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2020 12 02 FAC MinutesFINANCIAL ADVISORY COMMISSION MINUTES 1 DECEMBER 2, 2020 SPECIAL MEETING FINANCIAL ADVISORY COMMISSION SPECIAL MINUTES WEDNESDAY, DECEMBER 2, 2020 CALL TO ORDER A special meeting of the Financial Advisory Commission (Commission) was called to order at 4:00 p.m. by Chairperson Mills. This meeting was held by teleconference pursuant to Executive orders N-25-20, N- 29-20, N-33-20, and N-35-20, executed by the Governor of California in response to the state of emergency relating to novel coronavirus disease 2019 (COVID-19) and enabling teleconferencing accommodations by suspending or waiving specified provisions of the Ralph M. Brown Act (Government Code § 54950 et seq.). PRESENT: Commissioners Batavick, Hoffner, Hunter, Rosen, Twohey, Way and Chairperson Mills ABSENT: None STAFF PRESENT: Management Assistant Delgado, Financial Services Analyst Hallick, Finance Director Romero, Design and Development Director Castro, Planning Manager Flores PLEDGE OF ALLEGIANCE Commissioner Way 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 SPECIAL MEETING MINUTES DATED NOVEMBER 4, 2020 2. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED SEPTEMBER 30, 2020 Motion – A motion was made and seconded by Commissioners Twohey/Hoffner to approve the Consent Calendar, as submitted. Motion passed unanimously. FINANCIAL ADVISORY COMMISSION MINUTES 2 DECEMBER 2, 2020 SPECIAL MEETING BUSINESS SESSION 1. APPOINT TWO FINANCIAL ADVISORY COMMISSIONERS TO SERVE ON THE FISCAL YEAR 2021/22 OPERATING BUDGET SUBCOMMITTEE Finance Director Romero presented the staff report, which is on file in the Finance Department. Finance Director Romero explained the budget timeline and the list of Commissioners who assisted with this subcommittee in the past. Commissioners Hunter and Rosen expressed their willingness to serve on the fiscal year 2021/22 operating budget subcommittee. Motion – A motion was made and seconded by Commissioners Hoffner/Way to appoint Commissioners Hunter and Rosen to serve on the fiscal year 2021/22 operating budget subcommittee. Motion passed unanimously. 2. APPOINT TWO FINANCIAL ADVISORY COMMISSIONERS TO SERVE ON THE CAPITAL IMPROVEMENT PROGRAM (CIP) FISCAL YEAR 2021/22 THROUGH 2025/26 SUBCOMMITTEE Finance Director Romero presented the staff report, which is on file in the Finance Department. Finance Director Romero explained the subcommittee’s scope of purview and anticipated timeline, and the list of Commissioners who assisted with this subcommittee in the past. Commissioners Batavick and Hoffner expressed their willingness to serve on the CIP Fiscal Year 2021/22 through 2025/26 subcommittee. Motion – A motion was made and seconded by Commissioners Rosen/Hunter to appoint Commissioner Batavick and Hoffner to serve on the CIP fiscal year 2021/22 through 2025/26 subcommittee. Motion passed unanimously 3. APPOINT TWO FINANCIAL ADVISORY COMMISSIONERS TO REVIEW THE CITY’S OUTSTANDING PENSION OBLIGATION Finance Director Romero presented the staff report, which is on file in the Finance Department. Finance Director Romero explained the importance and scope of the review for this subcommittee. Commissioners Twohey and Way expressed their willingness to assist with the review of the City’s outstanding pension obligation. Motion – A motion was made and seconded by Commissioners Rosen/Hoffner to appoint Commissioner Twohey and Way to assist with the review the City’s Outstanding Pension Obligation. Motion passed unanimously. FINANCIAL ADVISORY COMMISSION MINUTES 3 DECEMBER 2, 2020 SPECIAL MEETING STUDY SESSION 1. DISCUSS THE HIGHWAY 111 CORRIDOR (Corridor) PLAN (Plan) AND FORM-BASED CODE ZONING PROJECT NO. 2019-05 (Project) Finance Director Romero, Design and Development Director Castro, and Planning Manager Flores presented the staff report, which is on file in the Finance Department. Staff provided the background history for the Plan and an overview of the Plan discussion that occurred at a Joint Council and Planning Commission meeting held on November 10, 2020. The Commission and staff discussed the next steps for the Plan and Project, integration of the CV link with the Plan, anticipated timeline for a form-based code demonstration project along the Corridor and future considerations by the City Council, the Project’s overall scope of work, and budgeted consultant (GHD Inc.) costs related to the Project. Staff said the City continues to do outreach with property owners for the Plan and Project. The Commission expressed general support of these initial stages for the Plan and Project. 2. REVIEW AND DISCUSS 10-YEAR FINANCIAL PROJECTIONS FOR THE GENERAL FUND Finance Director Romero and Financial Services Analyst Hallick presented the staff report, which is on file in the Finance Department. The Commission and staff discussed the basis of the 10-year financial projection actuals, Measure G and General Fund allocations, operating expenses and Reserve Fund balance, capital expense General Fund contributions set aside for road improvements, and carryovers. The Commission suggested reviewing the 10-year projections again in four months. DEPARTMENTAL REPORTS 1. FINANCE DEPARTMENT CURRENT AND FUTURE INITIATIVES Finance Director Romero presented the staff report, which is on file in the Finance Department. Finance Director Romero announced effective December 7, 2020, that the City recruited Jesse Batres as an Account Technician who will be primarily responsible for accounts payables in the Finance Department. 2. COMMUNITY WORKSHOP (Workshop) IN JANUARY 2021 FINANCIAL ADVISORY COMMISSION MINUTES 4 DECEMBER 2, 2020 SPECIAL MEETING Finance Director Romero presented the staff report, which is on file in the Finance Department. Staff and Chairperson Mills encouraged all Commissioners to attend the virtual Workshop scheduled to take place on Saturday, January 16, 2021. Finance Director Romero said staff would send the Commission a calendar invite for the Workshop. COMMISSIONERS’ ITEMS Chairperson Mills suggested having a joint meeting in the future between the previous selected SilverRock Venue Ad-hoc Committee, Council, and possibly the Commission as well. Commissioner Hoffner inquired the start date for the future meetings of the pending Commission’s Short-Term Vacation Rental Program (STVRP) subcommittee for fiscal impact review and the Library Development Impact Fee Fund Loan subcommittee. Staff said that an update for both the STVRP subcommittee and Library Development Impact Fee Fund Loan subcommittee would be provided to the Commission at a later date; and noted the final meeting for the current 15-member STVRP Ad-hoc Committee was scheduled for Thursday, December 3, where all recommendations where anticipated to be presented. ADJOURNMENT There being no further business, it was moved and seconded by Commissioners Rosen/Hunter to adjourn this meeting at 5:50 p.m. Motion passed unanimously. Respectfully submitted, Jessica Delgado, Management Assistant City of La Quinta, California Digitally signed by Jessica Delgado DN: cn=Jessica Delgado, o=City of La Quinta, ou=Finance, email=jdelgado@laquintaca.gov, c=US Date: 2021.02.11 08:11:28 -08'00'