HomeMy WebLinkAboutFebruary 3Finance and Investment Committee Regular Meeting
Town of Los Altos Hills
Town Hall, Monday, February 3, 2014
The meeting was called to order at 4:00 pm by Chairman Epstein
Members present: Allan Epstein, Kjell Karlsson, Jim Lai, Frank Lloyd, Susan Mason, ,
John Radford, Bill Silver, Roddy Sloss, and Gary Waldeck.
Members absent: Stan Mok
Staff present: Carl Cahill, Town Manager, Yulia Carter, Administrative Services
Director, Debbie Pedro, Planning Director, and Tony Sandu temporary
Finance Manager
Guests present: Chris Fisher, Project Director, Willdan Financial Services
Public present: Bill Balsom
Approval of minutes: January 13, 2014 Special Meeting minutes were approved as submitted.
Presentations from the floor:
Jim Lai noted Allan Epstein received a Volunteer of the Year Award and the Committee voiced its
congratulations.
Report on Council Activities:
Mayor Radford noted that Council in its meeting on January 14, 2014 selected a Westwind Barn
concessionaire, Victoria Dye Equestrian, LLC (Tori Dye), and the related contract was signed on January
31, 2014.
Report by Yulia Carter and Tony Sandhu 2nd draft of User Fee Study Report:
The subject materials sent out in advance were presented. Several committee members inquired about
mechanics of information presented in the handout materials. After a lengthy discussion, Mayor Radford
stated the subject had sufficient complexity to require a more easily understood presentation for Council.
He asked Messrs Lloyd, Silver and Sloss to work with staff and present to the FIC at its next meeting a
compilation of the new rates along with suggestions, if any, to further increase the recovery of Town
costs.
Report by YuliaCarter on Mid Year Budget Update and Finance Activities of Interest:
A mid-year budget review is underway. So far, it appears compensation costs are on budget, revenues are
slightly over budget and maintenance of streets is under spent. The analysis of other third party and
capital costs is not complete. Councilman Waldeck requested that the Council’s FY 2015 budget
discussion include a two year budget forecast. Mr. Epstein requested a FY 2015 budget schedule be
presented at the next FIC meeting. Ms. Carter plans a complete presentation to Council at its February
20, 2014 meeting, which can be repeated at the next FIC meeting.
February 3, 2014, con’d. page 2.
Recruiting for a permanent Finance Manager is continuing. Several applications have been received and
interviews of selected candidates will begin after the application deadline on February 14, 2014.
Discussion of Sources of Additional Revenue – Mayor Radford:
Meeting handouts were discussed primarily related to opportunities to increase the Town’s share of
property taxes collected from residents. Mayor Radford asked Chairman Epstein, and Managers Cahill
and Carter to serve with him on a special committee to further investigate opportunities. Mayor Radford
stated that he is not interested in pursuing opportunities to further tax residents at this time (other than
increasing fees.) He further stated he believes additional revenue is needed to support roadway
improvements due, in part, to maintain public roads that will formerly considered private roads.
Proposed topics and dates for future meetings:
The next regular meeting date of the FIC is Monday, March 3, 2014. Ms. Carter plans to present a
midyear budget review (July 1 – December 31, 2013) and schedule for FY 2015 Budget, Messrs Sloss,
Silver and Lloyd plan to present User Fees, R. Chiu to provide update on private road study and
preliminary cost estimate to bring sixteen identified formerly private roads to Town standard and Mayor
Radford to report on progress of identifying additional revenue sources.. Other agenda items for future
meetings are: Meeting with Bartel, the Town’s actuary; insurance review; advance funding employee
benefit liabilities; and meetings supporting the annual budget process.
Adjournment:
The meeting adjourned at 5:40 pm
Respectfully submitted by Roddy Sloss, Committee Secretary