Loading...
HomeMy WebLinkAbout2026 05 13 FAC Special Meeting (4:00pm mtg time)Page 1 of 3 MAY 13, 2026 FINANCIAL ADVISORY COMMISSION SPECIAL MEETING – MINUTES FINANCIAL ADVISORY COMMISSION SPECIAL MEETING MINUTES WEDNESDAY, MAY 13, 2026 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 Way. PRESENT: Commissioners Anderson, Dorsey, Kiehl, Lee, Mast, and Chair Way ABSENT: Commissioner Niblo PLEDGE OF ALLEGIANCE Commissioner Mast 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. RECEIVE AND FILE SPECIAL MEETING MINUTES DATED APRIL 8, 2026 2. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORT DATED FEBRUARY 28, 2026 MOTION – A motion was made and seconded by Commissioners Dorsey/Anderson to approve the Consent Calendar as presented. Motion passed: ayes – 6, noes – 0, abstain – 0, absent – 1 (Niblo). BUSINESS SESSION 1. RECOMMEND COUNCIL APPROVAL OF FISCAL YEAR 2026/27 INVESTMENT POLICY Principal Management Analyst Hallick presented the staff report, which is on file in the Finance Department. The Commission clarified that no formal subcommittee review was conducted for the proposed Investment Policy revisions prior to presentation to the Commission, as the revisions were limited to minor edits and formatting updates and did not include substantive policy modifications. FINANCIAL ADVISORY COMMISSION Page 2 of 3 MAY 13, 2026 SPECIAL MEETING – MINUTES MOTION – A motion was made and seconded by Commissioners Kiehl/Lee to recommend Council approval of the fiscal year 2026/27 Investment Policy, as presented. Motion passed: ayes – 6, noes – 0, abstain – 0, absent – 1 (Niblo). 2. RECEIVE AND FILE THIRD QUARTER FISCAL YEAR 2025/26 TREASURY REPORTS FOR JANUARY, FEBRUARY, AND MARCH 2026 Principal Management Analyst Hallick presented the staff report, which is on file in the Finance Department. The Commission discussed banking security protocols and safeguards related to wire transfers and fraud prevention as well as the City’s investment holdings from the 2020- 2022 period; current market conditions and interest rate trends, future investment considerations and Federal Reserve monetary policy discussions; the Public Agency Retirement Services (PARS) trust fund and California Public Employees’ Retirement System (CalPERS) funding levels, including considerations related to long-term pension obligations, investment performance, and reserve strategies. MOTION – A motion was made and seconded by Commissioners Kiehl/Dorsey to receive and file the third quarter fiscal year 2025/26 Treasury Reports for January, February, and March 2026, as presented. Motion passed: ayes – 6, noes – 0, abstain – 0, absent – 1 (Niblo). STUDY SESSION 1.DISCUSS FISCAL YEAR 2026/27 PRELIMINARY PROPOSED BUDGET Finance Director Martinez presented the staff report, which is on file in the Finance Department. The Commission discussed projected General Fund revenues and expenditures for fiscal year 2026/27; conservative revenue forecasting related to sales tax, transient occupancy tax (TOT), and property tax revenues; the City’s continued investment in its infrastructure, public safety, and community facilities; planned use of Measure G reserves for capital improvement projects; and increases in investment earnings are due to favorable interest rate environments. Finance Director Martinez introduced Public Safety Deputy Director Mendez who provided information regarding contract services with Riverside County Sheriff’s Office (RSO), including Community Service Officers and the City’s Citizens on Patrol program. The Commission also discussed staffing allocations and departmental expenditures, including public safety contract services with RSO and Cal Fire; adjustments to contracted patrol hours; crime statistics and response times; ongoing contract escalation costs; election-related expenditures; tourism promotion funding through Visit Greater Palm Springs; long-term considerations related to pension obligations and public safety service FINANCIAL ADVISORY COMMISSION Page 3 of 3 MAY 13, 2026 SPECIAL MEETING – MINUTES models; and the sphere of influence master planning process, related public outreach efforts, and potential future annexation considerations. The Commission expressed appreciation for staff’s detailed presentation and continued conservative fiscal management practices. CHAIR WAY LEFT THE MEETING AT 5:12 P.M. AND TURNED OVER PRESIDING OFFICER DUTIES TO VICE-CHAIR ANDERSON FOR THE REMAINDER OF THE MEETING DEPARTMENTAL REPORTS 1.FINANCE DEPARTMENT CURRENT AND FUTURE INITIATIVES Staff reported completion of the City’s interim audit conducted May 4 – 8, 2026, including internal control testing, review of financial transactions and compliance processes; updates were provided on fiscal year 2026/27 budget development, including the General Fund Operating Budget Subcommittee meeting. Additional updates included ongoing City projects and upcoming events, noting the Shred and E-Waste Collection event on May 23, 2026, and the Fritz Burns Park ribbon cutting ceremony on June 3, 2026. 2.FOURTH QUARTER 2025 (OCTOBER – SEPTEMBER) SALES TAX UPDATE Staff provided an update on the fourth quarter sales tax report, noting continued activity in major industry sectors, including restaurants, hotels and consumer goods, as well as fluctuations in sales tax-generating businesses. Staff noted the use of sales tax auditing and forecasting to support revenue monitoring and projections. COMMISSIONERS’ ITEMS The Commission discussed the 2026 Commission recruitment and vacancy timelines, noting the application deadline of June 8, 2026, and interviews are scheduled for June 18, 2026. ADJOURNMENT There being no further business, it was moved and seconded by Commissioners Dorsey/Mast to adjourn this meeting at 5:48 p.m. Motion passed: ayes – 5, noes – 0, abstain – 0, absent – 2 (Niblo and Way). Respectfully submitted, Amanda Guerrero, Commission Secretary City of La Quinta, California