03-13-2023 BPU RPT 04 - Laserfiche WebLink

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W A r"E'R I E W E -R G V L I Ir RIVERSIDE PUBLIC UTILITIES _.69& P U B L I C U i 1 L 1 1 i E S BOARD OF PUBLIC UTILITIES Board Memorandum DATE: MARCH 13, 2023 SUBJECT: MUNICIPAL DISCLOSURE RESPONSIBILITIES AND BEST PRACTICES FOR APPOINTED OFFICIALS ISSUE: Consider receiving a presentation on Municipal Disclosure Responsibilities and Best Practices. RECOMMENDATION: That the Board of Public Utilities receive a presentation on Municipal Disclosure Responsibilities and Best Practices. BACKGROUND: As an issuer of Municipal Securities, City of Riverside staff and elected officials should regularly receive training to ensure continuing compliance with the Securities Act. This is becoming even more critical as the U.S. Securities and Exchange Commission (SEC) implements reporting requirements and increased scrutiny of municipal issuers. DISCUSSION: The City contracts Stradling Yocca Carlson & Rauth, ("Stradling") to provide legal counsel related to many City municipal issuances. They provide specialized knowledge of municipal reporting and disclosure law. Brian Forbath of Stradling will provide a brief update using the attached presentation designed for elected and appointed officials related to: 1) SEC regulations; 2) securities enforcement and investigations; and 3) best practices to mitigate risk. STRATEGIC PLAN ALIGNMENT: This item contributes to Strategic Priority 5 - High Performing Government and Goal 5.1 — Attract, develop, engage, and retain a diverse and highly skilled workforce across the entire city organization. This item aligns with the five Cross -Cutting Threads as follows: 1. Community Trust — Periodic training ensures staff and elected officials have a regularly updated knowledge of responsibilities and best practices, thereby enhancing confident decision making and cultivating public trust.