City Council Work Session Handouts
November 1, 2021
I. Review and Discuss Council Goals for the 2021-2023 Council Term
II. Review and Discuss the Investment Policy
III. Review and Discuss West Prairie Creek Drive Project Update
IV. Review and Discuss the Veterans Partnership Initiative
Richardson City Manager’s Office
City Council 2021-23Statement of GoalsCity Council Briefing: November 1, 2021
Overview• On August 30, September 20, and
October 4, City Council met to review and discuss its Statement of Goals, which includes:– Role of Council– Rules of Engagement– Vision, Goals and Strategies
• The purpose of tonight’s briefing is to highlight the output that resulted from that work in advance of the City Council considering formal adoption
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Role of Council• The role of council is to represent all residents and other stakeholders
by providing strategic direction and oversight
• We work transparently and diligently to make decisions that are in the best short- and long-term interest of our City and region
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Rules of Engagement• The Council will work to achieve a result that is in the best interest of our
residents and other stakeholders• We blend our varied expertise, keep our discussions relevant and productive, and
support council decisions and policies• While executing our duties, the Council will interact with each other, staff,
residents and other stakeholders:– Respectfully: We are willing to listen to and evaluate differing ideas and
opinions in a non-partisan manner– Professionally: We are Punctual, Focused, Present, and Prepared– Efficiently: We value City resources and the time of others
• We agree to hold each other accountable
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Vision• Richardson is recognized and studied for being a well-run, professionally managed,
forward-looking city, and for our ability to create a clean, safe, vibrant, diverse and inclusive community in which residents and other stakeholders enjoy high-quality amenities, arts, and entertainment– Residents and visitors value our accessibility, the quality and variety of our city
services, recreational opportunities, green spaces, housing, educational opportunities, retail choices, and transportation options
– We have a thriving, diverse business community whose success is supported by a superior infrastructure, access to a talented, well-educated, and engaged workforce, a business-friendly environment, and easy access to the North Texas region
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Goals• Our well-trained, engaged, and innovative employees deliver an exceptional
customer experience while working in a safe, inclusive, and equitable environment
• To have clear, understandable, and consistently applied processes and policies that make it easy for residents, employees, and other stakeholders to interact with the City
• To have residents and other stakeholders choose Richardson as the best place to locate, contribute, and engage
• To effectively and efficiently manage city resources while maintaining and enhancing city services
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Strategies1. Attract, develop, and retain high-quality, innovative
employees2. Document and continuously improve business
processes3. Improve access, usability, and user experience with
policies, processes, and procedures4. Promote an innovative approach to business
processes5. Ensure systems are safe and secure6. Continue to explore unique incentives/initiatives to
attract and retain residents and other stakeholders
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Strategies - Continued7. Promote avenues for public engagement and input8. Work to maintain a balance between responsible
neighborhood integrity and the regulatory environment
9. Leverage our regional leadership position to positively impact County, State and Federal issues
10. Maintain strong fund balance and bond rating11. Value, protect, and create a positive return on City,
resident, and other stakeholder investments in the City12. Leverage county, state, and federal opportunities
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Next Steps• A resolution formally adopting 2021-
23 Statement of Goals will be on the City Council’s November 8th Agenda
– Communication plan to share the Statement of Goals to immediately follow
