HomeMy WebLinkAbout08-24-2017 Finance Committee MinutesCITY OF SARATOGA
COUNCIL FINANCE COMMITTEE ACTION
MINUTES
DATE: August 24, 2017
TIME: 11:30 a.m.
LOCATION: Administration Conference Room
Saratoga City Hall
13777 Fruitvale Avenue
Saratoga, CA 95070
PRESENT: Council Members: Miller, Lo
ABSENT: None
ALSO PRESENT: Council Members: Bernald
Staff members: Lindsay, Furey, McFarlane, Bothelio
1. Approval of Prior Finance Committee Meeting Minutes:
A. June 22, 2017 Minutes approved
2. Oral & Written Communications:
A. N/A
3. Old Business
A. None
4. New Business
A. Arrowhead Update
● Action Item - Received report, staff to include update information in Council newsletter
B. EV Vehicle Replacements
● Action Item – Staff to determine practicality of lease vs. purchase for EV vehicle
replacements, and bring to Council for direction approval
C. Actuarial Valuation Reports
● Action Item – Bring UAL funding level matter to a future Council retreat or study session to
discuss and develop philosophy on funding level goals, pay-down strategies to pursue, and
development of a policy statement.
● Action Item – Staff to include UAL payment funding direction for all three CalPERS tiers in
next budget preparation cycle.
D. Purchasing Policy Update
● Action Items – Staff to determine how many contracts between $25,000 and $50,000 have
been brought to Council in the last two years.
● Action Items – Staff to bring Purchasing Code Update item back to next Finance Committee
meeting to discuss whether to include the Purchasing Code update to the scheduled October
4th Annual Code Update report.
E. Forecast / Recession Planning Preparations
● Action Items – Staff to develop checklist or playbook for recession guidance. To include
steps taken to reduce fiscal volatility, and resources available to maintain fiscal
sustainability, recognition/diagnosis of fiscal downturn, steps to take to bridge the
immediate crisis, and potential longer term treatments to make more sustainable reforms.
Bring back recommended changes to the Fiscal Stabilization Reserve Policy during the
budget preparation process for FY 2018/19.
F. Committee Workplan
● Action Items – None
G. Next FC meeting date: Thursday, September 21, 2017 from 11:30 am – 1:00 pm
5. Adjournment Minutes approved May 15, 2008