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January 21, 2021 <br />Page 3 <br />B. Annual Review and Adoption of Financial Reserves Policy <br />The Finance and Audit Committee of the Board of Directors (Huffer and Holt) met with <br />Smith and Friedl on January 8t"; their recommendations are reflected in this staff report. <br />Smith referenced the changes suggested for the recommended Financial Reserves Policy <br />and reviewed the Pension and Post -Retirement Benefit Liabilities and Funding Status <br />chart provided in the report. Regarding the performance of PARS, gains have outpaced <br />both disbursements and expenses. The previously agreed upon "moderate portfolio" <br />option is performing well; it is recommended that this option be continued. The Unassigned <br />Fund Balance is approximately $3.6 million. It is recommended that consideration be <br />given to loaning some of these monies toward the completion of the Conejo Creek <br />Southwest project. This would be characterized as a loan from the General Fund to <br />Quimby (Park Dedication Fee) Zone #4. Future development fees generated in that Zone <br />would repay the loan. Friedl commented that one result of this particular action would be <br />the unavailability of funds to purchase property should that opportunity arise. Discussion <br />ensued and Smith and Friedl answered Board member's questions. The recommendation <br />to enact this transfer of funds will be brought as a separate action to the Board in the near <br />future. <br />It was moved by Huffer, seconded by Holt, and carried 5-0 to adopt the District's <br />amended Financial Reserves Policy, including proposed adjustments to Reserve <br />Fund Balances. <br />C. Re -adoption of Investment Policy <br />Smith recommends no changes to the policy as presented. <br />It was moved by Holt, seconded by Lange, and carried 5-0 to adopt the District's <br />investment policy. <br />Smith reported this is simply a "receive and file" update regarding COVID-19 Financial <br />Impacts on the District. She answered Board member's questions and was thanked for <br />her informational report. <br />A. Budget Performance Report — December 2020 <br />B. Recreation Division Highlights <br />C. Youth Outreach Fall Summary Report — Sept. to Nov. 20261, <br />1. Special Events Summary <br />