The URL can be used to link to this page

Home My WebLink About2026 04 08 FAC Special MeetingFINANCIAL ADVISORY COMMISSION Page 1 of 4 APRIL 8, 2026 SPECIAL MEETING – MINUTES FINANCIAL ADVISORY COMMISSION SPECIAL MEETING MINUTES WEDNESDAY, APRIL 8, 2026 CALL TO ORDER A special meeting of the La Quinta Financial Advisory Commission (Commission) was called to order at 3:30 p.m. by Chair Way. PRESENT: Commissioners Anderson, Kiehl, Mast, Niblo and Chair Way ABSENT: Commissioners Dorsey and Lee 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 Staff requested the Commission consider Study Session Item No. 3 after the Consent Calendar, followed by Study Session Items Nos. 1 and 2, and then continuing with the Business Session; the Commission concurred. ANNOUNCEMENTS, PRESENTATIONS, AND WRITTEN COMMUNICATIONS – None CONSENT CALENDAR ITEMS 1. RECEIVE AND FILE SPECIAL MEETING MINUTES DATED FEBRUARY 11, 2026 2. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED DECEMBER 31, 2025 3. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED JANUARY 31, 2026 CONSENT CALENDAR ITEM NO. 2 – COMMENTS Commissioner Mast inquired about legal expenses reflected in the Revenue and Expenditure Report Dated December 31, 2025 (page 12 of the agenda packet). FINANCIAL ADVISORY COMMISSION Page 2 of 4 APRIL 8, 2026 SPECIAL MEETING – MINUTES Staff clarified that the amount included multiple months of invoicing paid in December which did not include settlement costs; the expenses relate to contract review, retainer services, and litigation-related attorney costs; and noted fiscal year (FY) 2025/26 budget for legal services totals $1.1 million, with year-to-date expenditures of approximately $900,000. MOTION – A motion was made and seconded by Commissioners Kiehl/Niblo to approve the Consent Calendar as presented. Motion passed: ayes – 5, noes – 0, abstain – 0, absent – 2 (Dorsey and Lee). STUDY SESSION >>> taken out of agenda order 3. DISCUSS THE FISCAL YEAR 2026/27 INVESTMENT POLICY Principal Management Analyst Hallick presented the staff report, which is on file in the Finance Department. The Commission discussed the annual investment policy update process, including incorporation of legislative changes and industry guidance; and expressed appreciation for staff’s efforts, noting the thoroughness and transparency of the policy review process. The Commission reached a consensus and expressed general support for the proposed FY 2026/27 Investment Policy revisions. 1. DISCUSS PROJECTS TO BE INCLUDED IN FISCAL YEAR 2026/27 THROUGH 2030/31 CAPITAL IMPROVEMENT PROGRAM (CIP) Public Works Director / City Engineer McKinney introduced Administrative Technician Escarrega who presented the staff report, which is on file in the Finance Department. The Commission discussed the Avenue 50 Widening Improvements project timeline and coordination with the City of Indio; the status and process of the updated five-year pavement management plan; citywide landscape and median improvements along Highway 111; SilverRock Park (Park) expenditures and future City-funded improvements within the Park; and the Avenue 50 power substation upgrade status and electric capacity. The Commission reached a consensus and expressed general support for FY 2026/27 through 2030/31 CIP as presented. 2. DISCUSS THE 2026 ANNUAL COMMUNITY WORKSHOP AND 2026/27 BUDGET PROCESS Finance Director Martinez presented the staff report, which is on file in the Finance Department. FINANCIAL ADVISORY COMMISSION Page 3 of 4 APRIL 8, 2026 SPECIAL MEETING – MINUTES The Commission discussed the City’s financial position and noted it’s ranked No. 7 for fiscal stability, out of 410 cities, on the California Policy Center’s Local Fiscal Health Dashboard; and recognized the coordinated efforts of the Council, Boards and Commissions, and staff across departments in supporting City operations and long-range planning. BUSINESS SESSION >>> taken out of agenda order 1. RECEIVE