2019 06 05 FAC Minutes
FINANCIAL ADVISORY COMMISSION MINUTES 1 JUNE 5, 2019
SPECIAL MEETING
FINANCIAL ADVISORY COMMISSION
SPECIAL MEETING
MINUTES
WEDNESDAY, JUNE 5, 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 Chair Mills.
PRESENT: Commissioners: Batavick, Hunter, Lopez, Rosen, Twohey, and Chair
Mills
ABSENT: Commissioner Turbow
PLEDGE OF ALLEGIANCE
Commissioner Hunter 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
MAY 15, 2019
2. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED APRIL
30, 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 (Turbow).
BUSINESS SESSION
1. APPROVE WRITE-OFF OF OUTSTANDING INTERFUND LOANS
Finance Director Romero presented the staff report, which is on file in the Finance
Department.
The Commission and Staff discussed the outstanding loans for the SilverRock Resort
Fund; the three Development Impact Fee (DIF) loans; the history and overview of these
outstanding loans that are due to the General Fund; DIF revenue projections; and
pending DIF fees for the SilverRock Resort event site.
FINANCIAL ADVISORY COMMISSION MINUTES 2 JUNE 5, 2019
SPECIAL MEETING
Further discussion followed on how the accounting journal entry for writing off these loans
is recorded and disclosed in the City’s financial statements and the impacts related to the
overall Fund balance.
Motion – A motion was made and seconded by Commissioners Batavick/Rosen to
recommend Council approval to write-off the outstanding interfund loans. Motion passed:
ayes 6, noes 0, absent 1 (Turbow).
STUDY SESSION
1. DISCUSS FISCAL YEAR 2018/19 FOURTH QUARTER BUDGET REPORT
Finance Director Romero presented the staff report, which is on file in the Finance
Department.
The Commission and staff discussed the allocation of savings from the Police contract and
unexpended land acquisition budget; the interfund transfers to the Economic
Development Fund, Public Safety Fund, and the Facility and Fleet Fund; and the
management of funds for economic development.
2. DISCUSS PROPOSED FISCAL YEAR 2019/20 BUDGET
Finance Director Romero presented the staff report, which is on file in the Finance
Department.
The Commission and staff discussed the City’s portion of funding for the La Quinta schools
resource officers; other General Fund amended requests approved by Council at the June
4, 2019 meeting, which reduced the anticipated budget surplus; and the Unassigned Fund
balance.
The Commission suggested reviewing the 10-year financial projections discussed at the
Community Workshop held on January 12, 2019. Staff said they would add the item to a
special Commission meeting on August 7, 2019.
Staff announced that the City’s 2019/20 Citizen Budget Mailer will be placed in the City’s
Gem as an article instead of being mailed out as a brochure.
DEPARTMENTAL REPORTS
Departmental Report Item No. 1 is on file in the Finance Department. Staff provided the
Commission with verbal updates on Departmental Report Items No. 2 and 3.
1. AWARD FOR EXCELLENCE IN GOVERNMENT FINANCE
Financial Services Analyst Hallick presented the staff report, which is on file in the Finance
Department.
Staff announced that the City’s General Fund Balance and Reserves Policy won an award
from the Government Finance Officers Association for best practices. The Commission
suggested posting the award on the City’s website and staff said they would be adding it
on the website as well as in a City’s Gem article.
FINANCIAL ADVISORY COMMISSION MINUTES 3 JUNE 5, 2019
SPECIAL MEETING
2. VERBAL UPDATE ON BANKING AND MERCHANT SERVICES
Financial Services Analyst Hallick announced that Council approved a contract with Bank
of the West for banking and merchant services with the City. She explained the process
and steps that would be taken for the City’s transfer from one bank to another.
Commissioner Batavick complimented staff on the how the staff report was presented to
Council at the June 4, 2019 meeting.
Staff announced that Council has appointed Jon McMillen as the new City Manager
effective July 1, 2019; gave a brief overview of his background with the City as a
consultant; and Jon McMillen’s role during the banking implementation plan
3. VERBAL UPDATE ON THE INVESTMENT STRATEGY SUB-COMMITTEE FOR
PUBLIC AGENCY RETIREMENT SERVICE TRUST
Finance Director Romero provided the Commission with an update on the Public Agency
Retirement Service Trust. She let the Commission know it is currently waiting the City
Manager’s signature, so that an investment strategy can be recommended by with the
Commission’s sub-committee.
4. VERBAL UPDATE ON REQUEST FOR INFORMATION FOR INVESTMENT
BROKERS
Financial Services Analyst Hallick let the commission know that an updated request for
information (RFI) for investment brokers would be posted on the City’s website on June
6, 2019. She explained that this updated RFI would provide the most current Investment
Policy adopted by Council on June 4, 2019 and further clarification of the City’s needs.
COMMISSIONERS’ ITEMS – None
ADJOURNMENT
There being no further business, it was moved and seconded by Commissioners
Turbow/Lopez to adjourn this meeting at 6:08 p.m. Motion passed: ayes 6, noes 0,
absent 1 (Turbow).
Respectfully submitted,
Jessica Delgado, Management Assistant
City of La Quinta, California