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December 2, 2021 Page 3 B. Annual Review and Adoption of Financial Reserves Policy Smith reported the District hasn't had to use any of its Reserve Funds. The Financial Reserves Policy was established in 2014 and is meant to provide guidance to the District regarding existing or future liabilities. There are six reserve funds: Operating, Claims & Liability, Equipment Replacement, Vested Leave, Pension Stabilization and Capital Facilities, and Property Acquisition. She reviewed the fund balance spreadsheets provided in the packet and walked the Board through what occurred in the last year. Smith met with the Finance and Audit Committee (Holt and Huffer) to review the planned use of funds. She addressed the desired changes to the Policy, including target goals for the reserves. She reviewed the Pension and Post Retirement Benefit Liabilities and Funding Status at 99%. Smith reviewed proposed changes to the Financial Reserves Policy as well as changes to the Capital Facilities Reserve. '_t was moved by Cusworth, seconded by Huffer, and carried 5-0 to adopt tho, District's amended Financial Reserves Policy. C. Re -adoption of Investment Policy Smith stated this policy is reviewed and adopted annually, and its review is largely guided by the rules of the Government Code. More District funds are in the Ventura County Investment Pool than in LAIF (State Investment Pool). The Ventura County Investment Pool is currently outperforming LAIF. No changes from last year's policy are recommended. It was moved by Huffer, seconded by Lange, and carried 5-0 to adopt District's Investment Policy. I 1. Adoption of Resolution No. 120221-A Approving Application(s) for Specified Grant Funds Hare reported adoption of this Resolution will approve the application for a grant with the State Department of Parks and Recreation. Two projects will be submitted as part of the application — the Teen Center and Goebel Adult Community Center and Various Play Area Renovations. It was moved by Cusworth, seconded by Holt, and carried 5-0 to Adopt Resolution NC2 120221-A •approving the application(s) •to the State •Department •of •Parks an Recreation for specified grant funds, that it be read in title only and all future reading be waived. I E. Award Purchase of Two Mobile Emergency Generators to Quinn Power Systems in the amount of $264,840.84 Hare reported that on November 22, 2021, the District received approval for a grant from the Santa Monica Mountains Conservancy for the purchase of two mobile emergency generators. The generators will be purchased on Sourcewell's (NJPA) public procurement