2019 02 13 FAC MinutesFINANCIAL ADVISORY COMMISSION MINUTES 1 FEBRUARY 13, 2019
REGULAR QUARTERLY MEETING
FINANCIAL ADVISORY COMMISSION
MINUTES
WEDNESDAY, FEBRUARY 13, 2019
CALL TO ORDER
A regular quarterly meeting of the La Quinta Financial Advisory Commission
(Commission) was called to order at 4:00 p.m. by Chairperson Mills.
PRESENT: Commissioners: Batavick, Hunter, Rosen, Turbow, Twohey, and
Chairperson Mills
ABSENT: Commissioner Lopez
PLEDGE OF ALLEGIANCE
Commissioner Batavick led the audience in the Pledge of Allegiance.
PUBLIC COMMENT ON MATTERS NOT ON THE AGENDA – None
CONFIRMATION OF AGENDA
The Commission welcomed Commissioner Hunter to the Commission and all
Commissioners shared a brief introduction of their backgrounds.
Staff requested that the Study Session portion of the meeting be moved up and
considered immediately after the Consent Calendar.
The Commission concurred.
ANNOUNCEMENTS, PRESENTATIONS, AND WRITTEN COMMUNICATIONS – None
CONSENT CALENDAR ITEMS
1. APPROVE FINANCIAL ADVISORY COMMISSION MINUTES DATED
NOVEMBER 14, 2018
2. APPROVE FINANCIAL ADVISORY COMMISSION MINUTES DATED
DECEMBER 10, 2018
3. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORTS DATED
NOVEMBER 30, 2018
4. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORTS DATED
DECEMBER 31, 2018
5. RECEIVE AND FILE SECOND QUARTER 2018/19 TREASURY
REPORTS FOR OCTOBER, NOVEMBER, AND DECEMBER 2018
REPORTS AND INFORMATIONAL ITEM NO. 1
FINANCIAL ADVISORY COMMISSION MINUTES 2 FEBRUARY 13, 2019
REGULAR QUARTERLY MEETING
Motion – A motion was made and seconded by Commissioners Rosen/Twohey to approve
the Consent Calendar, as submitted. Motion passed: ayes 6, absent 1 (Lopez).
taken out of order >>> STUDY SESSION
1. DISCUSS THE 2019 COMMUNITY WORKSHOP AND 2019/20 BUDGET
PROCESS
Finance Director Campos, Management Analyst Mignogna, and Facilities Director Howlett,
presented the staff report, which is on file in the Finance Department.
Staff and Commission discussed current financial projections and potential items that
could impact projection totals.
Management Analyst Mignogna provided an update on the current capital improvement
program (CIP) projects and demonstrated the CIP Story Map on the City’s website for
current project locations.
Further discussion followed regarding La Quinta X-Park design, analysis, and comparison
with similar facilities in other cities, potential liability exposure and insurance
requirements, and budget impact; La Quinta Cove parking lot public restroom design
plans; SilverRock Resort project current status; Madison Street Widening project
construction phase, Indio is the lead agency, and La Quinta’s input for the project plans;
signage that’s used for projects; and CIP funds management.
BUSINESS SESSION
1. RECEIVE AND FILE COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR
YEAR ENDING JUNE 30, 2018
Finance Director Campos and Certified Public Accountant/Partner of Vavrinek, Trine, Day
& Co., an auditing firm, Phillip White presented the staff report, which is on file in the
Finance Department.
The Commission discussed long-term debt for capital leases and compensated absences.
Mr. White explained audit standards for financial reporting and internal control letter
provided with the single audit.
Finance Director Campos said the City recently completed a Caltrans special audit and
announced upcoming audits scheduled over the next few months.
Motion – A motion was made and seconded by Commissioners Batavick/Mills to receive
and file the Comprehensive Annual Financial Report for year ending June 30, 2018, as
submitted. Motion passed: ayes 6, absent 1 (Lopez).
2. RECEIVE AND FILE THE MEASURE G COMPLIANCE REPORT FOR FISCAL
YEAR 2017/18
Finance Director Campos presented the staff report, which is on file in the Finance
Department.
FINANCIAL ADVISORY COMMISSION MINUTES 3 FEBRUARY 13, 2019
REGULAR QUARTERLY MEETING
The Commission discussed Public Safety funds. Staff said funds not used are transferred
into Measure G reserves.
Motion – A motion was made and seconded by Commissioners Hunter/Rosen to receive
and file the Measure G compliance report for fiscal year 2017/18, as submitted. Motion
passed: ayes 6, absent 1 (Lopez).
3. RECEIVE AND FILE FISCAL YEAR 2018/19 MID-YEAR BUDGET REPORT
Finance Director Campos presented the staff report, which is on file in the Finance
Department.
The Commission discussed updated revenue projections; General Fund reserve
adjustments based on Councils direction; and the balance of all reserve categories.
Motion – A motion was made and seconded by Commissioners Batavick/Twohey to
receive and file fiscal year 2018/19 Mid-Year Budget Report, as submitted. Motion
passed: ayes 6, absent 1 (Lopez).
4. APPROVE STAFF RECOMMENDATION OF A PUBLIC AGENCY RETIREMENT
SERVICE TRUST
Finance Director Campos and Executive Vice-President Mitch Barker from PARS, a firm
specializing in retirement service plans for public agencies presented the staff report,
which is on file in the Finance Department.
The Commission discussed current fund liability; discount rate comparison from 2015 to
current year; pension funding and additional contribution funds sent to CalPERS; the
benefits of having a trust; fund investment options with PARS; and the evaluation of
options prior to selecting a strategy. Staff provided the Commission with a strategic asset
allocation handout.
Motion – A motion was made and seconded by Commissioners Batavick/Turbow to
approve staff recommendation of a public agency retirement service trust, as submitted.
Motion passed: ayes 6, absent 1 (Lopez).
DEPARTMENTAL REPORTS
Staff provided the Commission with verbal updates on Departmental Report Items No. 1
and 3. Departmental Report Item No. 2 is on file in the Finance Department.
COMMISSIONER BATAVICK LEFT THE DAIS AT 6:25 P.M
COMMISSIONER BATAVICK RETURNED TO THE DAIS AT 6:27 P.M
1. MEASURE G – TRANSACTION & USE TAX – CITY WEB PAGE UPDATE
2. THIRD QUARTER 2018 SALES TAX UPDATE FOR THE CITY OF LA QUINTA
3. SILVERROCK EVENT SITE – VERBAL UPDATE
COMMISSIONERS’ ITEMS – None
FINANCIAL ADVISORY COMMISSION MINUTES 4 FEBRUARY 13, 2019
REGULAR QUARTERLY MEETING
ADJOURNMENT
There being no further business, it was moved and seconded by Commissioners
Rosen/Turbow to adjourn this meeting at 6:35 p.m. Motion passed: ayes 6, absent 1
(Lopez).
Respectfully submitted,
Jessica Delgado, Management Assistant
City of La Quinta, California