HomeMy WebLinkAboutMarch 5Finance and Investment Committee Meeting
Town of Los Altos Hills City Council Chambers
26379 Fremont Road
Monday, March 5, 2007
The meeting was called to order at 6:10 p.m. by Chair Jean Mordo
1. Roll call
Members present: Chair Jean Mordo, Karl Kneip, Frank Lloyd, Stan Mok, Lalla
Stark
Members absent: Wilf Corrigan, Jim Lai, Doug Norby,
Staff present: Carl Cahill, Cindy Higby, Sarah Ragsdale
Others present: Paula Cone of HDL
2. Approval of minutes of meeting of February 5, 2007
The draft minutes were approved as written.
3. Property Tax Update – Paula Cone, HDL
Paula Cone made a presentation on the expected property tax revenue for the
town. We should see a net taxable value increase of 8.7% for 2006-07 tax roll
versus county wide increase of 9.0%. Expected revenue for 2007-08 is
$1,546,975.
4. Review of Schedule of Fees, Deposits, Charges for Services and other
Assessments
Sarah presented a revised fee schedule for building permits to match the
revenue to the town’s actual expenditures as follows:
Habitable space from $115 to $150 per square foot
Garage from $28 to $50 per square foot
Other from $12 to $20 per square foot
The percentage valuation for new family residences would remain unchanged
and all other projects would increase from 0.51% to 1%.
Several issues were discussed by the FIC: 1) The rapid increase, 2) The
continuing deficit takes money away from other town programs 3) Simplification
of the building permit fee calculation 4) Should the town encourage more
development to increase the assessed valuation of real property. The committee
asked Sarah to compare our fee structure to several other local municipalities
and report back next month for further review.
5. Mid-Year Budget Adjustments
Sarah presented an update on the mid-year budget adjustments to the FIC. The
council approved additional expenditures for Park and Recreation Program,
Pathways, and Street Repairs which were offset by additional revenue received
for Parks and Recreation and Drainage for a total increase of $90,178.
6. Update on refunding OPEB obligations with CalPERS
Sarah updated us on CalPERS pre-funding program. CalPERS will require each
participant to prepare an actuarial study, and have the council approve a
resolution adopting the program. The FIC / Council will need to decide amount of
the future reliability to be funded each year. Sarah will have another update at
the April FIC meeting
7. Presentations from the floor
None
8. Adjournment at 7:55 p.m.
Next FIC meeting is April 2, 2007