HomeMy WebLinkAboutMarch 9DRAFT Finance and Investment Committee Meeting
Town of Los Altos Hills
Town Hall Council Meeting Room
Tuesday, March 9, 2010
Chair Roddy Sloss who prepared these minutes called the meeting to order at 4:10 p.m.
Members present: Allan Epstein, Jim Lai, Frank Lloyd, Stan Mok, Jean Mordo, Bill Silver,
Roddy Sloss, Lalla Stark
Members absent: None
Staff present: Carl Cahill, Town Manager, Nick Pegueros, Finance Director, Richard Chiu,
City Engineer, Clinton Brownly, temporary finance staff
Guest: Duffy Price, Undergrounding Committee, Scott Ferguson, Bond Counsel for
Undergrounding Committee
Public present: Gary Waldeck, resident
Review of Draft Undergrounding Policy and Procedure:
At the request of the town’s Undergrounding Committee, a draft Undergrounding Policy and
Procedure was circulated to the Finance and Investment Committee members prior to the meeting
for comments as to whether the draft policy was clear, fair and complete. Written comments
submitted before the meeting and comments raised during the meeting were discussed. Scott
Ferguson will circulate an updated draft policy and procedure statement incorporating comments
made during the meeting to the Undergrounding Committee for further review. The discussion
concluded at approximately 5:20 pm when Ms. Price and Messrs, Brownly, Cahill, Chiu and
Ferguson excused themselves from the meeting.
Approval of minutes: The February 1, 2010 meeting minutes were approved as corrected.
Report by Jean Mordo – recent city council activities of interest
In response to question from Ms. Stark, Mr. Mordo summarized the status of Westwind Barn
construction and related costs.
Comments by Nick Pegueros on recent Finance Department activities:
The recruitment for a Finance Manager is being restarted as neither of the two final candidates
noted in the February FIC meeting were hired.
The financial statements for the fiscal year ended June 30, 2009 are not complete and an effort is
being made to complete them before the March 31, 2010 date noted in the West Loyola Bond
offering documents. A FIC meeting will be scheduled as soon as the financial statements are ready
for review. A discussion of the causes of delay in issuance of the financial statements was held.
Committee members Epstein and Sloss plan to meet with Messrs. Cahill and Pegueros to discuss
additional suggestions.
DRAFT – Finance and Investment Committee minutes, March 9, 2010 – page 2.
Present Finance department staffing is affected by the departure of experienced temporary staff and
the addition of Clinton Brownly, Temporary finance staff.
Regarding the proposed acquisition of Tyler Technologies finance and administrative software, Mr.
Pegueros reported that he visited the Town of Hollister and met with its finance department
personnel regarding their experience with implementation and use of Tyler Technologies finance
and administrative software. Mr. Pegueros also presented a schedule comparing existing software
costs (SunGard-IFAS) to estimated costs assuming adoption of Tyler-Incode. After discussion of
staffing requirements and availability for the change from existing software to Tyler software,
Committee members suggested the Tyler project be deferred until permanent staff is in place to
learn the new system and support the transition.
Presentations from the floor - none
Review of FIC future meeting calendar.
The next meeting date was tentatively set as March 29, 2010 pending completion of the June 30,
2009 financial statements. Mr. Pegueros will send Messrs. Epstein, Mok and Sloss copies of
February 28, 2010 investment and cash balances for review.
Adjournment - The meeting adjourned at 6:35 p.m.