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Home My WebLink About01.23.2024 Finance Committee Special Meeting Agenda PacketCity Council Finance Committee Agenda January 23, 2024 Page 1 of 3 SARATOGA CITY COUNCIL FINANCE COMMITTEE January 23, 2024 4:00 P.M. SPECIAL MEETING Public Participation Information In accordance with Saratoga City Council’s Remote Public Participation Policy, members of the public may participate in this meeting in person at the location listed below or via remote attendance using the Zoom information below. In the event remote participation technology is unexpectedly unavailable, the meeting will proceed in person without remote participation. Members of the public can view and participate in the meeting by: 1. Attending the meeting in person in the Linda Callon Conference Room located at 13777 Fruitvale Avenue, Saratoga CA 95070; OR 2. Accessing the meeting through Zoom * Webinar URL: https://us02web.zoom.us/j/89598379530 * Webinar ID: 895 9837 9530 * Calling 1.669.900.6833 or 1.408.638.0968 Written Communication Comments can be submitted in writing at www.saratoga.ca.us/fc. Written communications will be provided to the members of the City Council and included in the Agenda Packet and/or in supplemental meeting materials. Public Comment Members of the public may comment on any item for up to three (3) minutes. The amount of time for public comment may be reduced by the Mayor. Meeting Recording Information In accordance with the Saratoga City Council’s Meeting Recording Policy, the City Council Finance Committee Meetings are recorded and made available following the meeting on the City website. City Council Finance Committee Agenda January 23, 2024 Page 2 of 3 CALL TO ORDER ROLL CALL Public Comment AGENDA ITEMS 1. Finance Committee Minutes Recommended Action: Review and approve the minutes for the October 10, 2023, Finance Committee Regular Meeting. Finance Committee Minutes 2. 2024 Regular Meeting Schedule, Tentative Agenda Topics, and Draft 2024-25 Budget Calendar Recommended Action: Adopt regular meeting schedule and tentative agenda topics for 2024 Receive Draft 2024-25 Budget Calendar Memo - Draft 2024 Meeting Schedule Agenda Topics & Draft 2024-25 Budget Calendar Draft 2024-25 Attachment A Budget Calendar - For Finance Committee 3. Preview of Council Retreat Topics Recommended Action: Receive preview on topics for January 30, 2024 Council Retreat Memo-Preview of Council Retreat Topics ADJOURNMENT CERTIFICATE OF POSTING OF THE AGENDA, DISTRIBUTION OF THE AGENDA PACKET, COMPLIANCE WITH AMERICANS WITH DISABILITIES ACT I, Gina Scott, Administrative Analyst for the City of Saratoga, declare that the foregoing agenda for the meeting of the City Council Finance Committee was posted and available for public review on January 17, 2024, at the City of Saratoga, 13777 Fruitvale Ave., Saratoga, CA 95070, and on the City’s website at www.saratoga.ca.us. Signed this 17th day of January 2024 at Saratoga, California. Gina Scott, Administrative Analyst In accordance with the Ralph M. Brown Act, copies of the staff reports and other materials provided to the Committee by City staff in connection with this agenda, copies of materials distributed to the Committee concurrently with the posting of the agenda, and materials distributed to the Committee by staff after the posting of the agenda are available on the City City Council Finance Committee Agenda January 23, 2024 Page 3 of 3 website at www.saratoga.ca.us and are available for review in the office of the City Clerk at 13777 Fruitvale Avenue, Saratoga, California. In compliance with the Americans with Disabilities Act and the Governor’s Executive Order, if you need assistance to participate in this meeting, please contact the City Clerk at bavrit@saratoga.ca.us or call 408.868.1216 as soon as possible before the meeting. The City will use its best efforts to provide reasonable accommodations to provide as much accessibility as possible while also maintaining public safety. [28 CFR 35.102-35.104 ADA title II] City Council Finance Committee Minutes – October 10, 2023 Page 1 MINUTES SARATOGA CITY COUNCIL FINANCE COMMITTEE MEETING OCTOBER 10, 2023 CALL TO ORDER The meeting was called to order at 4:01 p.m. ROLL CALL Present:Mayor Kookie Fitzsimmons, Council Member Page Also Present:James Lindsay, City Manager Dan Jacobson, Interim Administrative Services Director 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 October 6, 2023. AGENDA ITEMS 1. Finance Committee Minutes Recommended Action: Approve the minutes for the September 12, 2023 Finance Committee Regular Meeting. PAGE/FITZSIMMONS MOVED TO APPROVE THE MINUTES FOR THE SEPTEMBER 12, 2023 FINANCE COMMITTEE REGULAR MEETING. MOTION PASSED BY VERBAL ROLL CALL. AYES: PAGE/FITZSIMMONS NOES: NONE. ABSTAIN: NONE. 2. Pension Expenses and Reporting Recommended Action: Receive presentation from Foster and Foster on pension expenses, actuarial valuation, and GASBS 68 disclosure report as of June 30, 2023. Dan Jacobson, Interim Administrative Services Director, introduced Kateryna Pryor from Foster and Foster who gave a brief overview on the GASBS 68 pension expenses disclosure report. After some discussion it was decided that staff will present the Actuarial Valuation Report for the 2024-25 fiscal year at the November Finance Committee Meeting. 