2024 06 05 FAC Minutes Special MeetingFINANCIAL ADVISORY COMMISSION
SPECIAL MEETING
MINUTES
WEDNESDAY, JUNE 5, 2024
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 Dorsey.
PRESENT: Commissioners Anderson, Batavick, Kiehl, Mast, Mills, Way, and
Chair Dorsey
ABSENT: None
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
Staff requested that Business Session Item No. 1 regarding the fiscal year 2024/25
Investment Policy be moved up on the agenda and considered before the Consent
Calendar. The Commission concurred.
ANNOUNCEMENTS, PRESENTATIONS, AND WRITTEN COMMUNICATIONS
1. PROCLAMATIONS — RECOGNITION OF SERVICE FOR OUTGOING
COMMISSIONER MILLS
Staff presented a Proclamation to Commissioner Mills in honor of his service and
dedication to the La Quinta community.
The Commission thanked Commissioner Mills for his distinguished services and extended
their best wishes for continued success in all his future endeavors.
BUSINESS SESSION >>> taken out of Agenda order
1. APPROVE THE FISCAL YEAR 2024/25 INVESTMENT POLICY
Principal Management Analyst Hallick presented the staff report, which is on file in the
Finance Department.
Motion — A motion was made and seconded by Commissioners Way/Anderson to approve
the fiscal year 2024/25 Investment Policy, as submitted. Motion passed unanimously.
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SPECIAL MEETING MINUTES
CONSENT CALENDAR ITEMS
1. APPROVE MEETING MINUTES DATED MAY 8, 2024
2. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORTS DATED
MARCH 31, 2024
Motion — A motion was made and seconded by Commissioners Mills/Mast to approve the
Consent Calendar, as submitted. Motion passed unanimously.
BUSINESS SESSION >>> continued
2. DISCUSS FISCAL YEAR 2024/25 PRELIMINARY PROPOSED BUDGET AND
APPROVE ALLOCATION OF MEASURE G SALES TAX REVENUE
Finance Director Martinez presented the staff report, which is on file in the Finance
Department.
The Commission and staff discussed Capital Improvement Program (CIP) general and
state funding; revenue allocation for CIP; and federal funding for damages incurred due to
Tropical Storm Hilary in August 2023 and subsequent rainstorm.
Motion — A motion was made and seconded by Commissioners Mast/Way to approve
allocation of Measure G sales tax revenue, as submitted. Motion passed unanimously.
3. APPROVE THE FINANCIAL ADVISORY COMMISSION'S FISCAL YEAR
2024/25 MEETING DATES AND AMEND THE REGULAR QUARTERLY
MEETING START TIME FROM 4:00 P.M. TO 3:30 P.M.
Finance Director Martinez presented the staff report, which is on file in the Finance
Department.
The Commission and staff discussed changing the Commission's regular quarterly meetings
start time from 4:00 p.m. to 3:30 p.m. starting with regular quarterly meeting on August 14,
2024, and amending the fiscal year 2024/25 meeting dates as follows:
August 14, 2024
(Wednesday) regular quarterly meeting
October 2, 2024
(Wednesday) special meeting
November 13, 2024 (Wednesday) regular quarterly meeting
December 4, 2024
(Wednesday) special meeting
February 12, 2025
(Wednesday) regular quarterly meeting
March 26, 2025
special Added
(Wednesday)spe
"mil, 2-025—
Ymleeting
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(Wednesday)special eetiRg Replaced with March 26, 2025
May 7, 2025
(Wednesday) regular quarterly meeting
June 4, 2025
(Wednesday) special meeting Added
june 11�2025
(We dnesday)menial mooting Replaced with June 4, 2025
Motion — A motion was made and seconded by Commissioners Anderson/Mast to amend
the Commission's regular quarterly meetings start time from 4 p.m. to 3:30 p.m. effective
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SPECIAL MEETING MINUTES
August 2024, and to approve the special meeting dates for fiscal year 2023/24 as amended
above. Motion passed unanimously.
4. RECEIVE AND FILE THIRD QUARTER FISCAL YEAR 2023/24 TREASURY
REPORTS FOR JANUARY, FEBRUARY, AND MARCH 2O24
Principal Management Analyst Hallick presented the staff report, which is on file in the
Finance Department.
The Commission and staff discussed the investment yield comparison to other city
investment reports.
Motion — A motion was made and seconded by Commissioners Mills/Kiehl to receive and
file third quarter fiscal year 2023/24 treasury reports for January, February, and March
2024, as submitted. Motion passed unanimously.
STUDY SESSION — None
DEPARTMENTAL REPORTS
1. FINANCE DEPARTMENT CURRENT AND FUTURE INITIATIVES
Staff provided an update on current and upcoming Finance Department projects and City
events.
The Commission and staff discussed process for transitioning audit information between
current auditors and selected new auditors.
COMMISSIONERS' ITEMS
The Commission discussed how community input is best gathered for uses of Measure G
funds.
Commissioner Batavick thanked Commissioner Mills wife, Yolanda, for the support she
provided to Commissioner Mills during his time serving the City.
ADJOURNMENT
There being no further business, it was moved and seconded by Commissioners Way/Mast
to adjourn this meeting at 5:25 p.m. Motion passed unanimously.
Respectfully submitted,
Daniela Batuta, Finance Technician/Commission Secretary
City of La Quinta, California
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SPECIAL MEETING MINUTES