Loading...
2021 02 10 FAC MinutesFINANCIAL ADVISORY COMMISSION MINUTES 1 FEBRUARY 10, 2021 REGULAR QUARTERLY MEETING FINANCIAL ADVISORY COMMISSION MINUTES WEDNESDAY, FEBRUARY 10, 2021 CALL TO ORDER A regular quarterly 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, Accounting Manager Martinez, Public Works Director/City Engineer McKinney, and Management Analyst Mignogna COMMISSIONER WAY JOINED MEETING AT 4:02 P.M. PLEDGE OF ALLEGIANCE Commissioner Twohey led the audience in the Pledge of Allegiance. PUBLIC COMMENT ON MATTERS NOT ON THE AGENDA The following PUBLIC SPEAKER provided a verbal comment VIA TELEPHONIC ACCESSIBITY: Dale Tyerman, La Quinta – commended the Commission, Council, and staff for their guidance during the COVID-19 pandemic. He thanked the Commission and staff for being fiscally cautious and planning ahead to ensure the City’s fiscal viability. He asked that the same level of strategic planning continues going forward to lead the City out of the pandemic, and suggested a formal FINANCIAL ADVISORY COMMISSION MINUTES 2 FEBRUARY 10, 2021 REGULAR QUARTERLY MEETING strategic planning exercise be formed to outline opportunities to help the City with the overall challenges coming out of the pandemic. CONFIRMATION OF AGENDA Staff requested the following two items be placed on the agenda for discussion under Commissioners’ Items as requested by Chairperson Mills. 1.Potential formation of a 10-year projection project task force 2.Discuss a long-range strategic planning for the City of La Quinta The Commission concurred. ANNOUNCEMENTS, PRESENTATIONS, AND WRITTEN COMMUNICATIONS –None CONSENT CALENDAR ITEMS 1.APPROVE SPECIAL MEETING MINUTES DATED NOVEMBER 23, 2020 2.APPROVE SPECIAL MEETING MINUTES DATED DECEMBER 2, 2020 3.RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED OCTOBER 31, 2020 4.RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED NOVEMBER 30, 2020 5.RECEIVE AND FILE FIRST QUARTER 2020/21 TREASURY REPORTS DATED JULY, AUGUST, AND SEPTEMBER 2020 Motion – A motion was made and seconded by Commissioners Twohey/Hunter to approve Consent Calendar Item Nos. 1, 3, 4, and 5, as submitted. Motion passed unanimously. Consent Calendar Item No. 2, page No. 3, the last sentence under Study Session Item No. 1 shall be amended to read: The Commission expressed general support of these stages for the Plan and Project. FINANCIAL ADVISORY COMMISSION MINUTES 3 FEBRUARY 10, 2021 REGULAR QUARTERLY MEETING Motion – A motion was made and seconded by Commissioners Hoffner/Batavick to approve Consent Calendar Item No. 2, as amended. Motion passed unanimously. BUSINESS SESSION 1. DISCUSS AND RECOMMEND AN APPROPRIATION FROM MEASURE G RESERVES FOR THE SILVERROCK RETENTION BASIN SOIL STABILIZATION PROJECT NO. 2020-7 (Project) Management Analyst Mignogna, Public Works Director/City Engineer McKinney, and City Consultant Chris Hermann, President/CEO of Hermann Design Group, presented the staff report, which is on file in the Finance Department. The Commission and staff discussed the four preliminary design options and associated costs for each one; annual maintenance costs for each option and available funding sources; stabilizing material to be used around plants and slopes; and expressed general consensus support for Option 4. Motion – A motion was made and seconded by Commissioners Batavick/Hoffner to recommend Council approval of Measure G reserve funding appropriation for Option 4, in the amount of $427,250, for the SilverRock Retention Basin Soil Stabilization Project No. 2020-07. Motion passed unanimously. 2. RECEIVE AND FILE THE COMPREHENSIVE ANNUAL FINANCIAL REPORT (CAFR) FOR YEAR ENDING JUNE 30, 2020 Finance Director Romero, Accounting Manager Martinez, and CPA Partner Phillip White with Eide Bailly auditing firm (EB) presented the staff report, which is on file in the Finance Department. Mr. White explained EB’s audit purview and scope and mentioned that this year’s audit was done virtually due to the pandemic. The Commission and staff discussed the CAFR footnotes on page 69 referencing Long-Term Debt and debt related to the former Redevelopment Agency of the City; Successor Agency debt noted in CAFR that is not a direct obligation for the City; property tax