3. Budget in Brief Conceptual Review Recommended Action: James Lindsay, City Manager, presented a draft of the budget in brief postcard that will mailed to all Saratoga householdsand asked for Committee feedback. The various department sections were discussed, and the consensus was made to proceed with the direction to mail the postcard after a final review. ADJOURNMENT THE MEETING WAS ADJOURNED AT 4:38 PM. 3 City Council Finance Committee Minutes – October 10, 2023 Page 2 Minutes respectfully submitted: Gina Scott, Administrative Analyst City of Saratoga 4 Memorandum 1 DATE: January 23, 2024 TO: Finance Committee FROM: Ryan Hinchman,Administrative Services Director SUBJECT: 2024 Regular Meeting Schedule, Tentative Agenda Topics, and Draft Budget Calendar City staff recommends that the Finance Committee take the following action: 1.Establish and adopt the Committee’s regular monthly meeting schedule, including date and time, and adopt the tentative agenda topics provided below.Staff recommends scheduling the meetings at 4:00 pm on the second Tuesday of each month, consistent with the meeting time in 2023. 2.Receive the Draft Budget Calendar (Attachment A) February (date to be determined) Financial policies –A comprehensive review and update of City Council adopted financial policies March (date to be determined) Financial policies –Proposed draft financial policy updates April (date to be determined) Financial policies –Final draft review and recommend City Council action 2024-25 preliminary budget review –Presentation of preliminary budget, provide input and requests for additional information May (date to be determined) Review 2024-25 enabling resolutions (Gann Limit, General Obligation (GO) Bond rate, Arrowhead assessment review)and recommend City Council action June, July, August Proposed summer recess September (date to be determined) Preliminary fiscal year-end close –Receive staff report on year-end actuals as of June 30, 2024 October (date to be determined) Agenda items to be determined November (date to be determined) Report from City’s Independent Auditor on the City’s Annual Comprehensive Financial Report for the fiscal year ended June 30, 2024 5 Memorandum 2 December (date to be determined) Agenda items to be determined 6 2024-01-23 City of Saratoga Attachment A 2024-25 Budget Calendar (Subject to Change) 1/23/24 Finance Committee 2024-25 Meeting Schedule and Budget Calendar Agenda Topics 2024-25 Council Retreat Budget Preview 01/30/24 City Council Retreat Mid year update and financial forecast Service Level Exercise Capital Improvement Program Preview 2/21/24 City Council CIP Prioritization Meeting February 2024 Finance Committee City Council financial polices review General financial operating policies review March 2024 Finance Committee Financial Policies – Proposed draft with updates 4/3/24 City Council Capital improvement program (CIP) projects and funding, final review April 2024 Finance Committee Final draft financial policy updates 2024-25 preliminary budget 5/1/24 City Council 2024-25 budget and financial policies review May 2024 Finance Committee Review enabling 2024-25 Resolutions: Gann Limit, General Obligation (GO) Bond Rate, and Arrowhead Assessment review 5/15/24 City Council 2024-25 draft proposed budget, requests clarification, and consensus direction for proposed budget public hearing 6/5/24 City Council 2024-25 Proposed Budget Public Hearing 7 2024-01-23 City of Saratoga Attachment A 2024-25 Budget Calendar (Subject to Change) 6/19/24 City Council Adopt 2023-24 budget and enabling resolutions 7/1/24 Beginning of fiscal year 2024-25 8 Memorandum 1 DATE: January 23, 2024 TO: Finance Committee FROM: Ryan Hinchman, Administrative Services Director SUBJECT: Preview of Council Retreat Topics 1.Mid-Year Update Solid waste revenue Fiscal Year (FY)2024 year-end estimate 2.Financial Forecast Revenue and expenditure trends Capital transfers, strategic decisions Potential ERAF impact, future budget refinements 3.Service Level Exercise Identify $1.5M budget savings Brief on programs and costs Council allocates dots to programs for service reduction Second round for program elimination to achieve savings 4.Capital Improvement Projects (CIP) Preview Receive FY2025 proposed projects 5.Housing and Legislative Updates 9