HomeMy WebLinkAboutApril 1Finance and Investment Committee Regular Meeting
Town of Los Altos Hills
Town Hall, Monday, April 1, 2013
The meeting was called to order at 3:00 pm by Vice Chairman Epstein
Members present: Allan Epstein, Kjell Karlsson, Jim Lai, Frank Lloyd, John Radford, Bill
Silver, and Roddy Sloss.
Members absent: Susan Mason, Stan Mok, Jean Mordo and Gary Waldeck
Staff present: Carl Cahill, Town Manager; Yulia Rasulova, Administrative Services
Director and Richard Lee, Finance Manager.
Approval of minutes:
Minutes of the March 4, 2013 special meeting were approved as amended.
Jean Mordo, personal plans – reported by Allan Epstein:
Mr. Mordo is planning to sell his home in Los Altos Hills and move elsewhere in the community.
Report by John Radford on recent Council activities of interest:
Town Council appointed an ad hoc committee chaired by Gary Waldeck to review and investigate options
for future operations of West Wind Barn including a concessionaire model. The first meeting is April 1,
2013.
Administration and Finance Department Activities of interest – Yulia Rasulova:
A fiscal year 2014 budget schedule was reviewed with the FIC. Ms. Rasulova presented options for
updating the town’s fund structure to more accurately reflect operating responsibilities and simplify
financial reporting. Adoption including restating the financial history is planned to go into effect on July
1, 2014. After discussion and consideration of planned staff leaves and competing priorities, the FIC
voted 5-2 to defer the project until the staff had more bandwidth. Ms. Rasulova was invited to propose a
simplified plan if she wished for the FIC to consider.
Presentations from the floor:
None.
Proposed topics and dates for future meetings:
The next FIC regular meeting is Monday, May 6, 2013 at 4pm. An update on budget preparation,
responses to Jean Mordo’s reserve questions, and plans to address the material control weaknesses
identified in the FY 2012 audit are planned. Topics suggested for future meetings are reviews of the
Town’s insurance, review of 7/1/14 Sheriff’s contract renewal, and follow-up on West Wind Barn costs.
Adjournment: The meeting adjourned at 5:00 pm
Respectfully submitted by Roddy Sloss, Committee Secretary