HomeMy WebLinkAboutDecember 11
Finance and Investment Committee Meeting
Town of Los Altos Hills
City Council Chambers
Tuesday, December 11, 2007
The meeting was called to order at 5:05 p.m. by Chair Jean Mordo.
Members present: Chair Jean Mordo, Wilf Corrigan, Karl Kneip, Frank Lloyd, Stan Mok,
Doug Norby, Roddy Sloss, Lalla Stark
Members absent: Jim Lai
Staff present: Carl Cahill, Nick Pegueros, Cindy Higby
Approval of minutes: The minutes from the October 1, 2007 meeting were read and
approved as submitted.
During the discussion of the minutes, Nick Pegueros provided an update regarding the
October 1, 2007 decision of the FIC to support of investment of Town funds in corporate
notes. The PFM Asset Management has advised against investment in the corporate
notes until further notice. Nick went on to inform the FIC that he requested PFM Asset
Management to purchase only US Treasury securities instead of Federal agency notes
citing concerns over the involvement of Agencies in mortgages. The FIC did not think that
Agency notes are any riskier today than in the past and did not support a switch in the
Town’s investment directive to PFM.
Discussion of Health Benefits Package Option and Cafeteria Plan for calendar year
2008
Nick explained the changes in the Health benefits package option that was approved by
the town council to the FIC. (See the attached) Carl and Nick expressed concern about
being able to recruit new personnel based on the town’s current benefits package. They
were encouraged by the committee to offer a higher starting salary instead of enriching the
retirement benefit package. The committee asked Carl and Nick to look into other options,
including switching our retirement benefit from a defined benefit to a defined contribution.
Parks & Recreation Capital Improvements
Nick presented a Summary of Parks and Recreation Facilities Projects schedule that was
being presented to the council on December 13, 2007. Jean stated that no money would
be spent on the first item Bullis – Purissima School Fields. He and the council would need
to make a evaluation of the remaining facilities projects. See attached schedule.
Presentations from the floor - none
Adjournment - The meeting adjourned at 6:30 p.m. Next meeting will be Monday,
January 7, 5:00 PM.