HomeMy WebLinkAboutApril 7Finance and Investment Committee Meeting
Town of Los Altos Hills
City Council Chambers
Monday, April 7, 2008
The meeting as called to order at 5:07 p.m. by Chair Roddy Sloss
Members present: Chair Roddy Sloss, Doug Norby, Jim Lai, Lalla Stark, Frank Lloyd,
Jean Mordo, Stan Mok, Wilf Corrigan.
Members absent: Karl Kneip
Staff present: Nick Pegueros
Public present: Nick Ward
Approval of minutes: The Minutes from the February 4, 2008 meeting were read and
approved as amended.
Recent Town Council Activities of Interest: Jean Mordo-1. Discussion regarding the
approval of LAH waste disposal by Green Waste. 2. Donations made-the day worker
$25,000 donation, Bullis Donation $13,000 (multipurpose room projectors and misc) an
equal contribution made to the Bullis Charter School as well.
Recent Town Finance Department Activities of Interest: Nick Pegueros is preparing
fiscal 09 budget. LAH is at risk of losing $150,000 in annual revenues from State budget
cuts with respect to a grant program to fund safety issues. A Budget study session
upcoming will concentrate on LAH city needs. Green Waste negotiations are being
finalized. Public access to general information (transparency) was enhanced through on
line access to Council Meeting preparation material. Video streaming of future council
meetings could be possible.
Comments from Stan Mok on recent developments in the bond markets: 3.71% forward
interest rate based on $11,650,000. Average maturity should stay at approximately 1.5
years. There is only one callable bond callable in 2009 and the portfolio’s first bond
matures in 12/08. Quality of current instruments should be adequate (AAA rating). If we
stayed in the CAMP fund, the average life would be 6 months, and yields would be
dropping more rapidly.
Report by Roddy Sloss on review of the Town’s Property, Casualty, and Workers
Compensation insurance coverage: LAH should consider 1) receiving competitive bids,
2) requesting dividends from insurance providers, 3) evaluate the cost/benefit of higher
liability limits including umbrella coverage for claims over $100,000; and 4) clarify
earthquake and other coverage noted. The Town Council should be advised of
recommended changes after the Committee reviews and approves them.
FIC Meeting April 7, 2008 – page 2.
The following are upcoming meeting dates:
First Committee Budget Review – 5 pm April 21, 2008
Final Committee Budget Review – 5 pm May 5, 2008
City Council – FIC Joint Budget Study Session 5 pm May 22, 2008
Adjournment – The meeting adjourned at 6:45p.m.
Minutes prepared by Stan Mok, Vice Chairman
Approved in 4/21/08 FIC meeting.