HomeMy WebLinkAboutCouncil Executive Report 02/2023February 2023
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INTRODUCTION
This issue of the Council Executive Report provides a summary of the Town’s performance
during February 2023. The information is organized in sections based on the Town’s General
Plan:
LAND MANAGEMENT: How Marana plans to use the land and where the Town expects
growth.
BUILT ENVIRONMENT: Man-made structures built on the land. It is used to describe
all structures, facilities and other physical infrastructure, and includes urban and rural
development, telecommunications, utility networks, transportation systems, and sewer
treatment and conveyance systems.
PEOPLE AND COMMUNITY: Marana values its citizens, businesses and visitors and strives to
create a high quality of life. This theme ensures that citizen, business and visitor needs are
addressed equally and includes public safety, parks and recreation, economic vitality and
community involvement.
RESOURCE MANAGEMENT: Provides guidance in managing Marana’s renewable and
non-renewable resources. Elements include open space and trails, cultural resources, water
resources and energy.
COUNCILMEMBERS
Mayor Ed Honea
Vice Mayor Jon Post
Councilmember Patti Comerford
Councilmember Jackie Craig
Councilmember John Officer
Councilmember Herb Kai
Councilmember Roxanne Ziegler
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TABLE OF CONTENTS
LAND MANAGEMENT
Development Projects 4
BUILT ENVIRONMENT
Capital Improvement Projects 5
Single Family Residential Permits - By Region 6
PEOPLE AND COMMUNITY
New Business Licenses 7
Parks and Recreation 7
Animal Services 7
TOWN OF MARANA INVESTMENT PORTFOLIO SUMMARY (ATTACHMENT)
Summary for 2022 Quarter 4 --
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LAND MANAGEMENT
COMMERCIAL BUILDING PERMIT LOCATIONS – FEBRUARY 2023
COMMERCIAL BUILDING PERMIT – MONTHLY TREND
1
6 2
2 2111
6
2 2
2
For full project details, visit the Current and Proposed Projects Map.
1 1
6
2
2
2
1
1 1
6
2
2
2
35
53562
2 211
1 1
6 3552
2 2
3
TOTAL PERMITS ISSUED
1 1
6 2
2
5 3
3 321
4
1 2 1 222
3
6
6 3
4 1
3
6
4 5
10
6 5
7
5 4 3
0
5
10
15
20
Feb
2022
Mar
2022
Apr
2022
May
2022
Jun
2022
Jul
2022
Aug
2022
Sep
2022
Oct
2022
Nov
2022
Dec
2022
Jan
2023
Feb
2023
Remodels
New Buildings
6 2
2 2
3 33
3 3
5
3 February
7
36
Calendar
Year to Date
Fiscal
Year to Date
2023
The Town of
Marana Fiscal
Year runs from July 1 to June 30
5For full project details, visit the Current and Proposed Projects Map.
BUILT ENVIRONMENT
CAPITAL DESIGN & CONSTRUCTION REPORT
The following provides an update of major construction and design projects in the Town of
Marana. Visit the Current and Proposed Projects Map for a comprehensive list.
DESIGN
1. Tangerine TI Improvements
Budget: $7,000,000
Status: 50% Design
Fund Source: Developer, Transporation Funds
2. Tangerine Farms Rd, Extension
Budget: $21,800,000
Status: 0% Design
Fund Source: Transportation Fund
3. Tortolita Preserve Improvements
Budget: $268,000
Status: 100% Design
Fund Source: General Fund
4. Gladden Farms Baseball Fields
Budget: $1,200,000
Status: 95% Design
Fund Source: Impact Fees
5. Shared Use Path, CalPortland Extension
Budget: $3,500,000
Status: 95% Design
Fund Source: Park Impact Fees
6. Tangerine Rd Widening, Phase 2
Budget: $27,000,000
Status: 60% Design
Fund Source: Transportation Funds, RTA
7. El Rio Preserve Expansion
Budget: $485,000
Status: 15% Design
Fund Source: General Fund
8. Marana Community Center/Aquatic Facility
Budget: $61,000,000
Status: 25% Design
Fund Source: 1/2 Cent Sales Tax
9. Rillito Village Tr Drainage Improvements
Budget: $846,465
Status: 90% Design
Fund Source: Transportation Fund
10. Honea Heights Park, East
Budget: $1,050,000
Status: 5% Design
Fund Source: Park Impact Fees
11. El Rio Disc Golf
Budget: $300,000
Status: 90% Design
Fund Source: General Fund
12. Twin Peaks Rd, Rattlesnake Pass Widening
Budget: $18,000,000
Status: 80% Design
Fund Source: Impact Fees, Transportation Funds