AND FILE FISCAL YEAR 2024/25 GENERAL FUND YEAR-END BUDGET REPORT Finance Director Martinez presented the staff report, which is on file in the Finance Department. The Commission expressed appreciation for the City’s strong financial performance, including revenues exceeding projections, expenditures remaining under budget and continued growth in reserves; noted the visible impact of the City’s projects and long-term financial planning; and discussed pension funding and CalPERS reporting timelines, reserve policy review cycles, and broader considerations related to housing affordability and property tax limitations under State law. MOTION – A motion was made and seconded by Commissioners Niblo/Mast to receive and file the fiscal year 2024/25 General Fund Year-End Budget Report, as presented. Motion passed: ayes – 5, noes – 0, abstain – 0, absent – 2 (Dorsey and Lee). 2. RECEIVE AND FILE FISCAL YEAR 2025/26 MID-YEAR BUDGET REPORT Finance Director Martinez presented the staff report, which is on file in the Finance Department. The Commission discussed the City’s approach to revenue forecasting and budgeting, including the use of conservative estimates and alignment of expenditures with projected revenues; revenue variability related to economic conditions, such as tourism and sales tax, and the process for adjusting projections throughout the fiscal year; increases in operating costs and related impacts of insurance market conditions on vendor costs. MOTION – A motion was made and seconded by Commissioners Mast/Anderson to receive and file the fiscal year 2025/26 Mid-Year Budget Report, as presented. Motion passed: ayes – 5, noes – 0, abstain – 0, absent – 2 (Dorsey and Lee). 3. RECEIVE AND FILE SECOND QUARTER FISCAL YEAR 2025/26 TREASURY REPORTS FOR OCTOBER, NOVEMBER AND DECEMBER 2025 Principal Management Analyst Hallick presented the staff report, which is on file in the Finance Department. FINANCIAL ADVISORY COMMISSION Page 4 of 4 APRIL 8, 2026 SPECIAL MEETING – MINUTES The Commission discussed the City’s money market and liquidity holdings, including custodial sweep accounts and investment classifications used to manage operating funds; the City’s investment strategy; and the use of reserves to pay off the City’s unfunded liabilities with CalPERS in previous years, and the associated long-term fiscal impacts and savings realized by the City. MOTION – A motion was made and seconded by Commissioners Kiehl/Niblo to receive and file the second quarter fiscal year 2025/26 Treasury Reports for October, November and December 2025, as presented. Motion passed: ayes – 5, noes – 0, abstain – 0, absent – 2 (Dorsey and Lee). DEPARTMENTAL REPORTS 1.FINANCE DEPARTMENT CURRENT AND FUTURE INITIATIVES Staff provided updates on current and upcoming Finance Department initiatives, including the upcoming Citywide Interim Audit for FY 2025/26; completion of the Single Audit for federal funds for FY 2024/25; ongoing budget development for FY 2026/27; funding provided to support Imperial Irrigation District infrastructure improvements; and upcoming City events including the Emergency Preparedness Fair, La Quinta Birthday Celebration, and Community Emergency Response Team (CERT) training; and noted ongoing communication regarding construction and traffic impacts related to roadway projects. COMMISSIONERS’ ITEMS Commissioner Kiehl discussed term limits for serving on City boards and commissions per the La Quinta Municipal Code; and prior Council concessions in allowing residents to continue their service past the term limits in certain instances to fulfill specific membership qualification requirements. ADJOURNMENT There being no further business, it was moved and seconded by Commissioners Lee/Mast to adjourn this meeting at 4:59 p.m. Motion passed: ayes – 5, noes – 0, abstain – 0, absent – 2 (Dorsey and Lee). Respectfully submitted, Amanda Guerrero, Commission Secretary City of La Quinta, California