2018 06 13 FAC Minutes
FINANCIAL ADVISORY COMMISSION
MINUTES
WEDNESDAY, JUNE 13, 2018
CALL TO ORDER
A regular quarterly meeting of the La Quinta Financial Advisory Commission was
called to order at 3:00 p.m. by Chairperson Batavick.
PRESENT: Commissioners Johnson, Lopez, Mills, Rosen, Turbow, Twohey,
and Chairperson Batavick
ABSENT: None
PLEDGE OF ALLEGIANCE
Commissioner Lopez led the audience in the pledge of allegiance.
PUBLIC COMMENT ON MATTERS NOT ON THE AGENDA – None
CONFIRMATION OF AGENDA – Confirmed
ANNOUNCEMENTS, PRESENTATIONS, AND WRITTEN COMMUNICATIONS
1. FIRST EMPIRE SECURITIES
Financial Service Analyst Hallick introduced Matthew D’Avanzo, Broker of First
Empire Securities, who presented the City’s current investment portfolio analysis.
CONSENT CALENDAR ITEMS
1. APPROVE FINANCIAL ADVISORY COMMISSION MINUTES DATED
MAY 9, 2018
Commissioner Mills said the vote for the motion for Business Session Item No. 1,
page No. 2, should reflect “noes” votes for Commissioners Mills and Rosen, and not
Twohey and Rosen.
Motion – A motion was made and seconded by Commissioners Johnson/Lopez to
approve Consent Calendar Item No. 1, as amended. Motion passed unanimously.
2. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORTS DATED
MARCH 31, 2018
Motion – A motion was made and seconded by Commissioners Johnson/Lopez to
receive and file Consent Calendar Item No. 2, as recommended. Motion passed
unanimously.
STUDY SESSION – None
BUSINESS SESSION
1. APPROVE SILVERROCK EVENT SITE – PHASE 1 ENHANCED PLAN
Community Resources Director Escobedo, Facilities Director Howlett, and City
Consultant Chris Hermann, President/CEO of Hermann Design Group, presented the
staff report, which is on file in the Finance Department.
Commission discussion followed on the event site parking; site size and
infrastructure development; estimated annual operating cost; site design, including
turf acreage and water features; comparison analysis of the event site to other
jurisdictions’ event sites; presenting the project to all City Commissions for
comments; possible use of Measure G funds and other potential funding sources;
naming the site; Commission’s desire to obtain additional information from staff
regarding site annual operating costs, accommodations, design, and preparing a
letter of support and Commission recommendations for Council’s consideration; use
of development impact fees to fund the project; and upcoming SilverRock Event
Site Ad-hoc Committee meeting.
The Commission directed staff to schedule a meeting between staff, representatives
of Hermann Design Group, Commissioners Mills and Rosen, and Chairperson
Batavick to prepare a letter of support, including additional Commission
recommendations, on behalf of the Commission recommending Council approval of
the SilverRock Event Site – Phase 1 Enhanced Plan.
Motion – A motion was made and seconded by Commissioners Johnson/Lopez
authorizing Commissioners Mills and Rosen, and Chairperson Batavick, to prepare a
letter of support outlining the Commission’s comments and recommending Council
approval of the SilverRock Event Site – Phase 1 Enhanced Plan. Motion passed
unanimously.
2. REVIEW AND RECOMMEND FINAL PROPOSED BUDGET FOR FISCAL
YEAR 2018/19
Finance Director Campos and Financial Services Analyst Hallick presented the staff
report, which is on file in the Finance Department.
Commission discussion followed on General Fund revenue projections; Measure G
funds balance; pending internal funding requests; and initial reserve funding
allocations.
Motion – A motion was made and seconded by Commissioners Johnson/Mills to
recommend Council approval of the final proposed budget for fiscal year 2018/19.
Motion passed unanimously.
3. REVIEW CAPITAL ASSET POLICY AND RECOMMEND APPROVAL BY
CITY COUNCIL
Finance Senior Accountant Martinez presented the staff report, which is on file in
the Finance Department.
The Commission discussed surplus process and disposal requirements and
Governmental Accounting Standards Board regulations for capital leases.
COMMISSIONER ROSEN LEFT THE DIAS AT 5:08 P.M.
Motion – A motion was made and seconded by Commissioners Lopez/Mills to
recommend Council approval of the Capital Asset Policy. Motion passed: ayes 6,
absent 1 (Commissioner Rosen).
4. DISCUSS AND PROVIDE DIRECTION TO STAFF REGARDING
PARTICIPATION IN THE CALIFORNIA ASSET MANAGEMENT
PROGRAM
Financial Services Analyst Hallick presented the staff report, which is on file in the
Finance Department.
The Commission discussed fees and basis points for the program; funds accepted
and requirements for the California Asset Management Program.
Motion – A motion was made and seconded by Commissioners Johnson/Lopez
recommending Council approval of City’s participation in the California Asset
Management Program. Motion passed: ayes 6, absent 1 (Commissioner Rosen)
COMMISSIONER ROSEN RETURNED TO THE DIAS AT 5:20P.M.
DEPARTMENTAL REPORTS
All departmental reports are on file in the Finance Department.
1. FOURTH QUARTER 2017 (OCTOBER – DECEMBER) SALES TAX
UPDATE FOR THE CITY OF LA QUNTA
2. REQUEST FOR PROPOSAL UPDATE FOR BANKING SERVICES
CORRESPONDENCE AND WRITTEN MATERIAL – None
COMMISSIONERS’ ITEMS – None
ADJOURNMENT
There being no further business, it was moved and seconded by Commissioners
Johnson/Lopez to adjourn this meeting at 5:33 p.m. Motion passed unanimously.
Respectfully submitted,
Jessica Delgado, Management Assistant
City of La Quinta, California