13. El Rio Recreation Area Parking Lot
Budget: $170,000
Status: 60% Design
Fund Source: General Fund
14. Tangerine Rd 16” Water Pipeline
Budget: $2,579,742
Status: 90% Design
Fund Source: Water Capital Impact Fees
CONSTRUCTION
1. Airport (PAPIs/MIRLs, Beacon)
Budget: $1,750,000
Status: 99% Construction
Fund Source: FAA, ADOT, TOM
2. Silverbell Rd Sidewalk, Carefree to Cortaro
Budget: $315,000
Status: 65% Construction
Fund Source: Transportation Funds
3. MMC Drainage Improvements
Budget: $686,597
Status: 60% Construction
Fund Source: General Fund
4. 2023 Pavement Preservation
Budget: $1,853,000
Status: 0% Construction
Fund Source: HURF
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BUILT ENVIRONMENT
SINGLE FAMILY RESIDENTIAL PERMITS ISSUED IN FEBRUARY 2023
18
Northwest Marana
Includes Gladden Farms,
Villages at Barnett
4
South Marana
Includes Saguaro Bloom,
Lazy K
13
Northeast Marana
Includes Dove Mountain,
Preserve at Twin Peaks
33
12 MONTH PERMIT ACTIVITY BY REGION
PERMITS ISSUED
35
February 2023
62
Calendar
Year to Date
306
Fiscal Year 2023
Year to Date
3 333
12 MONTH PERMIT ACTIVITY BY REGION
28 15 11 16 7 5 4
43
2 4
35
42
10
25
20 15 14 9 5
7
10 13
83
24
38
22
14 22 17 24 26
6
15 18
146
81
59 63
37 40 38 38 35
56
27 35
0
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
170
180
190
200
Mar 2022 Apr 2022 May 2022 Jun 2022 Jul 2022 Aug 2022 Sep 2022 Oct 2022 Nov 2022 Dec 2022 Jan 2023 Feb 2023
3 3
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PEOPLE AND COMMUNITY
NEW BUSINESS LICENSES
A total of 46 business licenses were filed in February.
Contractor: 12
Home Vacation Rental: 1
Manufacturing: 1
Mobile Food Vendor: 3
Online Sales: 1
MARANA PARKS AND RECREATION
Parks and Recreation offer a variety of recreational and event opportunities for all community
members. The following provides an update on Parks and Recreation activity for the month of
February.
613 Recreation Program Registration
941 Senior Program Membership Check-In
250 Concerts in the Courtyard - Mardi Gras
Marana Shared Use Path Traffic
9,543
Total Reservations/Estimated Attendance
Courts
(Pickleball, Tennis, Basketball,
Volleyball)
Athletic Fields
Ramadas
105/1,512
351/10,910
109/3,577
(Includes sports & wellness, special interest,
outdoor recreation, etc.)
Rental and Leasing: 1
Retail: 14
Service: 11
Swap Meet: 1
Wholesaler: 1
MARANA ANIMAL SERVICES
Service Metrics - January 2023
Pet Licenses Issued: 305
Stray Pets: 25
Pet Adoptions: 7
Licensing Revenue: $8,015.00
Program Donations: $410.00
PFM Asset Management LLC
NOT FDIC INSURED : NO BANK GUARANTEE : MAY LOSE VALUE
| pfmam.com
PFM Asset Management LLC
NOT FDIC INSURED : NO BANK GUARANTEE : MAY LOSE VALUE
Town of Marana
Investment Portfolio Summary
Quarter Ending December 31, 2022
520.260.1574
Luke Schneider, CFA, Managing Director
Annette Gaston, Senior Managing Consultant
Town of Marana as of
12/31/22Executive Summary1,2
11.Market Value and Book Value include $31,443,899 invested with the State Local Government Investment Pools 5 & 7, and $11,720,710 invested in
Wells Fargo Money Market Fund as of 12/31/2022.
2.Weighted average maturity includes LGIP balances and uses book values for weighting. Accrued interest and cash balances are excluded.
Account Summary Beginning Values as
of 9/30/22
Ending Values as
of 12/31/22
Market Value $99,806,331 $88,663,590
Book Value $100,991,160 $89,683,258
Unrealized Gain/(Loss)(1,184,829)(1,019,668)
Weighted Average YTM at Market 3.79%4.47%
Weighted Average YTM at Cost 2.27%3.08%
U.S. Treasury
27%
Federal
Agency
9%
Corporate
2%
Commercial
Paper
14%
LGIP
35%
MMF
13%
Sector Distribution
$0
$10
$20
$30
$40
$50
$60
$70
$80
MillionsWeighted Average Maturity:
157 days
Maturity Distribution
AA+
71%AA
1%
AA-
2%
A-1
26%
Credit Quality
(S&P Ratings)
Town of Marana as of
12/31/22Security Type and Issuer Compliance1,2,3
21.Investment policy dated February 2020.
2.Maturity distribution does not include accrued interest.
3.Accrual basis earnings does not include LGIP balances.
