Finance Subcommittee (FSC) Meeting Draft Action Minutes
Meeting Date: December 18, 2025, 9:00 a.m.
Location: Police/Fire Community Room
Recording Secretary: John Albi
In Attendance: Tim Lilligren, Treasurer
David Lesser, Mayor
Joe Franklin, Mayor Pro Tem
Talyn Mirzakhanian, City Manager
Libby Bretthauer, Finance Director
Julie Bondarchuk, Financial Controller
Emy-Rose Hanna, Financial Services Manager
Toni Page, Revenue Services Supervisor
Amira Khodari, Accounting Supervisor
Marcelo Serrano, Grants & Financial Analyst
John Albi, Management Analyst
Called to Order: 9:03 a.m. by Treasurer Tim Lilligren
Agenda Item – Public Comments
None
Agenda Item #1- Approval of Minutes from July 28, 2025, Finance Subcommittee Meeting
The FSC approved the minutes of the July 28, 2025, meeting.
Agenda Item #2 – Presentation of Development Impact Fee Nexus Study All Department Heads, as well as Fire Marshal’s Shin and Gomez were present. The Harris & Associates representative explained that this study needs to be done every 8 years and gave a comprehensive report and PowerPoint presentation. The Finance Subcommittee felt that since the City did not have a study in the past, and due to the large amount of information to prepare and conduct a Study Session before taking it to full City Council.
Agenda Item #3 – Presentation of Fiscal Year 2024-2025 Draft Annual Comprehensive Financial Report (ACFR)
LSL consultant Christian Townes presented the draft ACFR and audit results. The City received an unmodified opinion on the FY 2024-2025 financial statement, which is the best possible outcome. The audit resulted in a finding that the qualitative aspects of Accounting Practices showed some deficiency in internal control.
Agenda Item #4 – Recording of Non-Cash Accounting Related Transactions Staff need to bring non-cash accounting-related transactions, in particular fund transfers, up to standard practice before mid-year budget. Staff will reach out to the new auditors for best recommendations.
Agenda Item #5 – CalPERS Update as of FY 2024-2025
The Finance Subcommittee directed staff to prepare an investment return analysis and authorized staff to hire an outside consultant for an unbiased look and include the analysis as an action item on the City Council meeting agenda at a future date.
Agenda Item #6 – New Information Item: Active Grants Report The Finance Subcommittee received the report.
Agenda Item #7 – Investment Portfolio for the Month Ending October 31, 2025 Information Item only
Agenda Item #8 – Month-End Financial Reports as of October 31, 2025 Information Item only
Agenda Item #9 – Fiscal Year 2025-2026 Monthly Schedule of Transient Occupancy Tax, Lease Payments and Miscellaneous Accounts Receivables Information Item Only
Adjournment
The meeting adjourned at 12:15 p.m.