HomeMy WebLinkAboutAugust 25Minutes of Finance and Investment Committee
Thursday, August 25, 2005
Town Hall Staff Break Room/City Council Chambers
26379 Fremont Road, Los Altos Hills, CA
The meeting convened at 6:12 p.m.
Members present: Chair Lalla Stark, Frank Lloyd, Karl Kneip, Jim Lai, Stanley Mok, Doug
Norby
Members absent: Wilf Corrigan
Councilmembers
present: Jean Mordo, Craig Jones
Staff present: Administrative Services Director Sarah Ragsdale, Accountant/Office
Manger Cindy Higby
Approval of minutes
Minutes of the meeting of July 25, 2005 were approved as written, except for the following
correction: the section entitled “Proposal to sell Town –owned O’Keefe property to Bullis
Charter School – Mok” should be entitled “Proposal to lease Town –owned O’Keefe property to
Bullis Charter School – Mok.”
Discussion of Proposed Appointment of Two Councilmembers as Voting Members of the
Finance and Investment Committee
Mordo presented his reasoning for proposing to the City Council that two Councilmembers be
appointed as voting members of the FIC: service on the Committee would give Councilmembers
a better understanding of the Town’s financial issues and would help in achieving a quorum for
the meetings. Some Committee members expressed support for adding the two Councilmembers
and others said that the appointed Councilmembers should not be voting members of the
Committee.
Consideration of $2.5 M Financing Alternatives for the Purchase of Land for the Bullis
Charter School
A proposal was made by Frank Lloyd to consider a resolution of support for bringing the Bullis
Charter into Los Altos Hills. This was discussed and it was generally agreed that the charter of
the Finance and Investment Committee did not include policy initiatives such as this. This item
was tabled until the City Council requests additional input from the Committee.
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Minutes of Finance and Investment Committee
Thursday, August 25, 2005
Follow-up on Charter City Status
Lai provided an updated listing of charter cities and discussed advantages and disadvantages of
changing to a charter city, such as the need for voter approval and the ability to levy a higher
property transfer tax. Lai and Lloyd will prepare a report on charter city status for presentation
to the City Council.
Consideration of Investment Policy
The Committee discussed and proposed changes to a draft policy prepared by Ragsdale.
Ragsdale will incorporate the changes in the policy and submit to the City Council for adoption
at the meeting of September 15, 2005. Ragsdale will also prepare a request for proposals for
investment consultant services for Council approval on September 15, 2005. Mok and Norby
will make preliminary estimates of how Town funds should be invested. Ragsdale will prepare a
three-year forecast of cash flows.
Presentations from the Floor
Chair Stark requested that Ragsdale update information on the Town’s legal expenses for the
next FIC meeting. Stark asked Councilmember Mordo if the Council had approved paying a
realtor to find property for the Bullis Charter School. Mordo said that the Council had
considered hiring a consultant to evaluate properties to determine if they would be appropriate
for a school site.
Selection of Next Meeting Date
The Committee scheduled the next meeting for Wednesday, September 15, 2005 at 6:00 p.m. and
for the first Monday of each month thereafter.
Adjournment
The meeting adjourned at 8:30 p.m.
Minutes were approved as presented at the September 14, 2005 FIC meeting.