Subject:
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Item Submitted by Council Members Kalmick, Bolton, and Moser - Financial Transparency - Determine Total Cost of Pacific Airshow Settlement
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Recommended Action:
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Direct the City Manager to contract an independent third-party expert in financial auditing or accounting (not firms that prepare reports for marketing entities) to review the settlement agreement costs and value, City financials, and estimate the Airshow’s net direct economic benefit to the City. This expert should present their findings within 60 days at a public City Council meeting, providing detailed assumptions, calculations, and source material for resident understanding.
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Attachment(s):
1. Council Member Item - Financial Transparency Pacific Airshow Settlement
2. Airshow Settlement Agreement and General Release
3. Airshow Settlement Memo