HomeMy WebLinkAbout03-08-2018 Finance Committee MinutesCITY OF SARATOGA
COUNCIL FINANCE COMMITTEE ACTION
MINUTES
DATE: March 8, 2018
TIME: 12:30 p.m.
LOCATION: Administration Conference Room
Saratoga City Hall
13777 Fruitvale Avenue
Saratoga, CA 95070
PRESENT: Council Members Miller and Bernald
ABSENT: None
ALSO PRESENT: Staff members: Lindsay, Furey, McFarlane, Bothelio
1. Approval of Prior Finance Committee Meeting Minutes:
A. January 29, 2018 Minutes approved
2. Oral & Written Communications:
A. None
3. Old Business
A. None
4. New Business
A. Council Retreat Follow-Up
1. Fiscal Policies
• Action Item – Prepare a proposed un-encumbered Project Review step into the CIP
Prioritization Process and bring to Council Budget Study Session for review/inclusion in
FY 2018/19 Financial Policy update.
• Action Item – Bring CIP Prioritization Policy back for full review by Finance Committee
in Fall, 2018.
2. Five-Year Forecast/UAL Funding Policy
• Action Item – Prepare UAL Financial Statement that provides guidelines for accelerating
payment amounts to a 15-year repayment period that eliminates negative amortization,
reduces overall cost, and stabilizes the annual payment amount. May include annual
increase (i.e. $50k) to address increasing costs while minimizing large increases.
3. PERS early vs late retirement impact review
• Action Item – No action
B. Service Grant Update
• Action Item – Invite the three service grant agencies (United Way 211, Catholic
Charities, and West Valley Community Services) to provide presentations at the April 4th
Council meeting for their grant requests.
C. Asset Replacement Review
• Action Item – No action
D. Committee Workplan
• Action Item – Bring funding options for Bocce Ball Court project
• Action Item – Bring proposed Water Access Policy to next Finance Committee Meeting
• Action Item – Provide Budget Study Session Preview
E. Next FC meeting date - Thursday, April 12, 2018 at 12:30 pm
5. Adjournment