HomeMy WebLinkAboutApril 26Finance and Investment Committee Special Meeting
Town of Los Altos Hills
Town Hall, Monday, April 26, 2012
The meeting was called to order at 4:00 pm by Chairman, Allan Epstein.
Members present: Allan Epstein, Kjell Karlsson, Jim Lai, Frank Lloyd, Susan Mason,
Stan Mok, Jean Mordo, John Radford, Bill Silver and Roddy Sloss.
Members absent: none
Staff present: Carl Cahill, Town Manager, Nick Pegueros, Finance Director, Rob
Stout, Interim Part Time Finance Director, and Richard Lee,
Finance Manager
Public Present: Gary Waldeck (in audience)
Approval of minutes:
Approval of the March 5, 2012 regular meeting minutes was deferred pending additional
comments on Keenan & Associates presentation.
Introduction of Susan Mason:
The Chairman introduced Susan Mason who is joining the committee. Lalla Stark had resigned
since she is leaving Los Altos Hills.
Introduction of Rob Stout:
Mr. Cahill introduced Rob Stout as the town’s interim Finance Director to temporarily replace
Nick Pegueros (who resigned effective April 27, 2012) while a full time replacement is recruited.
Mr. Stout previously served as Finance Director for the City of Vallejo. Mr. Stout will offer
municipal accounting training to interested committee members. The Committee thanked Mr.
Pegueros for his service. Mr. Cahill stated a professional recruiter will assist in filling the
position.
Report by Jean Mordo on recent Council activities of interest:
Mr. Mordo noted that three town Planning Commission positions are becoming available. In
addition, three Town Council Members will be elected this year with only one incumbent
expected to run. The Fire Commission initiative proposed by Town Council resulted in a letter
from County Supervisor Liz Kniss stating that she would recommend to the Supervisors that the
County institute term limits for Commissioners beginning this year and that she was comfortable
with the County retaining responsibility for appointing Commissioners. Mr. Radford noted that
Town Council may establish an adhoc Purissima Water District committee to study opportunities
to reduce costs.
DRAFT – page 2. Minutes – April 26, 2012 Finance and Investment Committee Meeting
Report by Nick Pegueros on June 30, 2013 proposed budget:
Mr. Pegueros handed out materials, and presented and responded to questions on the June 30,
2013 budget proposed by Town management. The Committee requested additional slides
highlighting cost recovery for building and planning activities and parks and recreation activities,
and slides detailing proposed recurring revenue, recurring spending, capital spending, and
reserve balances. The Committee requested staff propose approximately $300,000 in non salary
cost reductions that would balance projected 2013 revenue with operating expenses and
transfers. Discussion included capital spending, non recurring spending, and factors affecting
recurring revenue.
Presentations from the Floor:
None.
Proposed topics and dates for future meetings:
The next FIC regular meeting scheduled for May 7, 2012 is cancelled. A special meeting with
Town Council is scheduled at 5:30 pm, Thursday May 31, 2012 to review the proposed June 30,
2013 budget. The next FIC meeting is scheduled for Monday, June 11, 2012 to review Town
investments.
Adjournment: The meeting adjourned at 5:25 pm
Respectfully submitted by Roddy Sloss, Committee Secretary