OF PALOS:
CALIFORN
MINUTES OF THE JANUARY 29, 2024
SPECIAL MEETING OF THE CITY COUNCIL AND FINANCE ADVISORY COMMITTEE
OF THE CITY OF PALOS VERDES ESTATES
CALL TO ORDER AT 5:30 P.M.
ROLL CALL
PRESENT: Mayor Murdock, Mayor Pro Tem Lozzi, and Council Members Kemps, Roos, Mc Gowan
Finance Advisory Committee Chair Nendick, Vice Chair DeHoff and Members McNamara, Young, and Cochran
ALSO PRESENT: City Manager Jeng, Consultant Samario, City Attorney Rusin, Community Development Director Brady, Public Works Director Seims, Interim Finance Director Hayes, Treasurer Greenberg
COMMUNICATIONS FROM THE PUBLIC - None.
NEW BUSINESS
THIS IS A JOINT WORKSHOP BETWEEN MEMBERS OF THE CITY COUNCIL AND THE FINANCE ADVISORY COMMITTEE.
1. PROJECTION OF REVENUE NEEDS
Consultant Samario provided a presentation of the long range forecast and projection of revenue needs. Council and FAC members asked clarifying questions and provided direction regarding updates to the model and assumptions: 1) Agreement with the Revenue Growth Assumptions, 2) Average salary growth over 10 years of 4% with higher amounts in years 1 and 2, 3) Fire contract growth of 6.5%, 4) Add a contingency of $300k annually for unfunded needs, 5) Add $250k for unfunded staffing needs, 6) Model $3M for unfunded capital needs and not add tree trimming/parklands beyond what's already in the budget/forecast/growth, 6) Confirm JPIA costs. Updated model costs are to be shared with NBS for polling.
City Manager confirmed NBS would return to Council before polling begins.
CITY COUNCIL MINUTES
SPECIAL MEETING OF JANUARY 29, 2024
Dawn Murdock, Mayor
Dawn Mudork
APPROVED:
Jame code, ity let
Respectfully submitted:
ADJOURNMENT AT 6:36 P.M.
Council Member Roos left at 5:15 P.M.