2021 11 10 FAC MinutesFINANCIAL ADVISORY COMMISSION MINUTES Page 1 of 4 NOVEMBER 10, 2021
REGULAR QUARTERLY MEETING
FINANCIAL ADVISORY COMMISSION
MINUTES
WEDNESDAY, NOVEMBER 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 Batavick.
This meeting provided teleconferencing accessibility pursuant to Executive
Orders N-60-20 and N-08-21 executed by the Governor of California, and
subsequently Assembly Bill 361 (AB 361, 2021), enacted 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 in the Ralph M. Brown Act (Government Code § 54950 et seq.).
PRESENT: Commissioners Anderson, Campbell, Dorsey, Mast, Mills Way, and
Chairperson Batavick
ABSENT: None
STAFF PRESENT: Interim Finance Director Martinez, Financial Services Analyst
Hallick, and Management Assistant Delgado.
PLEDGE OF ALLEGIANCE
Commissioner Anderson 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. WELCOME COMMISSIONER MAST
The Commission welcomed Commissioner Mast, and all Commissioners shared
a brief introduction of their experiences and qualifications.
CONSENT CALENDAR ITEMS
1. APPROVE MEETING MINUTES DATED AUGUST 4, 2021
FINANCIAL ADVISORY COMMISSION MINUTES Page 2 of 4 NOVEMBER 10, 2021
REGULAR QUARTERLY MEETING
2. APPROVE SPECIAL MEETING MINUTES DATED OCTOBER 6,
2021
3. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT
DATED JUNE 30, 2021
4. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT
DATED JULY 31, 2021
Commissioner Mills
3 of the August 4,
Motion A motion was made and seconded by Commissioners Way/Dorsey to
approve the Consent Calendar as amended, incorporating the language
revision as noted above by Commissioner Mills on the August 4, 2021 minutes.
Motion passed: ayes 7, noes 0.
BUSINESS SESSION None
STUDY SESSION None
DEPARTMENTAL REPORTS
All reports are on file in the finance department.
1. SECOND QUARTER 2021 (APRIL-JUNE) SALES TAX UPDATE FOR
THE CITY OF LA QUINTA
2. INVESTMENT PORTFOLIO REVIEW
Financial Services Analyst Hallick provided an overview of relevant sections of
the California Government C
related to
Chair Batavick requested a verbal update on Commissioner tems numbered
1 through 7 below:
1. Measure G Annual Report (Report)
Financial Services Analyst Hallick said that the Report subcommittee
was provided revenues information for review, a draft Report and
expenditures would be sent to the subcommittee the week of November
FINANCIAL ADVISORY COMMISSION MINUTES Page 3 of 4 NOVEMBER 10, 2021
REGULAR QUARTERLY MEETING
15, and a meeting will be scheduled the week of November 30 to review
all information, obtain input, and make any additional requested edits.
She said a special meeting for the Commission would be needed in
December e
it is tabled for Council deration.
2. Fiscal End of Year 2020/21 Audit (Audit)
Interim Finance Director Martinez said that the Audit began on
November 8 and is currently ongoing.
3. 10-Year Projections Subcommittee
Interim Finance Director Martinez said staff will send available meeting
dates to the subcommittee to discuss ideas and recommendations on
reformatting the 10-year projections report. Financial Services
Analyst Hallick Community Workshop is scheduled for
January 29, 2022.
4. Reserve Study (Study)
Staff said the Study review is anticipated to take place in Spring of 2022.
5..
Interim Finance Director Martinez said the recruitment is still pending
and possibly by December a selection will be made.
6. Point Happy Land Acquisition
Interim Finance Director Martinez said that the available funds in the
Land Acquisition account for the purchase was approved in the adopted
2021/22 budget and that additional information on the purchase and
use of this property would need to be obtained
Office.
7.High Inflation and Supply
Chain Issues
Chair Batavick inquired if staff has looked into a strategy for any impacts
high inflation and supply chain issues,
which may cause a rise in operating expenses. Interim Finance Director
Martinez said that will be a priority to review during the start of the
Commissioner Mills inquired if the Reserve Study Report had been distributed
amongst the new Commissioners. Staff said the report can be found in the
Commissions meeting archive documents found on th
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REGULAR QUARTERLY MEETING
The Commission discussed the process for adding items on the agenda for
public meetings; and inquired if the City Clerk could make a brief presentation
Office
will be presenting an overview on the recently updated and distributed
Handbook at a future meeting, and that Section 2.9 under
Rules of Procedure (Resolution No. 2021-034) included in the Commissioner
Handbook as Attachment 2 provides guidance on the process for requesting
the addition of items to the agenda for a future meeting.
Commissioner Way asked the Commission to reconsider the start time for
Commission meetings.
The Commission inquired about in person meetings for the Commission. Staff
said they will provide the update to the Commission as soon as it is available.
The Commission and staff discussed when fiscal year 2022/23 budget review
would commence. Staff said a timeline with tentative dates would be added
ADJOURNMENT
There being no further business, it was moved and seconded by
Commissioners Mills/Dorsey to adjourn this meeting at 5:05 p.m. Motion
passed: ayes 7, noes 0.
Respectfully submitted,
Jessica Delgado, Management Assistant
City of La Quinta, California