS Phone: !.2 Address: 93&- City: /y4nrlAfm Please note that!f you choose to provide your address and phone number, this information will become a public record of the Clerk of the Board in association with this meeting. I am speaking for myself or organization: GClnirn is rUTJ'fF 'r cp,��[r�es 7cc Ufa rl� CHECK ONE: I,wish to speak on Agenda Item # 2' Date: My comments will be: General D For ❑ Against ❑ 1 wish to speak on the subject of: D I do not wish to speak but would like to leave these comments for the Board to consider: Please see reverse for instructions and important information • REQUEST TO SPEAK FORM (THREE (3) MINUTE LIMIT) Complete this form and place it in the box near the speakers' rostrum before addressing the Board. Name: \ o.ck Wtiy- Phone: 9 . 9 3H. 7,-Z0 Address: ?�,L � h�idc,c lace City: I am speaking for myself or organization: � ��^� ( i� 1'�Xr0 el-y k-s S X14 CHECK ONE: I wish to speak on Agenda Item # Z. Date: l2- Zo - 05 My comments will be: 'Z General ❑ For ❑ Against ❑ I wish to speak on the subject of: ❑ I do not wish to speak but would like to leave these comments for the Board to consider: Please see reverse for instructions and important information / REQUEST TO SPEAK FORM (THREE (3) MINUTE LIMIT) Complete this form and place it in the box near the speakers' rostrum before addressing the Board. Name: 3 C it j Vt (y Phone: ��Z J 3 YJ Address: 3 `f( �- c Cat. City: Ll. I am speaking for myself or organization: 4.,,4 FAVYC- C- -Y P4 f S CHECK ONE: L I wish to speak on Agenda Item # 1�'2- Date: l Z- Z My comments will be: RGeneral ❑ For ❑ Against ❑ 1 wish'to speak on the subject of: ❑ 1 do not wish to speak but would like to leave these comments for the Board to consider: Please see reverse for instructions and important information /