2019 08 07 FAC Minutes
FINANCIAL ADVISORY COMMISSION MINUTES Page 1 of 3 AUGUST 7, 2019
SPECIAL MEETING
FINANCIAL ADVISORY COMMISSION
SPECIAL MEETING
MINUTES
WEDNESDAY, AUGUST 7, 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, Hoffner, Hunter, Lopez, Rosen, Twohey
and Chairperson Mills
ABSENT: None
PLEDGE OF ALLEGIANCE
Commissioner Hoffner 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
1. LA QUINTA VILLAGE COMPLETE STREETS PROJECT
Management Analyst Mignogna presented an update on the La Quinta Complete Streets
Project, including the timeline for completing the five roundabouts in different stages;
the type of pedestrian crossing light signals that would be used at each roundabout; and
the City’s past and on-going public outreach efforts, and provided the Commission with
the flyers and business cards used to keep the public informed about the project and its
progress.
City Consultant and Project Manager Nick Nickerson and the Commission discussed the
roundabout speed limits. Staff explained that a speed survey will be conducted following
the completion of the roundabouts to determine appropriate speed limits for those areas.
2. SILVERROCK MASTER INFRASTRUCTURE UPDATE
Staff presented the Council meeting video on the SilverRock project as presented by
Project Manager John Gamlin on behalf of SilverRock Development Company, from the
August 6, 2019 Council meeting.
City Manager McMillen gave an update on the timeframe for the SilverRock event site.
Finance Director Romero announced that Council selected Paul Anderson as the new art
event producer at the August 6, 2019 Council meeting.
FINANCIAL ADVISORY COMMISSION MINUTES Page 2 of 3 AUGUST 7, 2019
SPECIAL MEETING
3. FINANCIAL ADVISORY COMMISSIONERS AND CITY MANAGER
INTRODUCTIONS
Commissioners and City Staff congratulated Commissioner Hoffner on his appointment
to the Commission; introduced themselves, and provided an overview of their
backgrounds, and the rolls and responsibilities of their individual capacities for the City.
CONSENT CALENDAR ITEMS
1. APPROVE FINANCIAL ADVISORY COMMISSION MINUTES DATED
JUNE 5, 2019
The Commission requested a handout of the 10-year financial projections mentioned in
the June 5, 2019 Commission minutes; Staff said a draft would be provided during the
special Commission meeting scheduled for October 2019.
2. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED
MAY 31, 2019
The Commission inquired about the funding for homeless assistance; Staff said this is the
second year the City has appropriated this funding, and explained the funding sources
and allocations. City Manager McMillen explained the assistance and benefits of
homelessness programs and organizations to La Quinta residents who were at risk of
becoming homeless.
Motion – A motion was made and seconded by Commissioners Batavick/Lopez to approve
the Consent Calendar, as submitted. Motion passed unanimously.
BUSINESS SESSION
1. APPOINT FINANCIAL ADVISORY COMMISSIONER CHAIRPERSON AND
VICE-CHAIRPERSON FOR FISCAL YEAR 2019/20
Finance Director Romero presented the staff report, which is on file in the Finance
Department.
The Commission recommended to reappoint Commissioner Mills for Chairperson and
Commissioner Twohey for Vice-Chairperson.
Motion – A motion was made and seconded by Commissioners Rosen/Lopez to appoint
Commissioner Mills to serve as Chairperson for fiscal year 2019/20. Motion passed
unanimously.
Motion – A motion was made and seconded by Commissioners Rosen/Lopez to appoint
Commissioner Twohey, to serve as Vice-Chairperson for fiscal year 2019/20. Motion
passed unanimously.
FINANCIAL ADVISORY COMMISSION MINUTES Page 3 of 3 AUGUST 7, 2019
SPECIAL MEETING
DEPARTMENTAL REPORTS
Staff provided the Commission with verbal updates on the following Departmental
Reports:
1. VERBAL UPDATE ON INFORMATION FOR INVESTMENT BROKERS
Financial Director Romero gave a status update on the selection process for the Request
for Information (RFI) proposal issued by the City on June 6, 2019; said four brokers were
selected to be interviewed; and interviews will be held in early September.
Commissioners Rosen and Hoffner commended Financial Services Analyst Hallick for
preparing detailed books of the RFI proposals which made the review process much
easier; and shared their experience so far throughout the RFI selection process.
2. VERBAL UPDATE ON UPCOMING FINANCIAL REPORTS FOR FISCAL YEAR
2019/20
The Commission and Staff discussed the timeline for the City’s upcoming Financial
Reports for fiscal years 2018/19 and 2019/20. The Commission inquired about
internal controls; Finance Director Romero said that the most recent audit for internal
controls was completed in Spring of fiscal year 2018/19. She mentioned that the City
has several external audits, some of which are unexpected, and noted the items the
auditors have requested for this upcoming audit cycle.
3. VERBAL UPDATE ON BANKING AND MERCHANT SERVICES
TRANSITION
The Commission and Staff discussed the transition timeline for banking and merchant
services from Wells Fargo to Bank of the West; implementation priorities of product and
service items; and the input received from auditors during this transition.
COMMISSIONERS’ ITEMS – None
ADJOURNMENT
There being no further business, it was moved and seconded by Commissioners
Lopez/Twohey to adjourn this meeting at 5:29 p.m. Motion passed unanimously.
Respectfully submitted,
Jessica Delgado, Management Assistant
City of La Quinta, California