Loading...
2019 04 10 FAC MinutesFINANCIAL ADVISORY COMMISSION MINUTES 1 APRIL 10, 2019 SPECIAL MEETING FINANCIAL ADVISORY COMMISSION MINUTES WEDNESDAY, APRIL 10, 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, Hunter, Lopez, Rosen, Turbow, Twohey, and Chairperson Mills 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 – None CONSENT CALENDAR ITEMS 1. APPROVE FINANCIAL ADVISORY COMMISSION MINUTES DATED MARCH 20, 2019 2. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED JANUARY 31, 2019 3. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED FEBRUARY 28, 2019 Motion – A motion was made and seconded by Commissioners Twohey/Lopez to approve the Consent Calendar, as submitted. Motion passed unanimously BUSINESS SESSION 1. APPROVE THE PROPOSED USES OF MEASURE G SALES TAX FUNDS WITHIN THE 2019/20 CAPITAL IMPROVEMENT PROGRAM Finance Director Campos presented the staff report, which is on file in the Finance Department. General discussion followed regarding appropriations included in the budget; summary of current Measure G appropriation for Capital Improvement projects; current proposed FINANCIAL ADVISORY COMMISSION MINUTES 2 APRIL 10, 2019 SPECIAL MEETING projects and their designs; and appropriation of Measure G funds already approved by Council for X-Park operations. Motion – A motion was made and seconded by Commissioners Lopez/Twohey to recommend approval of the proposed uses of Measure G sales tax funds within the 2019/20 Capital Improvement Program. Motion passed unanimously. 2. REVIEW AND APPROVE ACCOUNTS RECEIVABLE WRITE-OFF AND UNCLAIMED PROPERTY POLICY Finance Director Campos presented the staff report, which is on file in the Finance Department. The Commission and staff discussed the current process for accounts receivables and how adopting a policy is considered best practice. The Commission recommended the following changes: • Adding a $50,000 cumulative cap per year that would require Councils approval above this amount. • Requiring Councils approval for under and over payments to be recognized by the City as a loss or gain to revenue. Motion – A motion was made and seconded by Commissioners Batavick/Turbow to recommend Council approval of the accounts receivable write-off and unclaimed property policy and incorporate the amendments as listed above. Motion passed unanimously. 3. RECEIVE AND FILE FISCAL YEAR 2018/19 THIRD QUARTER BUDGET REPORT Finance Director Campos presented the staff report, which is on file in the Finance Department. The Commission discussed General Fund third quarter adjustments; the types of special revenue funds; additional appropriation from the General Fund to the SilverRock Operating Fund; and the total of the 2018/19 budgeted surplus without Measure G Reserves. Motion – A motion was made and seconded by Commissioners Lopez/Rosen to receive and file fiscal year 2018/19 third quarter budget report, as submitted. Motion passed unanimously. STUDY SESSION 1. DISCUSS FISCAL YEAR 2019/20 INVESTMENT POLICY Financial Services Analyst Hallick presented the staff report, which is on file in the Finance Department. General discussion followed on scope of changes; state code restrictions; and additional recommended changes by Commission. FINANCIAL ADVISORY COMMISSION MINUTES 3 APRIL 10, 2019 SPECIAL MEETING The Commission inquired how they are to report to Council after each meeting. Finance Director Campos mentioned that the Commissions approved meeting minutes after each meeting are taken to the next scheduled City Council meeting for reporting. Finance Director Campos announced that the City recently received a best practice award for the City’s reserves policy from the Government Finance Offices Association. The Commission recommended posting the award on the City’s website. DEPARTMENTAL REPORTS Staff provided the Commission with verbal updates on the following Departmental Reports: 1. HIGHWAY 111 CORRIDOR AREA PLAN VERBAL UPDATE Finance Director Campos provided the Commission with a handout on the upcoming 3- day charrette for this event scheduled for April 24, 25, and 26. She gave a brief overview of what a charrette entails for each of the days scheduled and shared where the events would be held. Commissioner Batavick and Hunter expressed their willingness to attend a Charrette on behalf of the Commission. The Commission concurred. 2. VERBAL UPDATE ON REQUEST FOR PROPOSAL FOR BANKING AND MERCHANT SERVICES Finance Director Campos mentioned that from the six banks that responded, three were interviewed on Wednesday, April 3 and the other three were scheduled to be interviewed on Thursday, April 11. She told the Commission that the top two banks would be scheduled for a second interview. Finance Director Campos, Commission Batavick, and Chair Mills provided the commission with the scope of what each interview entailed. Finance Director Campos also shared with the Commission the banks other government agencies in the Coachella Valley are using. 3. VERBAL UPDATE ON REQUEST FOR INFORMATION FOR INVESTMENT BROKERS. Financial Services Analyst Hallick gave the current status on the Request for Information that was issued by the City on March 1, 2019. She mentioned that the City did receive ten responses and that review of the responses would take place toward the end of April. COMMISSIONERS’ ITEMS Commissioner Turbow inquired about the remaining Fiscal Year 2018/19 Commission meeting dates. Staff provided dates and possible items that would be on these upcoming meetings. The Commission inquired about the City’s effort to help during the Coachella and Stagecoach music festivals. Staff mentioned workshops that the City has done; FINANCIAL ADVISORY COMMISSION MINUTES 4 APRIL 10, 2019 SPECIAL MEETING informational mailers that are sent out; initial staff meetings with local Home Owner Associations; and the Emergency Operation center activation that would take p lace to assist with traffic control. ADJOURNMENT There being no further business, it was moved and seconded by Commissioners Mills/Turbow to adjourn this meeting at 5:55 p.m. Motion passed unanimously. Respectfully submitted, Jessica Delgado, Management Assistant City of La Quinta, California