HomeMy WebLinkAboutMarch 30Meeting Minutes
Los Altos Hills Finance and Investment Committee
Thursday, 30, March 2006
Town Hall
1. Roll call
Members present: Jean Mordo, Karl Kneip, Jim Lai, Stan Mok, Doug Norby
Members absent: Frank Lloyd, Lalla Stark, Wilf Corrigan
In attendance: Sarah Ragsdale, Town Administration
Chairperson Mordo called the meeting to order at 6:05
2. Meeting minutes
The minutes of the February 6, 2006 were reviewed and approved
3. Review of final Council report format – Jean reviewed the report that he and Sarah
created for the Council. Jean mentioned it has been favorably received.
4. Review of HdL Property Tax projections – Sarah presented the HdL’s General Fund
Revenue Estimate for 2006/07 based on 2005/06 Values. Sarah will follow up on ERAF
adjustments for 2006/07. HdL will make a presentation at the next FIC meeting.
4. Key assumptions for the 2006/07 Budget – Key items for 2006/07 are property tax
increase, TEA recovery, increased employee costs and new programs in 2006/07. Sarah
will meet with the City Manager in April and send out a draft budget on 04/24/06 to the
FIC. The FIC will review the budget at the 05/15/06 meeting. Jean suggested that the
town request a quote from the City of Los Altos for police services
5. Report from PFM – The FIC reviewed the report from PFM which did not have our
requested comparison of our investment portfolio versus LAIF and maturity benchmark.
Stan made a motion to have PFM keep to a 1.0 to 1.25 year average maturity instead of
the current 1.6 year, Jim second and it was approved by the committee. Stan asked Sarah
to have Nsesa contact him or Doug by e-mail.
6. Charter City Presentation – Jean and Jim reviewed the PowerPoint sides for educating
the City Council on the benefits of convert from a General Law to Charter City. It has
been scheduled for the April 27, 2006 Council meeting.
6. Presentations from the floor – None
7. Adjournment – The meeting was adjourned at 7:40 p.m.
Minutes were approved as presented at the May 1, 2006 FIC meeting.