1 Finance Subcommittee Meeting Draft Action Minutes
Meeting Date: December 12, 3:00 p.m.
Location: City Manager’s Conference Room – City Hall
Recording Secretary: Helga Foushanes
In Attendance: Tim Lilligren, Treasurer
Richard Montgomery, Mayor
Steve Napolitano, Council Member
Bruce Moe, City Manager
George Gabriel, Assistant to the City Manager
Steve S. Charelian, Finance Director
Julie Bondarchuk, Financial Controller
Amira Khodari, Accounting Supervisor
Emy-Rose Hanna, Revenue Services Supervisor
Called to Order: 2:58 p.m. by Tim Lilligren, Treasurer
Agenda Item #1 – Public Comments
None.
Agenda Item #2 - Approval of Minutes from September 28, 2023 Finance Subcommittee Meeting
The Finance Subcommittee approved the minutes of September 28, 2023.
Agenda Item #3 - Review of Results of Fiscal Year 2022-2023 Financial Audit Staff presented the year-end financial statements for FY 2022-2023. Kelly Telford, a partner from the City’s audit firm Lance, Soll and Lunghard, LLP, was present to answer questions. Based on the results of the audit, staff foresees no issue with obtaining an unmodified opinion, which means the City’s financial statements are fairly presented in all material respects. A report will be prepared and presented to the City Council with the results in January/February. The Finance Subcommittee discussed, received and filed the report.
Agenda Item #4 – CalPERS Update Fiscal Year 2022-2023
Staff provided the annual update for CalPERS reporting in FY 2022-2023. Each year in August, the City receives an actuarial report from CalPERS for the previous FY. CalPERS had a net investment loss of 6.1% in FY 2021-2022 and preliminary investment returns of 5.8% in FY 2022-2023. Since the current discount rate is 6.8%, there will be net pension liability as a result of those two fiscal years. Staff will continue to monitor CalPERS activity and report back. The Finance Subcommittee received and filed the report
2 Agenda Item #5 - Investment Portfolio for October 2023 The Finance Subcommittee received and filed the report.
Agenda Item #6 – Month End Financials for October 2023
The Finance Subcommittee received and filed the report.
Agenda Item #7 – Fiscal Year 2023-2024 Monthly Schedule of Transient Occupancy Tax, Lease Payments and Miscellaneous Accounts Receivables The Finance Subcommittee received and filed the report.
Agenda Item #8 – April 1, 2023 through June 30, 2023 Bad Debt Write Offs for Miscellaneous Accounts Receivables, Utility Billing and Ambulance Transports Referred to Collections
The Finance Subcommittee received and filed the report.
Agenda Item #9 – Adjournment
The meeting adjourned at 3:34 p.m.