HomeMy WebLinkAboutFebruary 6Meeting Minutes
Los Altos Hills Finance and Investment Committee
Monday, 6 February 2006
Town Hall Council Chambers
1. Roll Call
Members present: Jean Mordo, Craig Jones, Jim Lai, Frank Lloyd, Stan Mok, Doug Norby, Lalla
Stark
Members absent: Wilf Corrigan, Karl Kneip
In Attendance: Sarah Ragsdale, Town Administration
Chairperson Jean called the meeting to order at 6:05pm. Jim recorded the minutes of the
meeting.
2. Meeting Minutes
The minutes of the 5 December 2005 meeting and the 18 January 2006 meeting were reviewed
and approved.
3. Investment Policy
Jean reviewed the Town’s Investment Policy. The Committee decided to make no changes.
4. Charter City
Jim reviewed a draft presentation on Charter City. Discussion ensued. Jim will incorporate
suggested changes and email the revised presentation to Committee members. Target
date is a 9 March 2006 presentation to City Council.
5. Internal Controls Letter
Sarah reviewed Finance’s response to the Internal Controls Letter. She will document cash
handling procedures. The City Manager will sign off adjusting journal entries.
6. Review of 2004/5 CAFR
The 2004/5 Comprehensive Annual Financial Report was reviewed. Frank suggested that in the
future the Miscellaneous Statistics page include the number of primary residences, the number of
approved secondary dwellings and the number of parcels.
7. City Council Monthly Financial Report
Sarah and Jean reviewed a proposed format for a monthly Financial Report to the Council. It will
include a Page 18 summary sheet showing Year to Date comparisons to Budget and Prior Year
to Date, and detailed pages for the General and Subsidiary Funds. Sarah will review the
Monthly Report at the next FIC meeting.
8. Actuarial Study of Retiree Medical Benefits
Employee census data has been provided to John Bartel Associates, actuarial consultants. Sarah
will provide retiree and other follow-up data. Sarah will review the Actuarial Report at the next
FIC meeting.
9. Other Business
Craig Jones citing new Town responsibilities submitted his resignation from the Committee.
10. Adjournment
The meeting was adjourned at 7:29pm.
Notes:Next meeting: Monday 6 March at 6:00PM at the Town Hall.
Reminder - the Budget Review Sub-committee will be meeting on Thursday 16 February at 6pm at
Town Hall Council Chambers. All FIC committee members are invited.
2006 Meetings of the full Committee: January 18, February 6, March 6, April 3, May 1, June 5, June
8, August 7, September 11, October 2, November 6, December 4
Minutes were approved as presented at the March 30, 2006 FIC meeting.