CITY OF MILPITAS
FINANCE SUBCOMMITTEE
December 16, 2024 Finance Subcommittee Meeting Minutes Page 1
MEETING MINUTES
4:00 p.m. - 5:00 p.m.
Thursday, November 21, 2024
1st Floor Committee Conference Room
455 E. Calaveras Blvd, Milpitas
CALL TO ORDER Mayor Carmen Montano called the meeting to order at 4:00 PM and called the roll.
PLEDGE of ALLEGIANCE
ROLL CALL
Mayor Montano led the pledge of allegiance.
PRESENT: Mayor Carmen Montano, Vice Mayor Evelyn Chua
ABSENT: None
STAFF PRESENT: Matt Cano, Assistant City Manager
Luz Cofresí-Howe, Finance Director
Ria Abellera, Finance Administrative Assistant
APPROVAL OF AGENDA Motion/Second: Vice Mayor Chua/Mayor Montano Motion carried by a vote of AYES: _All_ NOES: __None__
APPROVAL OF MINUTES October 23, 2023 Minutes
Motion/Second: Vice Mayor Chua/ Mayor Montano
Motion carried by a vote of AYES: _All_ NOES: _None_
PUBLIC FORUM There were no members of the public present.
ANNOUNCEMENTS There were no announcements.
BUSINESS ITEMS i. Status of Financial Audit
a. Finance Director Luz Cofresí-Howe discussed the financial audit and timeline
ii. Investment Report
a. The Committee received the investment report for quarter ending June 30, 2024 and September 30, 2024
b. The Committee received the Section 115 Pension Trust Fund Investment Portfolio Status Report for the Quarter Ended September 30, 2024.
iii. Enterprise Resource Planning (ERP) deployment update a. Finance Director Cofresí-Howe presented the status of the City transition from its legacy financial and human resource systems to Tyler, a cloud-based SaaS solution.
iv. Financial Resiliency Model
a. Item was not discussed due to time constraint.
CITY LIAISON REPORTS No reports given.
ADJOURNMENT Mayor Montano adjourned the meeting at 5:00 PM.