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From YouTube: Finance Meeting 2/14/22
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B
All
right,
thank
you
at
501.
I
will
call
the
valentine's
day
finance
committee
meeting
to
order
and
if
we
could
get
a
roll
call,
please
certainly
counselor
via.
A
B
A
B
I
just
lost
my
agenda
hold
on
all
right.
Do
we
have
changes
to
the
agenda
tonight.
B
No
changes,
madam
chair
all
right,
and
if
there
are
no
changes
from
the
committee,
can
I
get
a
motion
to
approve
move
to
approve?
Second,
we
have
a
motion
from
counselor
cassette,
second
from
counselor
lindell.
If
we
could
get
a
roll
call
on
approval
of
the
agenda.
B
C
B
B
Item
d,
that
would
be
the
affordable
housing
contract
for
homewise
yeah,
correct
okay,
so
we
have
eight
a
and
eight
d
and
we
did
have
a
motion.
Counselor
lindelof.
You
still
want
to
make
that
motion
correct,
move
to
approve
as
amended
as
amended.
We
have
a
second
second.
B
E
B
D
B
F
Thank
you,
madam
chair
tonight.
We
have
the
same
format
that
we've
had
and
the
previous
few
weeks
we've
broken
up
the
entire
workload
that
we
have
into
seven
major
categories,
so
we're
gonna
walk
you
through
the
progress
that
has
been
made
in
the
last
week
and
give
you
an
update
on
what
is
to
come
in
the
next
week.
F
So
for
assets,
assets
is
one
of
the
largest
of
all
of
our
categories,
and
this
is
57
complete
and
we
are
on
track
to
finish
in
the
next
two
weeks
by
the
end
of
february
last
week,
we
did
have
a
final
review
of
all
of
the
areas
that
were
completed
and
we
are
continuing
this
last
week
and
this
upcoming
week
a
review
of
our
significant
cash
accounts,
the
100
700
and
100
900
series.
F
We
will
also
continue
to
review
some
of
our
smaller
receivable
accounts
this
week,
as
well
as
continue
the
final
review
of
completed
areas,
progress
on
our
capital
assets,
this
jumped
from
30
to
50
and
we're
on
track.
To
finish
this
by
the
end
of
the
week.
The
last
week,
our
team
reviewed
and
started
testing
a
sample
size
of
just
shy
of
300
transactions,
which
totaled
close
to
40
million
this
next
week.
We
will
continue
to
test
the
sample
size
with
the
goal
of
completing
this
week.
F
The
progress
on
our
deferred,
inflows
and
outflows.
This
is
our
net
pension
and
other
post
employment
benefits
opeb,
as
it's
referred
to
this
for
our
liabilities.
This
again,
two
major
areas
that
have
where
the
review
is
continued.
This
has
jumped
from
10
to
15
for
both
deferred
inflows
and
outflows,
and
we
expect
this
to
be
completed
by
the
end
of
this
month
as
well.
F
Our
liabilities,
this
increase
from
29
to
35
and
we're
on
track
to
complete
this
by
the
again
the
end
of
the
month.
Our
review
continues
of
our
liabilities,
including
compensated
absences
and
other
long-term
liabilities,
our
accounts
payable
and
other
liabilities.
This
happened
in
the
last
week
and
will
continue
this
week
as
well.
F
This
is
another
significant
area
for
the
city.
A
major
area
is
the
schedule
of
expenditures
of
federal
awards
for
our
single
audit,
this
increased
from
27
percent
to
35
percent.
This
is
definitely
an
all
city-wide
effort,
as
we
have
federal
awards
that
impact
multiple
different
departments.
F
We
are
on
track
to
complete
this
by
the
middle
of
march
to
hand
over
to
our
auditors
for
them
to
begin
their
review.
We've
continued
to
review
last
week,
our
general
ledger
transactions
and
the
team
continues
to
meet,
like
I
mentioned,
with
all
a
department
staff
affected,
to
verify
and
test
those
transactions
and
compare
those
to
the
federal
reports
that
were
submitted
to
our
cognizant
agencies.
F
We
will
continue
to
verify
and
test
these
transactions
in
the
weeks
to
come,
both
on
fund
balance
and
net
position,
as
well
as
inner
funds.
Those
are
all
100
completed.
These
are
smaller
areas
of
the
complete
total
for
all
seven
categories
that
we're
reviewing
with
you,
but
those
have
been
completed
so
that
does
show
measured
progress
in
the
prior
weeks.