• A complete list of proposed tactics for each strategy will be presented to City Council in December 2021
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Investment Policy RenewalCity Council Work SessionNovember 1st, 2021
Investment Policy Renewal Briefing Outline• Overview of the Investment Policy and Renewal Process
• Major Investment Policy Guidelines
• Next Steps
Investment Policy• State law’s Public Funds Investment Act (“PFIA”) sets guidelines and
limitations on how governments may invest their resources
• The PFIA provides a statewide standard of investing for all governments to follow
• The PFIA also requires each government to adopt a formal Investment Policy and review the Policy annually, ratifying the policy or making changes as necessary
Investment Responsibilities• Investment Committee
• Consists of the Chief Financial Officer, Director of Finance, Assistant Director of Finance and Controller
• Required by Investment Policy• Tracks daily liquidity and makes investment decisions• Selects authorized brokers and training partners• Monitors portfolio and advises on any changes needed in the Policy
• Investment Adviser• City utilizes Hilltop Securities Asset Management (“Hilltop”)• Gives City access to pool of institutional brokers• Monitors economy and makes investment recommendations• Does not make investment decisions
Policy Review• City’s Investment Committee monitors:
• Overall suitability of the policy for the City
• Ability to invest during strong and weak economic cycles
• Changes in Federal and State legislation
• New accounting standards
• Flexibility under unique market conditions
• Recommendations from investment adviser
• Outside review of the policy
Investment Policy Award• Government Treasurers Organization of Texas (“GTOT”) Certificate of
Distinction
• Recognizes development and maintenance of a high-quality investment policy
• Provides outside review for conformance with state law and best practices
• Award is good for two years
• Received for the twelfth time in the spring of 2021
• Next submittal will be in the spring of 2023
Investment Objectives
• In Order of Importance• Safety
• Highest quality income producing securities that a prudent and informed investor would select for themselves given the market conditions
• Liquidity• Match maturities to forecasted cash flow needs and purchase securities
with active trading markets in case of unforeseen emergencies
• Yield• Meet or exceed the average rate of return on a 91-day U. S. Treasury Bill
Allowable Investments• Only investments explicitly allowed by state law can be utilized
• U. S. Treasury and Federal Agency obligations
• Does not include mortgage-backed obligations
• Local Government Investment Pools and Money Market Mutual Funds• Rated AAA and maintain $1/share constant asset value
• Certificates of deposit• Fully covered by FDIC insurance or collateralized with other allowable investments
• Highly rated bonds issued by state and local governments• Rated A or better
Diversification• Staggered maturities matched to cash flow needs
• Limit of 50% of the portfolio can be invested in Certificates of Deposit
• Limit of 25% of the portfolio can be invested in any individual Local Government Investment Pool or Money Market Mutual Fund
• Limit of 25% of the portfolio in state and local government bonds
Collateralization• Bank deposits and CD’s must be FDIC insured or collateralized
• Collateralization – securities owned by the bank are given to a third-party bank and pledged to the City in case of bank failure
• City requires high-quality U. S. Treasury or Agency securities equal to or greater than 102% of the market value of the investment
• Collateral is held by the Federal Reserve Bank, Federal Home Loan Bank or the Bank of New York
• Banks may also purchase a Letter of Credit from the Federal Home Loan Bank
• Mortgage-backed securities can only be used as collateral for the City’s depository bank (equal to or greater than 110% of deposit balance)
Safekeeping• Safekeeping Bank – designated third-party custodial bank or trust
department of the City’s depository bank that holds the City’s investments
• Separate agreement for safekeeping services requiring investments to be held in the City’s name or on behalf of the City
• Investments are purchased using Delivery vs Payment transaction –safekeeping bank confirms correct security delivered prior to sending payment.
