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HomeMy WebLinkAboutJune 14Minutes of Finance and Investment Committee Tuesday, June 14, 2005 Town Hall Staff Break Room 26379 Fremont Road, Los Altos Hills, CA The meeting convened at 6:12 p.m. Members present: Chair Lalla Carsten, Frank Lloyd, Karl Kneip, Jim Lai, Stanley Mok Members absent: Wilf Corrigan and Doug Norby Councilmembers present: Jean Mordo Staff present: Administrative Services Director Sarah Joiner Approval of minutes Minutes of the meeting of May 16, 2005 were approved as written. Review of Investment Options and Current and Forecast Cash Joiner distributed copies of the Town’s current investment policy, the investment policy adopted by the ABAG SHARP pool, and cash activity logs. Lloyd presented an historical perspective on the Town’s investment policies and mentioned the cost of investments other than LAIF, namely staff time and commissions. Assignments for next meeting: Joiner – to distribute information on LAIF and state code sections on allowable investments; Mok – research interest rates and commissions on allowable investments and compare to LAIF. Discussion of Proposal for Los Altos Hills to Become a Charter City The group discussed two features of charter city status – the ability to levy a property transfer tax and the exemption from requirement to pay prevailing wages. Recent State court decisions may have removed the prevailing wage exemption. Lai will research why cities elect to become charter cities and what would be a politically acceptable motive for changing to charter city status. Discussion of Format for Monthly Financial Statements The group discussed monthly or quarterly financial reports with budget to actual. Joiner stated that users of such statements would need to understand the flow of revenues to the Town and seasonal nature of some expenditures. For example, the Town is not able to increase the amount or accelerate the receipt of property taxes. Joiner will prepare sample formats for the next FIC meeting. 2 Minutes of Finance and Investment Committee June 14, 2005 Upgrade of Financial Software for the Town This item was tabled for a future meeting. Discussion of Approach for the Employee Compensation Study Joiner presented a listing of consultants who perform compensation studies. She will prepare a Request for Proposals for the study. Discussion of Sale of Town-Owned Properties for Use of Same for Bullis Charter School Stark proposed that the Town sell the O’Keefe property to the Bullis Charter School for its school site. Mok, who was to attend a Bullis meeting this same evening, said he would discuss the proposal with the Bullis Charter School Board and would report back at the next FIC meeting. Presentations from the Floor Joiner stated that the City Council was scheduled to review membership requirements for the FIC at its meeting of July 21, 2005. Lloyd gave some historical information on the FIC membership requirements. Lloyd will draft revised membership requirements for FIC consideration at the next meeting. Joiner asked if the Committee wanted to request an appropriation for Committee expenses. Discussion to be continued. Selection of Next Meeting Date The Committee scheduled the next meeting for Monday, July 25, 2005 at 6:00 p.m. and for the third Wednesday of each month thereafter. Adjournment The meeting adjourned at 8:30 p.m. Meeting minutes were approved as presented at the July 25, 2005 FIC meeting.