2019 03 20 FAC Minutes
FINANCIAL ADVISORY COMMISSION MINUTES 1 MARCH 20, 2019
SPECIAL MEETING
FINANCIAL ADVISORY COMMISSION
MINUTES
WEDNESDAY, MARCH 20, 2019
CALL TO ORDER
A special 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: Commissioner Hunter
PLEDGE OF ALLEGIANCE
Commissioner Rosen 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 – None
CONSENT CALENDAR ITEMS
1. APPROVE FINANCIAL ADVISORY COMMISSION MINUTES DATED
FEBRUARY 13, 2019
Motion – A motion was made and seconded by Commissioners Twohey/Lopez to approve
the Consent Calendar, as submitted. Motion passed: ayes 6, noes 0, absent 1 (Hunter).
COMMISSIONER HUNTER JOINED THE MEETING AT 4:02 P.M.
BUSINESS SESSION
1. APPOINT TWO COMMISSIONERS TO SERVE ON THE INVESTMENT
STRATEGY SUB-COMMITTEE FOR PUBLIC AGENCY RETIREMENT
SERVICES
Finance Director Campos presented the staff report, which is on file in the Finance
Department.
Commissioners Twohey and Hunter expressed their willingness to serve on the
Investment Strategy Sub-Committee for Public Agency Retirement Services (PARS).
FINANCIAL ADVISORY COMMISSION MINUTES 2 MARCH 20, 2019
SPECIAL MEETING
Motion – A motion was made and seconded by Commissioners Batavick/Mills to appoint
Commissioners Twohey and Hunter to serve on the Investment Strategy Sub-Committee
for PARS. Motion passed unanimously.
2. APPOINT TWO COMMISSIONERS TO SERVE ON THE REVIEW AND
SELECTION COMMITTEE FOR INVESTMENT BROKERS AND PROVIDE AN
UPDATE ON CURRENT INVESTMENT BROKER CHANGES
Financial Services Analyst Hallick presented the staff report, which is on file in the Finance
Department.
Commissioners Turbow and Rosen expressed their willingness to serve on the Review
and Selection Committee for Investment Brokers and provide an update on current
investment broker changes.
Motion – A motion was made and seconded by Commissioners Lopez/Twohey to appoint
Commissioners Turbow and Rosen to serve on the Review and Selection Committee for
Investment Brokers and provide an update on current investment broker changes.
Motion passed unanimously.
STUDY SESSION
1. DISCUSS LA QUINTA X-PARK OPERATIONS
Facilities Director Howlett presented the staff report, which is on file in the Finance
Department.
General discussion followed regarding the X-Park’s design; location; parking adequacy;
site amenities that may be provided; management of the facility and estimated managed
facility cost; possible fees and memberships; types of funds that will be used to build this
project; the capital replacement reserve analysis for the project; and Council’s approval
of design alternate additions and appropriation of Measure G funds at the March 19, 2019
City Council meeting.
City Attorney Ihrke and Risk Management Specialist Nieto discussed with the Commission
the potential liability exposure, state law, and insurance requirements.
2. DISCUSS THE 2019 COMMUNITY WORKSHOP AND 2019/20 BUDGET
PROCESS
Finance Director Campos, Management Analyst Mignogna, and City Engineer McKinney
presented the staff report, which is on file in the Finance Department.
General discussion followed regarding appropriations included in the budget; Council’s
review of the 2019/20 Capital Improvement Program proposed budget on March 19,
2019; project timeframes and possible traffic impacts during construction and public
outreach; process for bidding and procuring contractors for the projects; summary of
current Measure G appropriation for projects; current proposed projects and their
designs; locations of transportation projects; funding sources for transportation projects;
completed improvements as of the 2018/19 third quarter; and capital improvement
revenue projections.
FINANCIAL ADVISORY COMMISSION MINUTES 3 MARCH 20, 2019
SPECIAL MEETING
DEPARTMENTAL REPORTS
Staff provided the Commission with verbal updates on the following Departmental
Reports:
1. HIGHWAY 111 CORRIDOR AREA PLAN VERBAL UPDATE
Commissioner Turbow shared his experience at the Highway 111 Corridor Area Plan
Special Meeting Community Workshop held on Monday, March 18, at City Hall.
Staff noted that a calendar invite will be sent to the Commission for the upcoming 3-day
charrette for this event scheduled for April 24, 25, and 26.
2. VERBAL UPDATE ON REQUEST FOR PROPOSAL FOR BANKING AND
MERCHANT SERVICES
Finance Director Campos mentioned that six banks have responded, proposals were
under review, and interviews are scheduled for early April. She announced the City’s joint
Council and Commission meeting is scheduled for Wednesday, March 27, starting at 5:30
p.m. at the La Quinta Wellness Center.
COMMISSIONERS’ ITEMS
Commissioner Batavick announced that the City will hold a Pillar of the Community event
on Wednesday, March 27 starting at 10:00 a.m. He mentioned former Commissioner
Mark Johnson will be recognized at this event.
Commissioner Mills inquired about funding for the La Quinta Indian Wells Ironman 70.3
Triathlon. Finance Director Campos replied that both the City of La Quinta and the City
of Indian Wells are contributing $75,000 each, and that the City’s portion is allocated
from the General Fund under the Community Resources Special Events budget.
Commissioner Mills thanked the Commission for their thoughtful input and participation
at this special meeting.
ADJOURNMENT
There being no further business, it was moved and seconded by Commissioners
Turbow/Twohey to adjourn this meeting at 6:13 p.m. Motion passed unanimously.
Respectfully submitted,
Jessica Delgado, Management Assistant
City of La Quinta, California