F
At
this
point
in
our
january
to
march
timeline,
we're
continuing
the
reconciliations
and
any
correcting
journal
entries
that
we
need.
As
I
mentioned
last
week,
we
have
heard
back
from
our
external
auditor
cla
and
they
will
be
able
to
start
testing
of
the
schedule
of
expenditures
and
federal
awards
mid
march.
So
that's
good
we're
already
bumped
up
about
two
weeks
from
that
march:
31st
deadline
to
have
our
auditors
on
site
to
begin
that
testing
with
the
major
testing
of
our
trial
balance,
set
to
begin
in
april
and
continue
throughout
april
may
and
june.
F
So
with
that,
madam
chair,
I
will
stand
for
questions.
B
I
don't
see
anybody
waving
at
me,
so
thank
you
director,
mccoy
for
that
update.
Thank
you
for
the
work
that's
going
in
to
moving
us
forward
and
from
there
we
will
go
to
our
consent.
Agenda.
B
Adam
item,
eight,
a
request:
oops,
sorry,
an
ordinance
granting
nts
communications,
llc,
dba,
vexus,
fiber,
a
non-exclusive
franchise
to
operate
a
telecommunications
network
within
the
city
of
santa
fe,
the
right
to
use
city,
public
rights
of
way
to
provide
telecommunications
services
within
the
city
and
fixing
the
terms
and
conditions
there
of
councilwoman
via.
C
Rail
you
pulled
this.
Thank
you,
madam
chair.
Thank
you,
terry
elise,
for
joining
us
just
a
couple
of
questions
about
the
the
contract.
C
So
in
it
it
talks
about
a
two
percent
that
we
receive:
two
percent
of
revenue
from
vexus
fiber
for
access
to
our
infrastructure,
and
I
was
just
curious
if
this
was
the
same
for
all
the
franchise
companies
specifically
telecom
network
companies
that
we
that
do
business
with
the
city,
and
I
was
curious
if
that
was
a
standard
percentage
of
revenue.
G
Madam
chair
councilwoman
bill
real.
Yes,
I
believe
that
is
standard
with
all
of
them.
This
is
my
first
franchise
in
my
short
tenure
here.
So
I'm
I
don't
know
if
marcos
mr
martinez
is
on,
but
he
sent
me
the
template
quote
and
I
was
working
from
the
template.
I
do
believe
it's
the
same
across
the
board.
C
C
Soon
as
possible
sounds
good,
sounds
great
and
then
the
other
question
I
had
was:
can
any
company
apply
for
a
non-exclusive
franchise
with
the
city
to
operate
a
telecom
network.
G
G
Here,
councilman
villarreal,
I'm
not
sure
I'm
gonna
have
to
again.
Let's
take
a
look
at
this
and
and
get
back
with
you
on
that.
I'm
sorry.
C
Okay,
that's
fine!
That's
why
I
try
to
reach
you
today.
Sorry,
it
was
late
in
the
day,
but
if
you
could
email
me
the
information
that
would
be
great.
C
That's
all
I
have
in
terms
of
questions
for
this
item.
Madam
chair,
thank
you.
B
B
A
B
Thank
you.
We
are
on
to
item
8
d,
request
for
review
and
approval
of
the
allocation
for
the
2022,
affordable
housing,
trust
fund
and
the
attached
contracts
awarded
in
response
to
rfa
22
for
homewise,
los
canales
housing
development,
affordability
project
in
the
amount
of
seven
hundred
thousand
dollars.
We
do
have
alexandra
ladd
the
director
of
our
office
of
affordable
housing
here
to
answer
questions
and
counselor
rivera.
I
believe
you
pulled
this.
D
D
E
E
Thank
you
for
the
clarification.
No,
they
have
not.
I
think
our
market
is
also
kind
of
reacting
to
a
lot
of
different,
perhaps
unexpected
pressures
right
now
coming
out
of
the
pandemic,
so
it's
it's
hard
and
people's
incomes
have
also
been
affected
by
the
pandemic,
so
we're
sort
of
in
a
weird
space.
I
think
things
will
start
to
level
out
a
little
bit,
I'm
hoping,
but
no,
we
there
is
no
way
that
somebody
earning
a
local
wage
can
afford
a
median
price
home
right
now.
D
So
how
does
the
disproportionate
income
to
the
price
of
homes
affect,
or
does
it
affect,
these
projects
that
are
listed
here
tonight?.
