HomeMy WebLinkAbout09-04-2015 Finance Committee MinutesMinutes approved May 15, 2008
CITY OF SARATOGA
COUNCIL FINANCE COMMITTEE
ACTION MINUTES
DATE: September 4, 2015
TIME: 8:30 a.m.
LOCATION: Council Conference Room
Saratoga City Hall
13777 Fruitvale Avenue
Saratoga, CA 95070
ATTENDEES: Miller, Cappello
ABSENT:
OTHERS IN ATTENDANCE: Staff members: Lindsay, Furey, McFarlane, M. Taylor
1. Approval of Prior Finance Committee Meeting Minutes:
a) August 20, 2015 Minutes approved
2. Oral & Written Communications:
a) N/A
3. Old Business
a) Finance Policies
1) Working Capital / Fiscal Stabilization Fund Balance Reserves
Action Item – Prepare proposed policy revisions to reflect a $1,000,000 shift of Working
Capital Reserves to Fiscal Stabilization Reserves, to better reflect reserve needs. Proposed
policy change to be brought to Council in the FY 2016/17 budget cycle.
2) Facility Reserve Policy
Action Item – Prepare proposed policy revisions to increase annual contribution to
$500,000 and present to Council in FY 2016/17 Budget Public Hearing. Concept is to
build reserve to a funding level that reflects 1/3 of total facility insured value over the next
20 years. Policy to include direction on how reserve is to be used: Such as to fund a small
facility building replacement, major facility renovations, or as down payment contribution
toward a large facility replacement. City reserve funding to demonstrate good faith
funding effort and financial stewardship for bond measures.
4. New Business
a) Committee Items
1) Other Reserve Policies Discussions
Action Item – Prepare proposed policy revisions to annual Street Resurfacing CIP funding
to increase funding direction from $1 million to $2 million.
Action Item – Prepare proposed policy revisions for priority funding. Group requirements
to allow Council to provide direction on funding allocations as needed.
Action Item – Review Storm Drain funding needs and prepare proposed reserve and/or
funding policy for Finance Committee Review. Look into Storm Drain Master Plan.
Minutes approved May 15, 2008
Action Item – Review Parks funding needs and prepare proposed reserve and/or funding
policy for Finance Committee Review.
Action Item – Michael Taylor to find Community Center Master Plan and send to Finance
Committee
b) Next FC meeting date
Action Item – Set the next meeting date for: October 2, 2015
5. Adjournment