Broker/Dealers• The City utilizes Hilltop’s approved broker/dealer list
• 27 broker/dealers including –• 12 Primary Dealers (direct relationship with Federal Reserve Bank of
New York)
• 5 Historically Underutilized Businesses or Minority/Women Owned Businesses
• The City also utilizes three Local Government Investment Pools (Texpool, TexStar & Texas Range) as well as one Money Market Mutual Fund company (Federated)
Other Items• Mandatory training
• Investment officers are required to undergo eight hours of investment specific training every two years from an independent source
• Transparency
• Approved Investment Policy and quarterly investment reports are included on the City’s website
Next Steps• The Investment Committee has reviewed the current Policy and has
recommended that Article XIII(a) be updated to allow for a dollar-weighted average maturity of 18-months and a final maturity of 36-months
• The Federal Reserve is not expected to raise interest rates for 12 to 18 months and any economic setbacks may extend that timing even further
• Inventories of short-term securities are extremely low in this environment
• More flexibility would allow the City to take advantage of slightly longer maturities which have had significant value compared to shorter term securities without impacting safety or liquidity
• A resolution will be placed on the November 8 Council agenda for your consideration
City Council Briefing: November 1, 2021
WEST PRAIRIE CREEK DRIVECAMPBELL ROAD TO COLLINS BOULEVARD
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Introduction• W. Prairie Creek: Campbell Rd to Collins Blvd (1.2 miles)• 2015 Bond Program Project• $8,000,000 Estimated Budget (GO/CO funding)• Initial concept presented in October 2020 included:
• Complete reconstruction of pavement• Widening street from 34’ to 37’
• Fall Creek to bridge just west of Collins• Curb extensions at 5 cross-walk locations
• Existing: Fall Creek, Arborcrest and Lookout• New: Stonebridge and Ridgewood
• W. Prairie Creek/Lookout intersection enhancements• Water, Wastewater and Storm Sewer line improvements
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Introduction• Public input on initial concept taken Nov 2020–Jan 2021
• More than 900 responses (online survey and emails)• Respondents were overwhelmingly against widening
• Emphasis on saving as many trees as possible during construction
• Respondents were in favor of strategies that would:• Improve safety and mobility for pedestrians• Improve line of sight for vehicles and pedestrians• Reduce parking on W. Prairie Creek
• Consider pros-cons of resident only/permit parking
Concept Modifications Based on Feedback• Cross Section
• No widening proposed – street will remain 34’ wide• W. Prairie Creek/Lookout intersection enhanced; new parallel parking spaces on Lookout• Enhanced cross walk at Fall Creek and Arborcrest; new cross walk at Ridgewood• Enhanced parking signage along W. Prairie Creek and Lookout; no resident only/permit parking
• Pavement• Localized repair of concrete vs. reconstruction; new asphalt overlay• Replace curb and gutter where needed only; sidewalk repairs for ADA compliance
• Utility• Water Line, Sanitary Sewer Line and Storm Sewer improvements
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Concept Modifications – Lookout Drive Intersection
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Enhanced Concept - Public Outreach/Input
• Focus Group Meeting – July 20, 2021• Residents living along W. Prairie Creek• Held at Slate Venues at II Creeks• Approximately 75 attendees• 4 Information Stations detailing
modified plan• CCHOA Meeting – October 28, 2021
• Neighborhood-wide meeting • Canyon Creek Country Club• Approximately 70 attendees• Presented overview of modified plan
• Summary of Input• High consensus with not widening W.
Prairie Creek• Understanding of the burden that permit
parking would place on W. Prairie Creek residents
• Appreciate increased safety at redesigned W. Prairie Creek/Lookout intersection
• Support enhanced/new cross walks• Agree with relocating parking spaces to
Lookout Drive
W. Prairie Creek Project Scope Summary
Cross Section • Street will remain 34’ wide – no widening• Parking restrictions at select locations for safety; enhanced parking signage
Pavement • Localized repair and new asphalt overlay – no reconstruction• Replace curb and gutter where needed; sidewalk repairs for ADA compliance
Utilities • New water line, sanitary sewer line and storm sewer line improvements
Lookout Drive • Enhance pedestrian crossing; parallel parking spaces on south side of Lookout
Other • Bridge rail enhancements at Fall Creek crossing and Prairie Creek erosion mitigation improvements being included as alternate bid items
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Next Steps• Accept City Council Feedback
• Continue Project Design / Construction
• Design currently 50% complete
• Project to Bid – Winter/Spring 2022
• Construction Commences – Summer 2022
• Estimated Construction Completion – Fall 2023
• Follow up with Canyon Creek HOA to confirm final concept and project scope
• Maintain ongoing communications with residents via email updates, project specific webpage, and project manager outreach
VETERANS PARTNERSHIP INITIATIVEMEMORIAL PARK UPDATE
City Council: November 1, 2021
VETERANS’ PARTNERSHIP INITIATIVE
The purpose of the Veterans Partnership Initiative is to:
More comprehensively and effectively promote the many initiatives currently available to veterans Provide a forum for veterans to share opportunities and
challenges with City elected officials and staff
The Initiative strives not to duplicate efforts locally that are being offered elsewhere by organizations and professionals that are specialized in working with veterans
Instead, we seek to add a local component that could be used to help further Richardson centric veterans’ appreciation and support
VETERANS’ INITIATIVES – PURPLE HEART CITY
Designated Purple Heart City in November 2020!