E
Madam
chair
counselor
rivera
that's
a
great
question
because
really,
at
the
end
of
the
day,
it
just
requires
more
subsidies
to
close
the
gap
between
what
somebody
can
afford
and
what
the
market
rate
housing
prices.
Are
it
also
what
we
try
to
do
with
the
affordable
housing
trust
fund,
of
course,
is
we're
trying
to
support
projects
that
aren't
supported
in
the
marketplace.
E
So
the
the
homewise
project
is
a
conversion
project,
also
adding
a
few
new
units
but,
for
instance,
that
the
conversion
of
rental
housing
to
home
ownership,
housing,
probably
wouldn't
wouldn't
be,
certainly
wouldn't
be
as
affordable
without
the
subsidy
that
will
be
provided
through
the
trust
fund
and
what
it
does
for
those
people
living
there
now
is
that
they,
many
of
them
will
be
will
try
to
will
be
prioritized
as
home
buyers
for
the
homes
they're
living
in
now,
and
that's
kind
of
a
one
strategy
for
stabilizing
housing
prices
over
the
long
term
is
home
ownership
because
your
mortgage
never
changes
the
mortgage
amount
of
your
mortgage.
E
So
it's
not
as
if,
when
you're
a
renter
costs
go
up
every
year,
most
likely
so
so
that's
kind
of
one
example.
I
think
the
other
really
great
example
of
how
government
funds
are
so
effective.
Is
the
paseo
del
sol
apartment
project
that
the
housing
authorities,
civic
housing
authority,
purchased
because
it
was
expiring?
E
It's
it
was
nearing
the
end
of
its
affordability
compliance
period,
so
it
would
have
converted
to
market
rate
so
because
the
trust
funds
were
able
we're
be
we're
able
to
use
the
trust
funds
to
support
the
conversion
from
the
original
ownership
to
a
continued
affordability.
Compliance
period
under
the
housing
authority.
E
We've
got
a
for
homeownership
to
help
with
home
ownership.
So
that's
a
great
question
because
we're
changing
that
right
now
we
originally
when
I
first
took
over
this
program
in
2012.
If
we
could
provide
a
home
buyer
home
buyer
household
with
twenty
thousand
dollars
of
subsidy,
that
usually
could
make
the
difference.
I
mean
they're,
not
buying
mansions,
of
course,
but
in
in
the
market
at
the
time
that
could
really
be
enough
to
get
a
home
a
household
in
home
ownership.
D
And
that'll
be,
in
your
opinion,
that'll
be
sufficient
to
get
people
into
these
units
that
we're
talking
about
tonight,
not
just
the
homeways,
but
all
of
them.
E
It
will
go
a
huge
way
toward
meeting
that
need.
I
think,
because
there
are
there's
no
such
thing
as
a
universal
home
buyer
household.
You
know
for
some
households,
it
is
all
the
difference
for
other
households.
They
would
need
more
and
some
households
don't
need
that
much.
So
you
know
the
idea
is
that
that
this
this
will
make
the
difference
for
the
majority
of
households
to
be
able
to
become
homeowners
in
this
market.
D
E
Madam
chair
council
rivera,
we
will
not
because
we
do
write
the
limit
into
the
contract
along
with
language
that
requires
proper
underwriting
for
these
loans,
so
that
the
household
families
are
not
getting
more
than
they
need,
because
we
want
to
be
able
to
spread
the
resources
across
as
many
families
as
we
can.
D
All
right
again,
just
general
questions
don't
have
support.
All
of
these
just
wanted
to
ask
those
specific
questions
so
I'll
move
for
approval.
Madam
church.
B
There's
a
second
second:
we
have
a
motion
by
counselor
rivera
second
by
councilwoman
villarreal.
To
approve
this
item.
Can
we
get
a
roll
call?
Please?
A
F
F
This
process,
the
audit
committee
directed
the
internal
audit
staff
at
their
meeting
in
december
to
conduct
a
risk
assessment
and
updated
risk
assessment.
So,
as
part
of
that
effort,
she
has
reached
out
to
on
february
2nd
and
an
email
reached
out
to
all
of
the
members
of
the
governing
body
to
request
a
45-minute
meeting
with
her
and
her
team
to
be
able
to
interview
each
one
of
you
about
risks
to
the
city,
as
you
view
them.
F
F
So
if
I'll
stand
for
questions
on
that
item
or
anything
else,
madam
chair,
that's
that's
all
for
my
update
tonight.
B
Great
any
any
questions
for
director
mccoy
on
that
item
doesn't
look
that
way.
Matters
from
the
committee.