2018 11 14 FAC MinutesFINANCIAL ADVISORY COMMISSION MINUTES 1 NOVEMBER 14, 2018
FINANCIAL ADVISORY COMMISSION
MINUTES
WEDNESDAY, NOVEMBER 14, 2018
CALL TO ORDER
A regular meeting of the La Quinta Financial Advisory Commission (Commission) was
called to order at 4:00 p.m. by Chairperson Mills.
PRESENT: Commissioners Batavick, Lopez, Rosen, Turbow, Twohey, and
Chairperson Mills
ABSENT: None
VACANCY: One
PLEDGE OF ALLEGIANCE
Commissioner Turbow led the audience in the Pledge of Allegiance.
PUBLIC COMMENT ON MATTERS NOT ON THE AGENDA – None.
CONFIRMATION OF AGENDA
Finance Director Campos said Mr. Mark Johnson resigned from the Commission
effective November 8, 2018.
Finance Director Campos asked the Commission to take up the Departmental Reports
portion of the agenda out of order and consider it first.
The Commission concurred.
taken out of order >>> DEPARTMENTAL REPORTS
1.SILVERROCK DEVELOPMENT – VERBAL UPDATE
City Manager Spevacek said the City Council approved Amendment No. 3 to the
Purchase, Sale, and Development Agreement (Amendment No. 3) between the City
and SilverRock Development Company regarding SilverRock development; and
provided a brief overview of the terms of Amendment No. 3, current land value,
master site infrastructure needs, proposed improvement schedule, financing,
ownership structure, and funding.
2.SECOND QUARTER 2018 (APRIL – JUNE 2018) SALES TAX UPDATE
Financial Services Analyst Hallick presented the staff report, which is on file in the
Finance Department.
FINANCIAL ADVISORY COMMISSION MINUTES 2 NOVEMBER 14, 2018
Staff and Commission discussed the timing and adjustments for sales tax
disbursements.
3. REQUEST FOR PROPOSALS FOR BANKING AND MERCHANT SERVICES
– VERBAL UPDATE
Finance Director Campos said the deadline for submittal was November 2, 2018 and
have received four proposals. There were two additional banks that had initially
intended to respond but did not receive the supplementary information, therefore we
will be reissuing the request for proposal. The current responders will be allowed to
keep their current responses or reissue a new proposal.
4. YEAR-END AUDITS – VERBAL UPDATE
Finance Director Campos discussed the current audits that have been conducted so
far for fiscal year 2017/18 which include the Citywide Final Audit, Measure A Audit,
and the Annual Street Audit and reporting requirements. The next two upcoming
audits include the Single Audit and the Housing Compliance audit.
The Comprehensive Annual Financial Report (CAFR) will be issued by December 30th
and will be available online and the Commission will be provided a printed copy. The
auditors will be out in January to co-present the CAFR with an emphasis on any major
projects, cash differences, and investments that occurred during the fiscal year.
The next City council meeting will include separate year-end budget reports for the
General Fund and Housing Authority funds and the General Fund report will be
presented to the Commission.
5. ANNUAL COMMUNITY WORKSHOP AND BUDGET VIDEO – VERBAL
UPDATE
Finance Director Campos said the City offers several leadership development training
opportunities. One such opportunity is the La Quinta Academy 1.0. City Departments
pitch projects to participating Staff who collaborate as teams to complete them. One
of this year’s projects included the creation of a budget video providing an overview
of the City’s revenues and expenses and depicting the public services, capital
improvement programs, parks, safety, events, affordable housing, etc. provided to
the community; and played the video for the Commission.
ANNOUNCEMENTS, PRESENTATIONS, AND WRITTEN COMMUNICATIONS – None.
CONSENT CALENDAR ITEMS
1. APPROVE MINUTES DATED AUGUST 8, 2018
2. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORTS DATED
JUNE 30, 2018
3. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORTS DATED
JULY 31, 2018
FINANCIAL ADVISORY COMMISSION MINUTES 3 NOVEMBER 14, 2018
4. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORTS DATED
AUGUST 31, 2018
5. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORTS DATED
SEPTEMBER 30, 2018
6. RECEIVE AND FILE FIRST QUARTER 2017/18 TREASURER REPORTS
FOR JULY, AUGUST, AND SEPTEMBER 2018
The Commission discussed revenues and expenses listed in Reports dated June 30
and July 31, 2018 with regards to debt service payments for the Redevelopment
Agency remitted by the Department of Finance and Washington Street Apartments
rehabilitation project, respectively; and First Quarter 2017/18 Treasurer Reports for
July, August, and September 2018 regarding corporate notes and investments.
Motion – A motion was made and seconded by Commissioners Batavick/Lopez to
approve the Consent Calendar as recommended. Motion passed – (ayes 6, noes 0,
absent 0, vacancy 1).
BUSINESS SESSION
1. RECEIVE AND FILE FOURTH QUARTER 2017/18 TREASURY REPORTS
FOR APRIL, MAY, AND JUNE 2018 WITH FISCAL YEAR-END SUMMARY
Financial Services Analyst Hallick presented the staff report, which is on file in the
Finance Department.
Financial Services Analyst Hallick gave a presentation on an overview of investments
and market updates.
Motion – A motion was made and seconded by Commissioners Twohey/Lopez to
receive and file the fourth quarter 2017/18 Treasury Reports. Motion passed–
(ayes 6, noes 0, absent 0, vacancy 1).
2. RECEIVE AND FILE THE FISCAL YEAR 2018/19 FIRST QUARTER
BUDGET REPORT
Finance Director Campos presented the staff report, which is on file in the Finance
Department. An overall update of the General Fund including revenue, expenditure
adjustments, sales tax revenue, and pension obligations was discussed.
Motion – A motion was made and seconded by Commissioners Lopez/Twohey to
receive and file the fiscal year 2018/19 First Quarter Budget Report. Motion passed–
(ayes 6, noes 0, absent 0, vacancy 1).
FINANCIAL ADVISORY COMMISSION MINUTES 4 NOVEMBER 14, 2018
3. APPOINT TWO COMMISSIONERS TO FORMULATE AND APPROVE THE
ANNUAL MEASURE G SALES TAX REPORT
Finance Director Campos presented the staff report, which is on file in the Finance
Department. She requested that two Commissioners work with Staff to formulate the
annual Measure G sales tax oversight compliance report. Commissioners Rosen and
Twohey expressed their willingness to participate in working with Staff to formulate
the 2017/18 Measure G Sales Tax Oversight Compliance Report.
Motion – A motion was made and seconded by Commissioners Twohey/Rosen to
appoint Commissioners Rosen and Twohey to formulate and approve the Annual
Measure G Sales Tax Report. Motion passed– (ayes 6, noes 0, absent 0, vacancy 1).
STUDY SESSION – None.
CORRESPONDENCE AND WRITTEN MATERIAL – None.
COMMISSIONERS’ ITEMS – None.
ADJOURNMENT
There being no further business, it was moved and seconded by Commissioners
Lopez/Twohey to adjourn this meeting at 5:54 p.m. Motion passed– (ayes 6, noes 0,
absent 0, vacancy 1).
Respectfully submitted,
Claudia Martinez, Senior Accountant
City of La Quinta, California