HomeMy WebLinkAbout02.13.2024 Finance Committee MinutesCity Council Regular Finance Committee Minutes – February 13, 2024
Page 1
MINUTES
SARATOGA CITY COUNCIL FINANCE COMMITTEE
REGULAR MEETING
FEBRUARY 13, 2024
CALL TO ORDER
The meeting was called to order at 4:00 p.m.
ROLL CALL
Present: Mayor Yan Zhao, Councilmember Belal Aftab
Also Present: James Lindsay, City Manager
Ryan Hinchman, Administrative Services Director
Leslie Arroyo, Assistant City Manager
Ann Xu, Interim Finance Manager/Accountant
Gina Scott, Administrative Analyst
REPORT ON POSTING OF THE AGENDA
The Administrative Analyst reported the agenda for this meeting was properly posted on
February 7, 2024.
AGENDA ITEMS
1. Finance Committee Minutes
Recommended Action:
Approve the minutes for the January 23, 2024, Finance Committee Special Meeting.
AFTAB/ZHAO MOVED TO APPROVE THE MINUTES FOR THE JANUARY 23, 2024 FINANCE
COMMITTEE SPECIAL MEETING. MOTION PASSED BY VERBAL ROLL CALL. AYES:
AFTAB/ZHAO NOES: NONE. ABSTAIN: NONE.
2. Financial Policies
Recommended Action:
Review and provide updates to the City Council adopted financial policies.
Ryan Hinchman, Administrative Services Director, gave a summary of the Financial
Policies stating that all financial policies have been collated into one document. Ryan
provided an overview of the Major Reserve Policy which includes information on the
Hillside Stability Reserve and its intended use and the Future Capital Improvement
City Council Regular Finance Committee Minutes – February 13, 2024
Page 2
Program Reserve Policy which is used to fund capital budget requests. He pointed out
that general fund reserve balances are provided in the City’s Treasurer Report.
The Investment Policy was also discussed in greater detail including information on the
City’s investments with LAIF and the joint powers authority investment pool.
Feedback, thoughts, questions, and comments will be brought to the next Finance
Committee meeting for discussion before being brought to the Council for adoption.
Mayor Zhao invited public comment.
The following individuals spoke: Bill Dalton, Darrell Miller
No motion needed.
Staff will prepare additional documentation to be presented at the next Finance
Committee meeting. Staff asked the Committee to bring their comments and
suggestions to the next meeting. Mayor Zhao asked if there could be a review of the
Treasurer’s report at the next Finance Committee meeting.
ADJOURNMENT
THE MEETING WAS ADJOURNED AT 4:53 PM.
Minutes respectfully submitted:
Gina Scott, Administrative Analyst
City of Saratoga