05-08-2023 BPU RPT 05 - Laserfiche WebLink

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W A T E R E N E R G Y L I F E RIVERSIDE PUBLIC UTILITIES P UB LIC UTILITIES Board Memorandum BOARD OF PUBLIC UTILITIES DATE: MAY 8, 2023 SUBJECT: AD HOC COMMITTEE REVIEW AND EVALUATION OF FISCAL POLICIES RELATED TO THE USE OF BOND FINANCING TO FUNDING INTERNAL STAFF LABOR USED TO DESIGN, CONSTRUCT, AND ADMINISTER CAPITAL PROJECTS ISSUE: Consider receiving a report the Ad Hoc Committee organized to complete a review and evaluation of the Public Utilities Department and the City fiscal policies related to the use of bond financing to fund internal staff labor used to design, construct, and administer capital projects. RECOMMENDATIONS: 1111112mmin'.=m 01 =- 1. Receive a report from the Ad Hoc Committee for their review, evaluation, and recommended changes to fiscal policies related to the use of bond financing to funding internal staff labor used to design, construct, and administer capital projects; 2. Discuss Ad Hoc Committee findings and recommendations for any fiscal policy changes; and 3. Request City Council authorization to review any policy reports or recommendations in accordance with Charter section 1202(1). BACKGROUND: At the August 8, 2022 Board of Public Utilities meeting, Chair Crohn created an ad hoc committee consisting of Chair Peter Wohlgemuth and Members Nancy Melendez, Gary Montgomery, and Gil Oceguera to (1) review and evaluate the Public Utilities Department and the City fiscal policies related to the use of bond financing to fund internal staff labor used to design, construct, and administer capital projects as further outlined in the document distributed to the Board (Attachment 1); and (2) report back to the Board of Public Utilities by November 30, 2022. At the September 26, 2022 Board of Public Utilities meeting, Ad Hoc Committee Chair Wohlgemuth provided the Board with an update on the committee progress and discussed the need to extend the November 30, 2022 reporting deadline to January 2023.