HomeMy WebLinkAboutAugust 12Finance and Investment Committee Special Meeting
Town of Los Altos Hills
Town Hall, Monday, August 12, 2013
The meeting was called to order at 4:00 pm by Vice Chairman Epstein
Members present: Allan Epstein, Kjell Karlsson, Jim Lai, Frank Lloyd, Susan Mason, John
Radford, Bill Silver, Roddy Sloss, and Gary Waldeck.
Member absent: Stan Mok
Staff present: Yulia Rasulova, Administrative Services Director; Richard Lee, Finance
Manager
Public present: None
Approval of minutes:
Minutes of the June 3, 2013 regular meeting were approved as amended.
Report by Gary Waldeck on recent Council activities of interest:
A closed session Council meeting on private roads is scheduled Thursday, August 15, 2013. Two
concessionaire proposals were received from the Westwind Barn concessionaire RFP and a special
evaluation committee will meet this week to begin its evaluation of the proposals.
Interim Financial Reporting – discussion led by Roddy Sloss:
Existing practice is for two semiannual budget reviews to be performed in connection with preparation of
the annual budget and the annual report. Quarterly budget vs. actual financial reporting is a long standing
unfulfilled priority. If performed, it would be a time consuming use of limited finance department
resources. An in depth midyear budget review is planned for February 2014 covering the period from
July 1, 2013 through December 31, 2013. Considering the foregoing, the Committee approved
recommending to Council that the request for quarterly financial reports be withdrawn and formalizing
existing procedures for reporting specific reviews of financial and non financial control matters. A list of
those matters was discussed and amended. If adopted, the formalized procedure will be administered by
the Town’s Finance Department. Mr. Sloss will present the proposal to Council for its consideration.
Ms. Rasulova committed to reporting status on a short list of financial control related factors at each FIC
meeting.
Open items from the FY 2013-14 budget – discussion led by Yulia Rasulova:
Prior to the meeting, Ms. Rasulova distributed a memo to the Committee addressing items raised by
Messrs. Epstein and Sloss. The Committee received the memo and thanked Ms. Rasulova for its
preparation as well as the effort that went into preparing the budget. Mr. Radford asked that the
presentation for the next joint session budget review be summarized highlighting items Council should
address. Ms. Rasulova committed in the future to an earlier availability of the draft budget enabling a
more detailed review of the entire budget be undertaken by the Committee in advance of the Joint Session
meeting. The Committee’s June meeting vote in opposition of reducing OPEB payments in the FY 2013-
2014 budget was not conveyed to the Council and the Council approved the budget with the lesser OPEB
FIC minutes August 12, 2013 page 2.
payments. Council Liaison Members Radford and Waldeck committed in the future to ensuring that the
Council be informed of the FIC’s position on matters under consideration by the Council.
Report by Yulia Rasulova on Long Term Planning
A slide presentation on the subject matter was presented for discussion. The approach will emphasize
five year construction planning for infrastructure. The Committee encouraged the project and Mr. Silver
noted that a published five year plan should be supported by a much longer term plan so that requirements
outside the five year reporting period will be addressed on a timely basis. Ms. Rasulova plans to begin
work in September and complete a five year plan as part of the FY 2014-2015 budget process.
Administration and Finance Department Activities of interest – Yulia Rasulova:
Mr. Lee reported annual audit interim work is scheduled to begin August 19, and final audit work will
begin October 14 with a target of report issuance in November / December.
Election of Officers:
The Committee elected Mr. Epstein Chairman, Mr. Silver, Vice Chairman and Mr. Sloss, Secretary.
Presentations from the floor:
None.
Proposed topics and dates for future meetings:
The regular scheduled FIC meeting scheduled for September 2, 2013, was cancelled since it fell on Labor
Day and a special meeting is planned for Monday, September 9, 2013, at 4 PM. Topics for the meeting
include a review of the updated financial control procedures, Westwind Barn concessionaire
recommendation and Status of RIF refunds. Topics for the regular meeting on Monday, October 7, 2013,
are a review of the Town’s insurance (R Sloss), and the presentation of the Fee Study. Future topics
suggested from prior meetings include review of 7/1/14 Sheriff’s contract renewal (C Cahill) and
Advance Funding Employee Benefit Liabilities (F Lloyd).
Adjournment:
The meeting adjourned at 5:35 pm
Respectfully submitted by Roddy Sloss, Committee Secretary