1 Finance Subcommittee Meeting Action Minutes
Meeting Date: March 6, 2025, 10:00 a.m.
Location: City Manager Conference Room
Recording Secretary: Helga Foushanes
In Attendance: Tim Lilligren, Treasurer
Amy Thomas Howorth, Mayor
David Lesser, Mayor Pro Tem
Talyn Mirzakhanian, City Manager
Onyx Jones, Interim Finance Director
Julie Bondarchuk, Financial Controller
Libby Bretthauer, Financial Services Manager
Emy-Rose Hanna, Revenue Services Supervisor
Marcelo Serrano, Budget and Financial Analyst
Called to Order: 10:05 a.m. by Treasurer Tim Lilligren
Agenda Item # 1 – Public Comments
None.
Agenda Item # 1- Approval of Minutes from February 13 , 2025, Finance S ubcommittee Meeting
The Finance Subcommittee approved the minutes of the February 13, 2025, meeting.
Agenda Item # 2 Long Term Financial Planning and Financial Policy Updates Staff gave a presentation of the City’s Long Term Financial Planning and Financial Policy Updates. The Finance Subcommittee directed staff to prepare the following:
• Provide a comprehensive background and narrative for full City Council regarding the Pension Unfunded Accrued Liability, explaining “savings” achieved through the issuance of POBs and the flexibility to allocate the savings based on changing budgetary needs.
• Provide annual updates on pension liabilities and costs. • Include an update on Property Tax revenues when taking the Proposed Budget to the full City Council on May 6, 2025.
The Finance Subcommittee approved the following:
• Changes per Staff recommendations in Section 2, 3, 4, 5, 6 and 9 of the Financial Policies, as well as the changes in the Unfunded Pension Liability Policy. Key changes included:
o That the internal deadline for the presentation of the ACFR is pushed back to February 28 instead of February 1.
2 o Transferring $5 million annually to the CIP Fund from the General Fund; and revising the list of dedicated funding sources so that all parking citation funds remain in the General Fund and all parking meter funds remain in the Parking Fund.
o The FSC committee approved that financial reports and portfolios be presented on a quarterly basis going forward, but to recommend it to the full City Council at the time of the budget.
The
se changes will be presented to the City Council with the Proposed Budget and Financial Policies on May 6, 2025.
Adjournment
The meeting adjourned at 10:55 p.m. to next meeting March 31, 2025, 1:30 p.m., City Manager Conference room.