2025 06 04 FAC Special MeetingFINANCIAL ADVISORY COMMISSION Page 1 of 4 JUNE 4, 2025
SPECIAL MEETING – MINUTES
FINANCIAL ADVISORY COMMISSION
SPECIAL MEETING
MINUTES
WEDNESDAY, JUNE 4, 2025
CALL TO ORDER
A special meeting of the La Quinta Financial Advisory Commission (Commission) was
called to order at 3:32 p.m. by Vice Chair Anderson.
PRESENT: Commissioners Anderson, Batavick, Kiehl, Lee, Mast, and Way
ABSENT: Chair Dorsey
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
Staff requested the Commission consider Business Session Item No. 1 first, out of
agenda order, before Announcements, Presentations, and Written Communications; the
Commission concurred.
BUSINESS SESSION >>> taken out of Agenda order
1. RECOMMEND COUNCIL APPROVAL OF FISCAL YEAR 2025/26
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/Batavick to
recommend Council approval of fiscal year 2025/26 investment policy as presented.
Motion passed: ayes – 6, noes – 0, abstain – 0, absent – 1 (Dorsey).
ANNOUNCEMENTS, PRESENTATIONS, AND WRITTEN COMMUNICATIONS
1. RECOGNITION OF SERVICE FOR OUTGOING COMMISSIONER BATAVICK
Staff commended Mr. Batavick for his dedicated public service, including his guidance
and support to newly appointed Commissioners; noted he began his service in 2015 on
the former Investment Advisory Board; provided an overview of his participation,
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SPECIAL MEETING – MINUTES
research, and efforts that led to the 2016 voter-approved Measure G, a 1% sales and use
tax, to which Mr. Batavick’s contribution was imperative; and presented him with a plaque
in gratitude and recognition of his commitment, exemplary service, and contributions to
the La Quinta community.
The Commission and former Commissioner Richard Mills expressed their gratitude for
Mr. Batavick’s distinguished service and wished him luck in his future endeavors.
Commissioner Batavick expressed appreciation for the opportunity to serve and reflected
on the Commission’s accomplishments.
CONSENT CALENDAR ITEMS
1. RECEIVE AND FILE SPECIAL MEETING MINUTES DATED MARCH 26, 2025
2. RECEIVE AND FILE MEETING MINUTES DATED MAY 7, 2025
3. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED
MARCH 31, 2025
ITEM NO. 3:
The Commission discussed the federal funding reimbursement process for the Dune
Palms Bridge Improvements Project No. 2011-05.
At the Commission’s request, staff explained the year-over-year differences in interest
revenues; report format; and reinstatement of the Interest Allocation Fund in the report
for comparison and consistency.
MOTION – A motion was made and seconded by Commissioners Lee/Mast to approve
the Consent Calendar as presented. Motion passed: ayes – 6, noes – 0, abstain – 0,
absent – 1 (Dorsey).
BUSINESS SESSION – Continued
2. RECEIVE AND FILE THE ANNUAL COMPREHENSIVE FINANCIAL REPORT
(ACFR) FOR YEAR ENDED JUNE 30, 2024
Finance Director Martinez presented the staff report, which is on file in the Finance
Department.
PRESENTER VIA TELECONFERENCE: Assurance Partner Ryan Domino with Lance,
Soll & Lunghard, LLP (LSL) – provided a detailed presentation of the audit scope,
process, and outcomes; reiterated the City received an unmodified opinion on the City’s
financial statements; explained the audit finding related to the late submission of the
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Single Audit, which resulted from timing constraints caused by the delay of the year ended
June 30, 2023 audit.
The Commission discussed overall audit processes, past audit performance, and ongoing
corrective actions taken to address any prior year delays.
Finance Director Martinez provided a comprehensive overview and key findings of the
ACFR for fiscal year 2023/24.
The Commission discussed the City’s strong financial position reflects consistent fiscal
management by staff, the Commission, and Council; transition of auditing firms, to LSL
from Eide Bailly, LLP, and overall performance; working through first-year onboarding
challenges; ability for in-person collaboration with LSL staff; and importance of the audit
team focusing on material issues.
MOTION – A motion was made and seconded by Commissioners Batavick/Lee to receive
and file the Annual Comprehensive Financial Report for the year ended June 30, 2024,
as presented. Motion passed: ayes – 6, noes – 0, abstain – 0, absent – 1 (Dorsey).
3. RECEIVE AND FILE THIRD QUARTER FISCAL YEAR 2024/25 TREASURY
REPORTS FOR JANUARY, FEBRUARY, AND MARCH 2025
Principal Management Analyst Hallick presented the staff report, which is on file in the
Finance Department.
Staff discussed providing a comparative graph to display portfolio performance alongside
1-year and 5-year treasury yields; and interest allocation trends and projected year-end
interest earnings using Treasury rate forecasts.
The Commission discussed the City’s sources for market and economic data, such as the
University of California, Los Angeles (UCLA) Anderson Forecast, daily broker market
updates, Federal Reserve data, economic indicators from The Conference Board, news
articles, and monthly economic updates from PFM Asset Management a division of U.S.
Bank.
MOTION – A motion was made and seconded by Commissioners Kiehl/Lee to receive
and file the third quarter fiscal year 2024/25 treasury reports for January, February, and
March 2025 as presented. Motion passed: ayes – 6, noes – 0, abstain – 0,
absent – 1 (Dorsey).
4. DISCUSS FISCAL YEAR 2025/26 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.
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SPECIAL MEETING – MINUTES
The Commission discussed the proposed budget; final expected figures; Measure G
sales tax revenue and its impact on the budget; and fiscal year 2025/26 proposed budget
will be presented to Council for adoption on June 17, 2025.
MOTION – A motion was made and seconded by Commissioners Batavick/Way to
approve allocation of Measure G sales tax revenue as presented. Motion passed:
ayes – 6, noes – 0, abstain – 0, absent – 1 (Dorsey).
STUDY SESSION – None
DEPARTMENTAL REPORTS
1. FINANCE DEPARTMENT CURRENT AND FUTURE INITIATIVES
Staff provided updates on the upcoming interim audit, which will include internal control
interviews; upcoming meetings for the Financial Projections Task Force; recent Budget
Committee meeting; plans to schedule financial statement and audit training with LSL;
and ongoing Boards and Commissions recruitment, including one vacancy on the
Commission.
COMMISSIONERS’ ITEMS - None
ADJOURNMENT
There being no further business, it was moved and seconded by Commissioners
Mast/Lee to adjourn this meeting at 5:50 p.m. Motion passed: ayes – 6; noes – 0;
absent – 1 (Dorsey).
Respectfully submitted,
Amanda Guerrero, Commission Secretary
City of La Quinta, California