HomeMy WebLinkAboutAugust 3Finance and Investment Committee Meeting
Town of Los Altos Hills
Town Hall Council Meeting Room
Monday, August 3, 2009
Chair Roddy Sloss who prepared these minutes called the meeting to order at 6:05 p.m.
Members present: Allan Epstein, Jim Lai, Jean Mordo, Roddy Sloss, Lalla Stark (from 6:30 pm)
Members absent: Frank Lloyd, Stan Mok
Staff present: Nick Pegueros, Finance Director
Associate Member: Doug Norby
Public present: None
Approval of minutes: The July 6, 2009 meeting minutes were approved as submitted
Report by Jean Mordo – recent city council activities of interest: Westwind Barn funding
totaling up $1,050k including $1.05 million previously proposed, $100k for a third party project
manager, and $100k for contingencies. In addition Friends of Westwind Barn are contributing
$150k, the local fire District is contributing $150k and there may be additional funding from the
Packard Foundation. Available funding is expected to exceed project requirements.
Comments by Nick Pegueros on recent Finance Department activities:
Property tax revenue of $378k will be loaned to California by the Town as previously planned. A
CPA firm has been hired as a consultant to prepare the Town’s annual financial statements. These
financial statements will be audited by an independent CPA who is the Town’s incumbent auditor.
Last year the auditor prepared the financial statements. The unaudited CPA consultant prepared
financial statement is expected to be available for FIC review in its October 5, 2009 meeting. The
June 30, 2009 annual audit is expected to be completed in October 2009. Permanent Finance open
positions are not expected to be filled until October 2009.
Review of FIC future meeting calendar.
The next FIC meeting is scheduled for September 21, 2009 at 5 pm. The primary subject is
expected to be a third party presentation on Town pensions. Lalla Stark referred a recent news
article about pension issues in Palo Alto to Nick Pegueros for review and comment at the
September 21, 2009 meeting.
Election of FIC Officers:
Roddy Sloss was reelected Chairman, Stan Mok (in absentia) was reelected Vice Chairman and
Roddy Sloss was reelected Secretary all for a one year term.
Continued
Finance and Investment Committee Meeting Minutes, Monday, August 3, 2009
Presentation by John Rowe, Account Manager, Tyler Technologies on proposed new Finance
Department software:
Mr. Rowe made a slide presentation to the FIC on Tyler Technologies company background,
qualifications and relevant products and then took questions from the Committee. Tyler is a 10 year
old New York Stock Exchange listed Texas based software company focused on selling products to
governments in the U.S.. the software is used for financial and administrative functions. Tyler has
approximately 8,000 customers and 2000 employees.
Tyler proposes to license its INCODE product line to the Town for General Ledger, Budget,
Account Payable, Purchase Order, Bank Reconciliations, and GASB 34 applications at a cost of
$3,300 per month for a period of at least 3 years. The monthly fee includes installation, hotline
support, all software updates and maintenance as well as on line access to all software products,
data storage and retrieval, training products all accessible to three concurrent users. Tyler believes
it has the largest market share competing with Harris (2nd largest), Microsoft, SAP, Caselle,
Sunguard (incumbent supplier), New World and Spring Book among others. Presently Tyler has
500 accounts using this online service offered to the Town. This Tyler software comes with
predefined reports and a three-dimensional database-enabling users to define and publish their own
reports. Security features include ability to limit access and require multiple approvals prior to
recording transaction in the General Ledger. A user group is available sponsored by the Town of
Hollister and other nearby users are in Albany, Soledad and Mill Valley.
Nick Pegueros characterized Tyler as the leading candidate for this purchase. Remaining tasks
before Nick proposes this purchase to Council include reference checking, review and approval by
the Town Manager as well as another review by the FIC.
Expected benefits are: 1) third party software management; 2) online vendor sponsored employee
training; 3) user group; 4) integrated accounting system with ability to expand; 5) industry leading
product; and 6) timely generation of interim comparative budget to actual financial reporting.
Presentations from the floor - none
Future Meeting Calendar: Next meeting is 5:00 pm Monday September 21, 2009 at Town Hall.
The September 7, 2009 meeting is cancelled.
Adjournment - The meeting adjourned at 7:00 p.m.