collections on page 114 of CAFR pertaining to dissolution of Redevelopment Agency; and the governmental activities leading to decreased changes in net position found on page 10. Motion – A motion was made and seconded by Commissioners Way/Hoffner to receive and file the Comprehensive Annual Financial Report for year ending June 30, 2020, as submitted. Motion passed unanimously FINANCIAL ADVISORY COMMISSION MINUTES 4 FEBRUARY 10, 2021 REGULAR QUARTERLY MEETING STUDY SESSION – None DEPARTMENTAL REPORTS 1.FINANCE DEPARTMENT CURRENT AND FUTURE INITIATIVES Finance Director Romero presented the staff report, which is on file in the Finance Department. Staff mentioned that the first meeting for the Interfund Library Loan subcommittee will be on Friday, February 12, which includes Commissioners Hoffner and Mills. Staff requested that Commissioners give the Commission a verbal update on subcommittees they are currently participating in. Commissioner Twohey shared his experience and what has been reviewed so far on the Review for Pension Liability subcommittee. Commissioner Batavick said that the Five-Year Capital Improvement Program Budget subcommittee had their initial meeting in January; provided a summary of the subcommittee’s scope of work and timeline. Commissioner Hunter shared his experience and what has been reviewed so far on the 2021/22 Operating budget subcommittee. Finance Director Romero mentioned that the Short-Term Vacation Rental Program Fiscal Analysis subcommittee has been postponed until further notice, but has Commissioners Hoffner, Hunter, and Mills on standby. Commissioner Hoffner asked if any changes in any policies and procedures would be coming up as an item in a future meeting. Financial Services Analyst Hallick confirmed that minor changes due to the pandemic for the City’s Purchasing Policy would be brought forth for the Commission’s review and consideration at the next regularly scheduled meeting. 2.PROPERTY TAX UPDATE FOR THE CITY OF LA QUINTA Finance Director Romero presented the staff report, which is on file in the Finance Department. 3.LA QUINTA COVID-19 SMALL BUSINESS EMERGENCY ECONOMIC RELIEF PROGRAM (Program) – verbal update Financial Services Analyst Hallick said as of date a total of $1.759 million dollars has been disbursed; broke down the totals for the each individual part of the Program; mentioned another $166,000 will be distributed this week; said FINANCIAL ADVISORY COMMISSION MINUTES 5 FEBRUARY 10, 2021 REGULAR QUARTERLY MEETING approximately $180,000 will remain available in the Program; and that over 100 individual businesses have been assisted by the Program. The Commission commended the City on continuing to help businesses through the Program and shared thankful comments heard from businesses. COMMISSIONERS’ ITEMS 1.DISCUSS COMMISSIONER APPOINTMENT OF POTENTIAL FORMATION OF A 10-YEAR PROJECTION PROJECT TASK FORCE Chairman Mills suggested a task force be formed to brainstorm ideas on presenting the Ten-Year Projections in an easier to read format for the public. He requested staff place this item as a business session item on the agenda for the next Commission meeting. The Commission concurred. 2.DISCUSS A LONG-RANGE STRATEGIC PLANNING FOR THE CITY OF LA QUINTA Chairman Mills suggested a task force be formed for a long-range strategic plan. He mentioned staff had informed him of the City’s Economic Development Committee (Committee) already formed and asked if the Commission could participate. Staff mentioned those involved in the Committee and explained that some items brought to the Committee are confidential, but would discuss the potential participation of the FAC with the City Manager’s office. He requested staff place this item for consideration at the next Commission meeting.The Commission concurred. Commissioner Hunter suggested considering placing the ten-year projections on the City’s website under the Finance Department similar to how the Measure G Oversight reports are displayed. ADJOURNMENT There being no further business, it was moved and seconded by Commissioners Way/Hunter to adjourn this meeting at 5:52 p.m. Motion passed unanimously Respectfully submitted, Jessica Delgado, Management Assistant City of La Quinta, California