HomeMy WebLinkAbout04.09.2024 Finance Committee MinutesCity Council Regular Finance Committee Minutes – April 9, 2024
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MINUTES
SARATOGA CITY COUNCIL FINANCE COMMITTEE
REGULAR MEETING
APRIL 9, 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: Councilmember Tina Walia (non-voting member)
James Lindsay, City Manager
Ryan Hinchman, Administrative Services Director
Leslie Arroyo, Assistant City Manager
Ann Xu, Finance Manager
Gina Scott, Administrative Analyst
REPORT ON POSTING OF THE AGENDA
The Administrative Analyst reported the agenda for this meeting was properly posted on
April 4, 2024.
AGENDA ITEMS
1. Finance Committee Minutes
Recommended Action:
Approve the minutes for the February 13, 2024, Finance Committee Regular Meeting.
AFTAB/ZHAO MOVED TO APPROVE THE MINUTES FOR THE FEBRUARY 13, 2024,
FINANCE COMMITTEE REGULAR 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 which were provided at the February Finance Committee meeting. Responses to
questions generated from the February 9th Financial Policy review were presented, and
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updates to the policies were discussed. Clarification on excess Educational Revenue
Augmentation Fund (ERAF) was also discussed.
AFTAB/ZHAO MOVED TO APPROVE TO RECOMMEND THE FINANCIAL POLICIES AS
AMENDED AND PRESENT THEM TO THE CITY COUNCIL AT THE MAY 1, 2024, COUNCIL
MEETING. MOTION PASSED BY VERBAL ROLL CALL. AYES: AFTAB/ZHAO NOES: NONE.
ABSTAIN: NONE.
When discussing the CalTRUST item below it was the consensus of the committee to go
back to the Financial Policies Agenda Item (2) and amend the motion.
AFTAB/ZHAO MOVED TO UPDATE THE FINANCIAL POLICIES FROM THE CITY’S
INVESTMENT POLICY TO INCLUDE THE ABILITY TO ALLOCATE UP TO 30% INSTEAD OF
20% FOR THE TOTAL INVESTMENT POOL. MOTION PASSED BY VERBAL ROLL CALL.
AYES: AFTAB/ZHAO NOES: NONE. ABSTAIN: NONE.
3. Treasurer’s Report Overview
Recommended Action:
Receive report overview of the monthly Treasurer’s Report.
Ryan Hinchman, Administrative Services Director, gave a high-level overview of the
Treasurer’s Report which is presented to the Council monthly. He explained each section
of the report which includes financial information as it relates to the City’s funds.
No action required.
4. Transfer to CalTRUST
Recommended Action:
Receive report on transfer to CalTRUST Joint Powers Authority (JPA) Investment Pool.
Ryan Hinchman, Administrative Services Director, gave an update on the recent transfer
of funds made to CalTRUST. Current returns were identified, and staff discussed
historical return patterns and liquidity options. Confirmation of the process for
investment timing and JPA vendor choice was discussed and reviewed.
No action required.
5. Fiscal Year 2025 Preliminary Budget
Recommended Action:
Receive fiscal year 2025 Preliminary Budget Report.
Ryan Hinchman, Administrative Services Director, provided a brief financial summary of
the 2025 preliminary budget as well as a timeline for the budget adoption. Pension
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Contributions were discussed and staff was asked to present a Pension Contribution slide
and provide a discussion on the topic during the Council budget presentation in June.
No action required.
ADJOURNMENT
THE MEETING WAS ADJOURNED AT 5:04 PM.
Minutes respectfully submitted:
Gina Scott, Administrative Analyst
City of Saratoga