HomeMy WebLinkAboutNovember 6Meeting Minutes
Los Altos Hills Finance and Investment Committee
Monday November 6, 2006
1. Roll Call
Members present: Wilf Corrigan, Jim Lai, Frank Lloyd, Jean Mordo, Stan Mok,
Doug Norby, Lalla Stark.
Members absent: Karl Kneip
In Attendance: Sarah Ragsdale and Cindy Higby, Town Administration
Chairperson Jean called the meeting to order at 6:05pm.
2. Meeting Minutes
The minutes of the 11 September 2006 meeting were reviewed and approved.
3. Retiree Health Benefits
Doug Pryor of Bartel Associates reviewed an update of his retire health benefits
report using the average of the highest 3 year average earnings. Jean, Sarah
and Doug reported on a conversation with attorney ……..
Jean reviewed his draft Retiree Health Benefits presentation to the Los Altos Hills
Town Council scheduled for Thursday 9 November. The recommendation to
Council is to retain a consultant knowledgeable in employment law and CalPERS
to (a) restructure the compensation package and provide a market comparison of
compensation and benefits.
Follow up items for next meeting:
Doug to update his calculations using the 30 June 2006 CalPERS valuation
report, (expected late November) and run sensitivities requested by Jean.
4. Preliminary 2005/06 financials
Sarah reviewed the preliminary 2005/06 financial statements. Jean requested
Sarah to prepare a version of the financials using the newly adopted comparison
format.
5. Q1 (Jul-Sep 06) financials
Sarah reviewed the financial statements for Q1 (Jul-Sep 06).
6. Investment Report Q1 (Jul – Sep06)
A Quarterly Investment Review (Jul to Sep 2006) prepared by PFM Asset
Management was reviewed.
7 Next Meetings
Monday 4 December, 2006 at 6pm dependent on the progress of the Retiree
Health Benefits work.
2007 Meetings:
• January-No meeting
• February 5
• March 5
• April 2
• May 7
• June 4
• July-No meeting
• August 6
• September 4 (Tuesday)
• October 1
• November 5
• December 3
8. Adjournment – The meeting was adjourned at 7:30pm