Security Type Book Value % of
Portfolio
Permitted by
Policy
U.S. Treasury $24,110,308 27%100.0%
Federal Agency $8,228,459 9%100.0%
Corporates $2,017,281 2%40.0%
Commercial Paper $12,162,601 14%50.0%
AZ LGIP $31,443,899 35%100.0%
MMF $11,720,710 13%100.0%
Total Book Value $89,683,258 100.00%
Maturity Book Value % of
Portfolio
Permitted by
Policy
0-6 Months $63,818,889 71%No Limit
6-12 Months $13,895,120 15%No Limit
1-2 Years $6,707,989 7%No Limit
2-3 Years $4,782,117 5%No Limit
3-4 Years $479,142 1%No Limit
4-5 Years $0 0%No Limit
Over 5 Years $0 0%0%
Total Book Value $89,683,258 100.00%
Accrual Basis Earnings 10/1/22 through 12/31/22
Estimated Earnings $414,693
Total Estimated Earnings $414,693
Issuer Book Value % of
Portfolio
Permitted by
Policy
AZ LGIP $31,443,899 35%100%
U.S. Treasury $24,110,308 27%100%
MMF $11,720,710 13%100%
FHLMC $4,795,003 5%100%
Visa $4,559,632 5%5%
MUFG Bank $3,802,292 4%5%
Manhattan Asset $3,800,677 4%5%
FHLB $2,452,981 3%100%
FNMA $980,475 1%100%
Apple Inc $522,960 1%5%
Old Line Funding $501,705 1%5%
Ing Funding $499,770 1%5%
Blackrock Inc $492,847 <1%5%
Total Book Value $89,683,258 100.00%
Town of Marana as of
12/31/22Economic Update
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Current Market Themes▸On one side:▹Inflation remains at uncomfortably elevated
levels.▹Housing market is under stress with demand
falling sharply in response to higher mortgage
rates.▹Another piece of evidence that the market is
doubting that the Fed can engineer a soft
landing is the yield curve, which has become
more inverted over recent months.▹The ongoing war in Ukraine, raising tensions
with China, and the ever-present contagion
risks of regional conflicts in the Middle East,
raise uncertain geopolitical issues going into
2023.▸On the other side:▹Job market remains resilient ▹Consumer spending is still 35% higher than it
was in 2019▹Retail spending is at odds with services
demand
Portfolio Strategy▸The Federal Reserve and Chair Powell have been
nothing but resolute in fighting inflation, but market
sentiment has broadly shifted towards a modest
economic downturn rather than a deep recession.
Despite this, elevated price levels continue to
pressure the steadfast consumer and degrade
household financial health, which is already on thin
ice. ▸Market expectations based on Fed Funds futures are
now underestimating the path of future rate hikes
when compared to the projections of FOMC
members —a dynamic that was typically reversed for
this year. However, both point to a period of elevated
rates with additional rate hikes in store.▸We plan to maintain a defensive duration posture but
will be nimble in evaluating our stance as the Fed
approaches the end of their rate-hiking campaign.
Town of Marana as of
12/31/22
The 2-Year Treasury Yield Curve Rose Slightly
over the 4th Quarter
4Source: Bloomberg, as 12/31/2022.
▸The 2-year Treasury rose 15 basis points during the fourth quarter—a much less dramatic increase
than the previous quarter, as the market anticipates the Fed slowing down rate hikes
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
4.00%
4.50%
5.00%
Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 Oct-21 Dec-21 Feb-22 Apr-22 Jun-22 Aug-22 Oct-22 Dec-22
2-Year Treasury Yields
December 2020 –December 2022
Disclaimer
Investment advisory services are provided by PFM Asset Management LLC (“PFMAM”), an investment
adviser registered with the U.S. Securities and Exchange Commission and a subsidiary of U.S. Bancorp
Asset Management, Inc. (“USBAM”).USBAM is a subsidiary of U.S. Bank National Association (“U.S.
Bank”).U.S. Bank is a separate entity and subsidiary of U.S. Bancorp. U.S. Bank is not responsible for
and does not guarantee the products, services or performance of PFMAM.The information contained is
not an offer to purchase or sell any securities. Additional applicable regulatory information is available
upon request.
For more information regarding PFMAM’s services or entities, please visit www.pfmam.com.
Disclaimer
Investment advisory services are provided by PFM Asset Management LLC (“PFMAM”), an investment
adviser registered with the U.S. Securities and Exchange Commission and a subsidiary of U.S. Bancorp
Asset Management, Inc. (“USBAM”).USBAM is a subsidiary of U.S. Bank National Association (“U.S.
Bank”).U.S. Bank is a separate entity and subsidiary of U.S. Bancorp. U.S. Bank is not responsible for
and does not guarantee the products, services or performance of PFMAM.The information contained is
not an offer to purchase or sell any securities. Additional applicable regulatory information is available
upon request.
For more information regarding PFMAM’s services or entities, please visit www.pfmam.com.
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