HomeMy WebLinkAbout06.13.2023 Finance Committee MinutesCity Council Finance Committee Minutes – June 13, 2023
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MINUTES
SARATOGA CITY COUNCIL FINANCE COMMITTEE
MEETING
JUNE 13, 2023
CALL TO ORDER
The meeting was called to order at 4:23 p.m.
ROLL CALL
Present: Mayor Kookie Fitzsimmons, Council Member Page
Also Present: James Lindsay, City Manager
Nick Pegueros, Administrative Services Director
Leslie Arroyo, Assistant City Manager
Ann Xu, Accountant II
Gina Scott, Administrative Analyst
REPORT ON POSTING OF THE AGENDA
The Administrative Analyst reported the agenda for this meeting was properly posted on June 8,
2023.
AGENDA ITEMS
1. Finance Committee Minutes
Recommended Action:
Approve the minutes for the May 9, 2023 Finance Committee Regular Meeting.
PAGE/FITZSIMMONS MOVED TO APPROVE THE MINUTES FOR THE May 9, 2023 FINANCE
COMMITTEE REGULAR MEETING. MOTION PASSED BY VERBAL ROLL CALL. AYES:
PAGE/FITZSIMMONS NOES: NONE. ABSTAIN: NONE.
2. 2023-24 Enabling Budget Resolutions
Recommended Action:
Receive draft staff reports and provide requests for clarification.
Nick Pegueros, Administrative Services Director, gave an overview of the 2023-24 enabling
resolutions which included the Appropriations Limit, GO Bond Tax Levy, and the Arrowhead
Property Tax Levy.
NO ACTION NECESSARY.
City Council Finance Committee Minutes – June 13, 2023
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3. 2023-24 Investment Policy
Recommended Action:
Approve amended policy and recommend City Council approval.
Nick Pegueros, Administrative Services Director, provided an overview of the 2023-24
Investment Policy and identified edits which included clarification on investment guarantees,
a request to increase the authorized deposits to LAIF’s maximum deposit amount of $65
million, and to authorize the City to join a joint powers investment pool to allow the City to
explore additional investment opportunities.
PAGE/FITZSIMMONS MOVED TO APPROVE THE AMENDED INVESTMENT POLICY AND
RECOMMENDED MOVING THE POLICY FORWARD TO CITY COUNCIL. MOTION PASSED BY
VERBAL ROLL CALL. AYES: PAGE/FITZSIMMONS. NOES: NONE. ABSTAIN: NONE.
4. California CLASS Presentation
Recommended Action:
Receive presentation on alternative investment options and provide feedback.
Nick Pegueros, Administrative Services Director, provided an overview of the Joint Powers
Investment Pools and introduced Brent Turner from California Class Joint Powers Investment
Pool to provide a presentation.
Councilmember Page requested that a summary of the documents provided in the
presentation be shown to the City Council and a request to see, in greater detail, where the
funds are invested.
NO ACTION NECESSARY.
5. Committee Meeting Schedule and Tentative Agenda Topics
Recommended Action:
Confirm meeting schedule and tentative agenda topics.
Nick Pegueros, Administrative Services Director, asked for confirmation of the summer
schedule and listed tentative agenda topics for the September 2023 Finance Committee
meeting which would include a review of the Contract and Professional Services based on a
request that was made at the February Council Retreat.
PAGE/FITZSIMMONS MOVED TO CANCEL THE JULY AND AUGUST MEETINGS. MOTION
PASSED BY VERBAL ROLL CALL. AYES: PAGE/FITZSIMMONS. NOES: NONE. ABSTAIN: NONE.
City Council Finance Committee Minutes – June 13, 2023
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ADJOURNMENT
PAGE/FITZSIMMONS MOVED TO ADJOURN THE MEETING AT 5:02 PM. MOTION PASSED BY
VERBAL ROLL CALL. AYES: PAGE/FITZSIMMONS. NOES: NONE. ABSTAIN: NONE.
Minutes respectfully submitted:
Gina Scott, Administrative Analyst
City of Saratoga