MINUTES OF THE
CITY OF SAN RAMON FINANCE COMMITTEE
February 6, 2023
1. CALL TO ORDER
The meeting was called to order at 4:00 PM.
Attendee Name Title Status Arrived
Mark Armstrong Chair Present
Scott Perkins Vice Chair Present
Miaoxia Joe, Financial Analyst
Adolfo Navarro, Accounting Specialist
Kelly Sessions, Administrative Services Director
Steven Spedowfski, Interim City Manager
2. PUBLIC COMMENT
Public comment was received from An Old Rock regarding sales tax and e-commerce where agencies received a bigger percentage of the sales tax than the City of San Ramon.
She emphasized that in order to be able to continue to maintain Police, Fire, Infrastructure and Parks Maintenance, the city needs to think on different ways to find funds. She is concerned that property values would go down due to the recent layoffs in the market. This would result in city's traditional revenue being affected. She wants the city to fight for the money collected in sales tax that residents spend via e-commerce.
3. APPROVAL OF MINUTES
3.1 Finance Committee - Regular Meeting - Dec 12, 2022 4:00 PM An Old Rock commented on the December 12, 2022 meeting minutes and wanted to pass a message from Elena de Formosa stating that staff did a good job reflecting the proper comments.
RESULT: ACCEPTED [UNANIMOUS]
AYES: Armstrong, Perkins
4. UNFINISHED BUSINESS
5. NEW BUSINESS
5.1 City of San Ramon Quarterly Investment Report (Period Ending December 31, 2022)
Staff Report by Miaoxia Joe, Finance Analyst
2 Finance Committee Meeting – February 6, 2023
Public Comment was received from An Old Rock explaining that she is not happy with the analysis stating that report did not provide information needed by Council to be able to make investment decisions and are simply graphs. She questioned how the city would handle any shortage in funds.
The Finance Committee accepted the report.
RESULT: APPROVED [UNANIMOUS]
AYES: Armstrong, Perkins
5.2 California Employer’s Benefit Trust (CERBT) for the Period Ending December 31, 2022
Staff Report by Miaoxia Joe, Finance Analyst
Public Comment was received by An Old Rock who disputed the AAA status, stating that information is not based on facts, but solely on opinions. She questioned how liquid the funds are and if there are limitations.
The Finance Committee accepted the report.
RESULT: APPROVED [UNANIMOUS]
AYES: Armstrong, Perkins
5.3 PARS Pension Stabilization Trust Statement for the Period Ending December 31, 2022
Staff Report by Miaoxia Joe, Finance Analyst
Public Comment was received by An Old Rock regarding the city's ability to fulfill obligations on pension/retirement and questioned investment management specifically on Certificate of Deposits and possible higher rates in the market.
The Finance Committee accepted the report.
3 Finance Committee Meeting – February 6, 2023
RESULT: APPROVED [UNANIMOUS]
AYES: Armstrong, Perkins
6. COMMITTEE MEMBER COMMENTS
Committee members had nothing additional report.
7. ADJOURNMENT
The next Finance Committee Meeting is scheduled for March 6, 2023