2021 04 07 FAC Minutes
FINANCIAL ADVISORY COMMISSION MINUTES 1 APRIL 7, 2021
SPECIAL MEETING
FINANCIAL ADVISORY COMMISSION
SPECIAL MEETING
MINUTES
WEDNESDAY, APRIL 7, 2021
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, N-35-20, and N-60-20, 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: Financial Services Analyst Hallick, Accounting Manager
Martinez, Management Assistant Delgado, City Manager McMillen, and City
Attorney Ihrke.
PLEDGE OF ALLEGIANCE
Commissioner Batavick led the audience in the Pledge of Allegiance.
PUBLIC COMMENT ON MATTERS NOT ON THE AGENDA – None
CONFIRMATION OF AGENDA
Commissioner Mills requested the following items be placed on the agenda for
discussion under Commissioners’ Items:
• Update on recruitment process for a new Finance Director
• Status of SilverRock
• Status of Highway 111 Corridor
• Follow-up on State Regulations for Electric Vehicle (EV) charging Stations
• City’s Issuance Notice of Default to SilverRock Development Company,
LLC
The Commission concurred.
FINANCIAL ADVISORY COMMISSION MINUTES 2 APRIL 7, 2021
SPECIAL MEETING
ANNOUNCEMENTS, PRESENTATIONS, AND WRITTEN COMMUNICATIONS
– None
CONSENT CALENDAR ITEMS
1. APPROVE SPECIAL MEETING MINUTES DATED FEBRUARY 24,
2021
2. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED
JANUARY 31, 2021
3. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED
FEBRUARY 28, 2020
4. APPROVE MINOR REVISIONS TO CASH MANAGEMENT POLICY
Motion – A motion was made and seconded by Commissioners Hoffner/Rosen
to approve the Consent Calendar, as submitted. Motion passed unanimously.
BUSINESS SESSION
1. APPROVE FISCAL YEAR 2021/22 INVESTMENT POLICY (Policy)
Financial Services Analyst Hallick presented the staff report, which is on file in
the Finance Department.
The Commission and staff discussed the review process for authorized financial
dealers and institutions listed in the Policy. Commissioner Hunter suggested
adding a link to state codes referenced in the Policy.
Motion – A motion was made and seconded by Commissioners Twohey/Hoffner
to approve the fiscal year 2021/22 Investment Policy as submitted, and to add
a link to state code references. Motion passed unanimously.
2. RECOMMEND OUTSTANDING PENSION OBLIGATION FUNDING
OPTIONS
Financial Services Analyst Hallick presented the staff report, which is on file in
the Finance Department.
Staff commended Commissioners Way and Twohey for assisting with the review
process on the subcommittee. The Commission and staff discussed liability
funding, recommended options, process for submitting options to Council for
consideration, and schedule of plan’s amortizations bases, included as Exhibit
B to the staff report.
FINANCIAL ADVISORY COMMISSION MINUTES 3 APRIL 7, 2021
SPECIAL MEETING
Motion – A motion was made and seconded by Commissioners Way/Hoffner to
recommend outstanding pension obligation funding options for Council
consideration, as submitted. Motion passed unanimously
STUDY SESSION – None
DEPARTMENTAL REPORTS
1. SHORT-TERM VACATION RENTAL (STVR) COMMITTEE
RECOMMENDATIONS
The Commission and staff discussed fee study completed by ClearSource
Financial Consulting, STVR permit fees, current and anticipated recovery cost,
and consequences for those operating without a valid STVR permit.
2. FINANCIAL ADVISORY COMMISSION SUBCOMMITTEES –
VERBAL UPDATE
Financial Services Analyst Hallick provided a verbal status update on the past,
current, and pending Commission subcommittees.
COMMISSIONERS’ ITEMS
Commissioner Mills provided an updated on staff response from an email sent
on Wednesday, March 31st for the following items:
Update on recruitment process for a new Finance Director – No formal
update is available; Financial Services Analyst Hallick and Accounting Manager
Martinez are covering the increased job responsibilities until the vacancy is
filled; an interim director will be appointed while the recruitment is ongoing.
Staff added that an interim Finance Director can not be officially appointed until
after the final employment day of the City’s current Finance Director, which is
on April 15th, and mentioned that there has not been an official job posting.
Status of SilverRock – An update may be presented at a Council meeting in
April.
Status of Highway 111 Corridor (Corridor) – An update was provided under
Departmental Reports at the Council meeting on April 6, 2021. Commissioner
Mills mentioned that the City’s website contains recordings of Council meetings
if anyone is interested in viewing. Staff also mentioned that Planning Manager
Flores could attend a future Commission meeting to provide an update on the
current funding for the Corridor.
FINANCIAL ADVISORY COMMISSION MINUTES 4 APRIL 7, 2021
SPECIAL MEETING
Follow-up on State Regulations for Electric Vehicle (EV) Charging
Stations – Commissioner Mills asked if staff could send the Commission the
state regulations on EV charging stations discussed in the special Commission
meeting held on February 24, 2021. Staff said that they would forward state
regulations to the Commission. Commissioner Mills and staff discussed process
for conveying Commission recommendations to the Planning Commission.
Commissioner Mills also requested that staff forward the link to the Update on
Economics training workshop that Finance Director Romero and Commissioner
Way attended as discussed at the Commission special meeting on February 24,
2021. Staff said they would locate the workshop link and forward it to the
Commission.
City’s Issuance Notice of Default to SilverRock Development Company,
LLC – Staff mentioned that the notice was issued as of April 7, 2021, that there
is a time period of curing this default, and a study session with Council should
be presented on the default at a future meeting.
The Commission and staff also discussed how commissioners can be notified
on future City news releases. Staff mentioned the process for receiving quail
mail, a form of City news updates, and said they would sign up Commissioners
currently not receiving quail mail from the City.
1. FINANCIAL ADVISORY COMMISSIONER TO STANDBY AT CITY
COUNCIL MEETINGS
Chairman Mills suggested that the Commissioners rotate to be present at future
council meetings if in fact a matter or questions should arise by Council on
items reviewed by the Commission. He said he would email Council suggesting
this idea. The Commission concurred.
2. FAREWELL TO FINANCE DIRECTOR KARLA ROMERO
The Commission expressed their gratitude and thanked Finance Director
Romero for her dedicated service to the City and knowledge shared with the
Commission. They wished her the best of luck in her future endeavors.
ADJOURNMENT
There being no further business, it was moved and seconded by Commissioners
Twohey/Way to adjourn this meeting at 5:32 p.m. Motion passed unanimously.
Respectfully submitted,
Jessica Delgado, Management Assistant
City of La Quinta, California