Alexis Motonaga Torrance Finance and
Governmental Operations Committee
Minutes Secretary February 26, 2025
February 26, 2025
MINUTES OF REGULAR MEETING OF THE
TORRANCE FINANCE AND GOVERNMENTAL
OPERATIONS COMMITTEE AGENDA
1. CALL MEETING TO ORDER
The Torrance Finance and Governmental Operations Committee convened in a regular session at 4:00 p.m. on Wednesday, February 26, 2025, in the LeRoy J. Jackson Council Chambers.
ROLL CALL
Present: Committee Member Kalani, Committee Member Sheikh, and Chair Kaji
Also Present: City Manager Chaparyan, Finance Director Dailey, Assistant Finance Director Pabalan, Deputy Finance Director Poisson, Accounting Manager Cessor
2. FLAG SALUTE
Chair Kaji led the Pledge of Allegiance.
3. WELCOME AND INTRODUCTIONS
None.
4. REPORT OF STAFF ON THE POSTING OF THE AGENDA
Finance Director Poisson stated that the agenda was posted on the Public Notice Board at 3031 Torrance Boulevard and on the City’s website on Thursday, February 20, 2025.
5. CONSENT CALENDAR
5A. APPROVAL OF MINUTES OF FEBRUARY 27, 2024
MOTION: Committee Member Sheikh moved to accept and file the Meeting Minutes of December 16, 2024. Committee Member Kalani seconded the motion; a roll call vote reflected a 3-0 approval.
6. ADMINISTRATIVE MATTERS
City Manager Chaparyan spoke regarding the fiscal year 2024-25 operating budget.
Finance Director Dailey announced that items 6A and 6B would be presented together, but the motions for each item would be taken separately.
6A. ACCCEPT AND FILE FISCAL YEAR 2024-25 MID-YEAR BUDGET REVIEW REPORT. 1) ACCEPT AND FILE THE FISCAL YEAR 2024-25 MID-YEAR BUDGET REVIEW REPORT.
2) RECOMMEND TO CITY COUNCIL TO ACCEPT AND FILE THE FISCAL YEAR 2024- 25 MID-YEAR BUDGET REVIEW REPORT.
Finance Director Dailey presented the 2024-25 Mid-Year Budget Review Report which 1 4A
Alexis Motonaga Torrance Finance and
Governmental Operations Committee
Minutes Secretary February 26, 2025
included actuals through December 31, 2024.
Members of the Committee spoke.
City Manager Chaparyan spoke regarding revenue questions from the committee.
MOTION: Committee Member Kalani moved to accept and file the FY24-25 Mid-Year Budget Review Report. Committee Member Sheikh seconded the motion; a roll call vote reflected a 3-0 approval.
6B. APPROVE PROPOSED FISCAL YEAR 2024-25 MID-YEAR PROGRAM MODIFICATIONS.
1) APPROVE THE PROPOSED PROGRAM MODIFICATION IN THE COMMUNITY DEVELOPMENT DEPARTMENT’S FISCAL YEAR 2024-25 GENERAL FUND OPERATING BUDGET; AND
2) APPROVE THE PROPOSED INCREASE TO THE GENERAL FUND’S FISCAL YEAR 2024-25 OPERATING REVENUE BUDGET IN THE AMOUNT OF $250,000; AND
3) APPROVE THE PROPOSED INCREASE TO THE GENERAL FUND’S FISCAL YEAR 2024-25 OPERATING EXPENDITURE BUDGET IN THE AMOUNT OF $250,000; AND
4) APPROVE THE PROPOSED INCREASE TO THE AIRPORT FUND’S FISCAL YEAR 2024-25 OPERATING REVENUE BUDGET IN THE AMOUNT OF
$2,000,000; AND
5) APPROVE THE PROPOSED INCREASE TO THE AIRPORT FUND’S FISCAL YEAR 2024-25 OPERATING EXPENDITURE BUDGET IN THE AMOUNT OF $2,000,000; AND
6) APPROVE THE PROPOSED INCREASE TO THE WATER FUND’S FISCAL YEAR 2024-25 OPERATING REVENUE BUDGET IN THE AMOUNT OF $3,900,000; AND 7) APPROVE THE PROPOSED INCREASE TO THE WATER FUND’S FISCAL YEAR 2024-25 OPERATING EXPENDITURE BUDGET IN THE AMOUNT OF $3,900,000; AND
8) RECOMMEND TO CITY COUNCIL THE APPROVAL OF THE PROPOSED FISCAL YEAR 2024-25 MID-YEAR PROGRAM MODIFICATIONS.
Finance Director Dailey presented the proposed program modifications on Item 6B.
Members of the Committee spoke.
MOTION: Committee Member Sheikh moved to approve the proposed program modifications. Committee Member Kalani seconded the motion; a roll call vote reflected a 3-0 approval.
6C. ACCEPT AND FILE ANNUAL COMPREHENSIVE FINANCIAL REPORT FOR FISCAL YEAR ENDED 2023-2024.
1) ACCEPT AND FILE THE ANNUAL COMPREHENSIVE FINANCIAL REPORT FOR THE FISCAL YEAR ENDED 2023-2024; AND
2) RECOMMEND TO CITY COUNCIL TO ACCEPT AND FILE THE FISCAL YEAR 2024- 25 MID-YEAR BUDGET REVIEW REPORT.
2 Alexis Motonaga Torrance Finance and
Governmental Operations Committee
Minutes Secretary February 26, 2025
Accounting Manager David Cessor presented the Annual Comprehensive Financial Report for Fiscal Year ended 2023-2024 (ACFR) on Item 6C.
Cristy Canieda from Vasquez + Company, LLC presented on the ACFR for Fiscal Year ended 2023-2024 for Item 6C.
Members of the Committee spoke. Chair Kaji requested further information on the GASB standards as presented.
Finance Director Dailey spoke regarding questions to expenditures in the ACFR.
MOTION: Committee Member Sheikh moved to accept and file the proposed program modifications. Committee Member Kalani seconded the motion; a roll call vote reflected a 3-0 approval.
7. ORAL COMMUNICATIONS
None.
8. CLOSING REMARKS
City Manager Chaparyan spoke.
9. ADJOURNMENT
MOTION: Committee Member Kalani moved to adjourn the meeting at 5:14 p.m. on February 26, 2025. Committee Member Sheikh seconded the motion; a roll call vote reflected a 3-0 approval.
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