2023 02 02 FAC MinutesFINANCIAL ADVISORY COMMISSION
SPECIAL MEETINr
MINUTES
THURSDAY, FEBRUARY 2, 2023
CALL TO ORDER
A special meeting of the La Quinta Financial Advisory Commission (Commission) was
called to order at 4:00 p.m. by Chair Mills.
PRESENT: Commissioners Anderson, Dorsey, Mast, Way, and Chair Mills
ABSENT: Commissioners Luettjohann and Batavick
STAFF PRESENT: Finance Director Martinez, Financial Services Analyst Hallick,
Account Technician Batuta, 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 — None
CONSENT CALENDAR ITEMS
1. APPROVE SPECIAL MEETING MINUTES DATED DECEMBER 14, 2022
2. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED
OCTOBER 31, 2022
3. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED
NOVEMBER 30, 2022
Motion — A motion was made and seconded by Commissioners Dorsey/Anderson to
approve the Consent Calendar as submitted. Motion passed: ayes — 5, noes — 0,
abstain — 0, absent — 2 (Luettjohann and Batavick).
BUSINESS SESSION
1. DISCUSS AND APPROVE THE CHANGE FOR THE FINANCIAL ADVISORY
COMMISSION'S REGULAR QUARTERLY MEETING START TIME FROM 4:00
P.M. TO 3:00 P.M.
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Finance Director Martinez presented the staff report, which is on file in the Finance
Department.
The Commission inquired about changing meeting day as well. Staff said this item can
be brought forth to the Commission for further discussion and consideration at a future
meeting to include the change of day. The Commission concurred.
The Commission reached a consensus to table this item for a future date when both, the
change of date and time, for regular Commission meetings can be considered.
2. RECEIVE AND FILE FISCAL YEAR 2021/22 GENERAL FUND YEAR-END
BUDGET REPORT AND APPROVE THE AMENDED BUDGET CARRYOVERS
Finance Director Martinez presented the staff report, which is on file in the Finance
Department.
The Commission and staff discussed general fund tax revenues and capital improvement
project carryovers for Measure G shown on Exhibit C of staff report.
Motion — A motion was made and seconded by Commissioners Way/Dorsey to receive
and file fiscal year 2021/22 General Fund year-end budget report. Motion passed: ayes
— 5, noes — 0, abstain — 0, absent — 2 (Luettjohann and Batavick).
3. REVIEW RESERVE ANALYSIS REPORT AND GENERAL FUND BALANCE
AND RESERVES POLICY AND APPROVE TO RECOMMEND FOR CITY
COUNCIL CONSIDERATION
Financial Services Analyst Hallick presented the staff report, which is on file in the Finance
Department.
Chair Mills thanked the Reserves Policy Analysis Report (Report) subcommittee and staff
for their work on the Report.
The Commission and staff discussed the uses and projected balance for unassigned
reserves. Commissioner Anderson, who was on the subcommittee, shared the review
process for the Report.
Chair Mills asked if the Report would be submitted to the Government of Finance Officers
(GFOA) agency for their Exceptionally Well Executed Best Practice Program (Program)
as submitted in 2018. Financial Services Analyst Hallick said that staff would check with
the GFOA to see if the Report can be submitted for the Program again.
Motion — A motion was made and seconded by Commissioners Dorsey/Anderson to
recommend the Reserve Analysis report and General Fund Balance and Reserves policy
for City Council consideration. Motion passed: ayes — 5, noes — 0, abstain — 0,
absent — 2 (Luettjohann and Batavick).
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4. APPROVE THE FINANCIAL ADVISORY COMMISSION SUBCOMMITTEE
RECOMMENDATIONS ON OUTSTANDING PENSION OBLIGATIONS FOR
CITY COUNCIL CONSIDERATION
Financial Services Analyst Hallick presented the staff report, which is on file in the Finance
Department.
Financial Services Analyst Hallick thanked Commissioners Dorsey and Anderson for their
assistance on the Commission Subcommittee (Subcommittee) for the City's unfunded
pension liability. Mrs. Hallick provided and explained to the Commission a listing of an
estimated actuarial report for additional discretionary payments to the City's unfunded
pension liability (Handout 1).
The Commission and staff discussed the Subcommittee recommendations for additional
payments to the City's unfunded pension liability.
Motion — A motion was made and seconded by Commissioners Way/Dorsey to approve
the Financial Advisory Commission subcommittee recommendations on outstanding
pension obligations for City Council consideration. Motion passed: ayes — 5, noes — 0,
abstain — 0, absent — 2 (Luettjohann and Batavick).
Staff mentioned that the Subcommittees recommendations for the City's unfunded
pension liability would be presented for Council consideration at the regular meeting on
February 21, 2023. Chair Mills encouraged commissioners to attend the Council meeting
if they are able to do so.
STUDY SESSION — None
DEPARTMENTAL REPORTS
All reports are on file in the Finance Department.
1. FINANCE DEPARTMENT CURRENT AND FUTURE INITIATIVES
Finance Director Martinez presented the staff report, which is on file in the Finance
Department.
The Commission and staff discussed items listed on the agenda for the City's 2023
Community Workshop scheduled for February 15. Chair Mills asked if a date was set to
review of the City's Annual Comprehensive Financial Report (ACFR) for a better
understanding. Finance Director Martinez said that once the fiscal year 2021/22 ACFR
was finalized, tentative dates will be sent to the Commission.
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2. THIRD QUARTER 2022 (JULY-SEPTEMBER) SALES TAX UPDATE FOR THE
CITY OF LA QUINTA
Financial Services Analyst Hallick presented the staff report, which is on file in the Finance
Department.
The Commission and staff discussed the sales tax totals in comparison with 2019 pre -
pandemic totals and the year-to-date sales tax collection percentages shown in the chart
on last page of the staff report.
COMMISSIONERS' ITEMS
Commissioner Way asked if the Commissioners should rotate attending Council Meetings
in case any questions from Council should arise for the Commission. Chair Mills
encouraged all commissioners to attend Council meetings when possible.
ADJOURNMENT
There being no further business, it was moved by Commissioner Dorsey/Anderson to
adjourn this meeting at 5:34 p.m. Motion passed: ayes — 5, noes — 0, abstain — 0,
absent — 2 (Luettjohann and Batavick).
Respectfully submitted,
Jessica Delgado, Management Assistant
City of La Quinta, California
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