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Home My WebLink About2026 02 11 FAC Special Meeting (2:30pm mtg time))FINANCIAL ADVISORY COMMISSION Page 1 of 3 FEBRUARY 11, 2026 SPECIAL MEETING – MINUTES FINANCIAL ADVISORY COMMISSION SPECIAL MEETING MINUTES WEDNESDAY, FEBRUARY 11, 2026 CALL TO ORDER A special meeting of the La Quinta Financial Advisory Commission (Commission) was called to order at 2:30 p.m. by Chair Way. PRESENT: Commissioners Anderson, Dorsey, Kiehl, Lee, Mast, and Chair Way ABSENT: Commissioner Niblo PLEDGE OF ALLEGIANCE Commissioner Kiehl 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. HIGHWAY 111 CORRIDOR SPECIFIC PLAN AND DEVELOPMENT CODE PROJECT – PLANNING UPDATE Planning Manager Flores provided a detailed overview of the Highway 111 Corridor Specific Plan and Development Code Project, outlining the project’s history, community outreach efforts, and coordination with engineering and planning consultants to develop roadway design concepts and updated zoning regulations; explained that the proposed updates would unify corridor development standards under a single framework, replacing multiple individual plans, and outlined four development types – mixed-use centers, mixed-use neighborhoods, compact creative retail, and lodging/services – with active frontage policies to promote pedestrian areas and an auto-oriented overlay for drive- throughs and auto services; and highlighted affordable housing opportunities on City- owned properties to support low- and very-low-income units, assist in meeting Regional Housing Needs Assessment (RHNA) state requirements and pursue development partnerships pursuant to the California Surplus Land Act. The Commission discussed traffic impacts associated with recent and future development; potential mitigation measures and ongoing monitoring of traffic circulation and lighting; coordination with Desert Sands Unified School District regarding projected student generation; zoning updates and compliance thresholds; workforce housing and affordability categories; developer participation and property owner outreach; and City FINANCIAL ADVISORY COMMISSION Page 2 of 3 FEBRUARY 11, 2026 SPECIAL MEETING – MINUTES acquisition of parcels along the Highway 111 corridor. General discussion followed regarding economic vitality, affordable housing objectives, infrastructure capacity, and long-term community impacts. CONSENT CALENDAR ITEMS 1. RECEIVE AND FILE SPECIAL MEETING MINUTES DATED DECEMBER 3, 2025 2. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED OCTOBER 31, 2025 3. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED NOVEMBER 30, 2025 MOTION – A motion was made and seconded by Commissioners Dorsey/Mast to approve the Consent Calendar as presented. Motion passed: ayes – 6, noes – 0, abstain – 0, absent – 1 (Niblo). BUSINESS SESSION 1. RECEIVE AND FILE THE ANNUAL COMPREHENSIVE FINANCIAL REPORT FOR YEAR ENDED JUNE 30, 2025 Finance Director Martinez presented the staff report, which is on file in the Finance Department. Ryan Domino, Assurance Partner with Lance, Soil & Lunghard, LLP (LSL), provided a detailed presentation of the audit scope, process, and outcomes; highlighting the risk- based approach, interim and final audit procedures, and evaluation of internal controls, compliance and significant financial estimates, such as pension and Other Post- Employment Benefits (OPEB) liabilities; reiterated that the auditors issued an unmodified opinion on the City’s financial statements, and confirmed that the prior year’s finding regarding timeliness of reporting had been resolved; noted an accounting policy change under Governmental Accounting Standards Board (GASB) Statement 101 for compensated absences with minimal fiscal impact; and emphasized the audit was completed with full cooperation from staff. The Commission discussed the audit team’s experience and composition, effective communication and coordination with City staff, and the timely completion of the audit. MOTION – A motion was made and seconded by Commissioners Kiehl/Dorsey to receive and file the Annual Comprehensive Financial Report for the year ended June 30, 2025, as presented. Motion passed: ayes – 6, noes – 0, abstain – 0, absent – 1 (Niblo). STUDY SESSION – None FINANCIAL ADVISORY COMMISSION Page 3 of 3 FEBRUARY 11, 2026 SPECIAL MEETING – MINUTES DEPARTMENTAL REPORTS 1. FINANCE DEPARTMENT CURRENT AND FUTURE INITIATIVES Staff provided updates on current and upcoming Finance Department initiatives, noting that the Annual Comprehensive Financial Report (ACFR) has been published and the Single Audit is underway; announced that the Finance Department will be recognized during Government Finance Professionals Week, March 23-27, 2026, as part of a statewide initiative supported by the California Society of Municipal Finance Officers (CSMFO), with a City Council proclamation scheduled for March 17, 2026. Staff highlighted upcoming City events including the hazardous waste collection event and the La Quinta Art Celebration. 2. SALES TAX UPDATE – THIRD QUARTER 2025 (JULY – SEPTEMBER) Staff provided an update on third quarter 2025 sales tax and Measure G revenues, noting continued growth across major industries, including restaurants, hotels and general consumer goods, as well as increased county and state pool allocations. Staff also reviewed changes to the City’s top 25 sales tax-generating businesses, noting that the list may fluctuate quarterly. The Commission discussed current economic trends, consumer spending patterns, and factors influencing year-to-date revenue projections. COMMISSIONERS’ ITEMS – None ADJOURNMENT There being no further business, it was moved and seconded by Commissioners Lee/Mast to adjourn this meeting at 3:43 p.m. Motion passed: ayes – 6, noes – 0, abstain – 0, absent – 1 (Niblo). Respectfully submitted, Amanda Guerrero, Commission Secretary City of La Quinta, California