The designation means the City of Richardson recognizes the sacrifice of people who have served their country, particularly those who are Purple Heart recipients
Designation made by the Military Order of the Purple Heart – Department of Texas
VETERANS’ INITIATIVES – VETERANS DAY
A reception is held annually at the Senior Center on Veterans Day
The Richardson Police Department’s honor guard participates in the Methodist Richardson Medical Center’s annual Veterans Day Ceremony
The City of Richardson City Council and staff participates in the St. Paul the Apostle Parish’s Veterans Day Parade and Ceremony
Veterans are recognized on stage annually at the Wildflower! Festival on Armed Forces Day
The Richardson Police Department’s honor guard participates in RestlandCemetery’s annual Memorial Day Ceremony
VETERANS’ INITIATIVES - CELEBRATION
Veterans Partnership Initiative page for cor.net Provides important links to organizations who specialize in
providing services to veterans and their families Provides links about Richardson community partners Highlights City of Richardson sponsored programs
Richardson specific veterans’ oral history program Richardson residents share their stories on camera The videos are part of the Richardson Library’s historical
collection
Develop an annual event that brings veterans together with City Council and city staff to discuss the Veterans Partnership Initiative
VETERANS’ INITIATIVES – EDUCATION
1st Floor Main Display – Biographies, history, social issues, resources for veterans, and fiction titles
1st floor DVD Display – Fictional Wartime DVD display
Youth Services Area - Interactive “Thank You Veterans” bulletin board and a tissue paper flag craft planned for November
3rd Floor Display - Features writers who were/are veterans
Program on November 22, 11:30am -12:45pm – Lunchtime Lecture: World War II Pacific Naval Battles
VETERANS’ INITIATIVES - EMPLOYMENT
The City complies with all Uniformed Services Employment and Reemployment Rights Act (USERRA)
Veteran employees of the City are provided supplemental pay for deployments that makes the employee whole regarding their base pay
The City provides up to 15 days of paid military leave per year for employees
When applying for a job with the City, veteran applicants for apprentice police officer and fire fighter are given an additional 5 points on written exams
VETERANS’ INITIATIVES – IN MEMORIAL
Renovation of Memorial Park/Philanthropic Opportunities
Memorial Park - 2020 Memorial Park Location Map
MEMORIAL PARK - PROJECT HISTORY
2.4 acre site at 601 Centennial Blvd.
The park’s development was a bicentennial project in 1976, built by Parks and Recreation department staff and community volunteers
Honors Richardson residents who have given their lives in defense of our country
$10,000 was the estimated cost of the original project
Richardson Historical Society, U.S. Senator and residents helped identify original names to be memorialized
Veterans of Foreign Wars (VFW) Local 8627 helps ensure plaques are current
MEMORIAL PARK – PREVIOUS CONDITION
RENOVATION PROJECT SCOPE
Designed and managed in house by Parks Planning staff with assistance from Parks Maintenance staff
A place of reflection and remembrance
Black marble stone with base lighting and medallions recognizing each branch of service
Memorial plaques, set into limestone, along with the marble stone provide the park’s focal point
Three pentagon shapes found in various locations within the park symbolically honor five branches of service
Enhanced landscaping treatments throughout the site while maintaining mature trees
Three new flagpoles with lighting
LANDSCAPE PLAN & MATERIALS
MEMORIAL PARK – CURRENT CONDITION
MEMORIAL PARK PHILANTHROPY OPPORTUNITIES
• Philanthropic Opportunities for Individuals or Organizations include:
• Benches• Endowment Fund for Landscape Enhancements• Drinking Fountain• Tree Canopy Lighting• Art Piece/Central Plaza Sculpture• Other (if appropriate to the site)
• Donations could be acknowledged by plaque/related signage
NEXT STEPS
Memorial Park Ribbon Cutting Celebration Saturday, November 13 @ 9:00 am
Continue to provide philanthropic opportunities in support of Memorial Park
Continue to enhance Veterans Partnership Initiative
