#L
Date: March 12, 2026
To: Honorable Chair and Members of the Finance and Governmental Operations Committee
From: Ian Dailey, Finance Director | [email protected] Subject: Finance – Approve the Finance and Governmental Operations Committee Minutes.
Expenditure: None.
RECOMMENDATION
Recommendation of the Finance Director that the Finance and Governmental Operations Committee approve the meeting minutes of December 11, 2025.
FUNDING
None required.
ATTACHMENT
1. Finance and Governmental Operations Committee Meeting Minutes for December 11, 2025
1 Finance - Approve Finance and Governmental Operations Committee Meeting Minutes. Expenditure: None.
4A
Alexis Motonaga Torrance Finance and
Governmental Operations Committee
Minute
s
Secretary
December 11
,
2025
December 11
,
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
3:30
p.m.
on Thursday, December 11, 202
5 , in the LeRoy J. Jackson Council
Chambers.
ROLL CALL
Present: Committee Member Kalani, Committee Member Sheikh, and Chair Kaji
Also Present: City Manager Chaparyan
,
City Treasurer Goodrich, Deputy City
Treasurer Allen, Finance Director
Dailey
, Assistant Finance
Director Pabalan
2. FLAG SALUTE
Chair Kalani led the Pledge of Allegiance.
3. WELCOME AND INTRODUCTIONS
None.
4. CONSENT CALENDAR
4A. APPROVAL OF MINUTES OF FEBRUARY 27, 2024
MOTION: Committee Member Sheikh moved to accept and file the Meeting Minutes of February 26 , 202 5 . Committee Member Kalani seconded the motion; a roll call vote reflected a 3-
0 approval.
5. ADMINISTRATIVE MATTERS
City Manager Chaparyan spoke regarding the fiscal year 202
5 -26 operating budget.
5A. ACCEPT AND FILE FISCAL YEAR 2025 -
26 FIRST QUARTER BUDGET REVIEW
REPORT AND APPROVE PROPOSED FISCAL YEAR 2025 - 26 FIRST QUARTER PROGRAM MODIFICATIONS.
1) ACCEPT AND FILE THE FISCAL YEAR 2025-26 FIRST QUARTER BUDGET REVIEW REPORT; AND
2) APPROVE THE PROPOSED PROGRAM MODIFICATIONS IN THE FISCAL YEAR 2025
-
26 OPERATING EXPENDITURE BUDGET IN THE AMOUNT OF $3,672,663 IN THE CITY ATTORNEY’S OFFICE, CITY MANAGER’S OFFICE, COMMUNITY
DEVELOPMENT DEPARTMENT, COMMUNITY SERVICES DEPARTMENT, FINANCE
DEPARTMENT, GENERAL SERVICES DEPARTMENT, NON -DEPARTMENTAL,
POLICE DEPARTMENT, PUBLIC WORKS DEPARTMENT, AND TRANSIT DEPARTMENT; AND
3) APPROVE THE PROPOSED INCREASE TO THE GENERAL FUND’S FISCAL YEAR 2025-26 OPERATING REVENUE BUDGET IN THE AMOUNT OF $877,028; AND 2 ATTACHMENT 1
Alexis Motonaga Torrance Finance and
Governmental Operations Committee
Minute
s
Secretary
December 11
,
2025
4) APPROVE THE PROPOSED INCREASE TO THE GENERAL FUND’S FISCAL YEAR 2025
-
26 OPERATING EXPENDITURE BUDGET IN THE AMOUNT OF $567,602; AND 5) APPROVE THE PROPOSED DECREASE TO THE FLEET SERVICES FUND’S FISCAL YEAR 2025 -26 OPERATING REVENUE AND EXPENDITURE BUDGET IN THE AMOUNT OF $(194,654); AND
6) APPROVE THE PROPOSED INCREASE TO THE AIRPORT FUND’S FISCAL YEAR 2025
-
26 OPERATING REVENUE BUDGET IN THE AMOUNT OF $876,600; AND 7) APPROVE THE PROPOSED INCREASE TO THE AIRPORT FUND’S FISCAL YEAR 2025
-
26 OPERATING EXPENDITURE BUDGET IN THE AMOUNT OF $1,791,600; AND 8) APPROPRIATE FUNDS TO A NEWLY CREATED PROJECT IN THE AMOUNT OF $100,000; AND
9) RECOMMEND TO CITY COUNCIL TO ACCEPT AND FILE THE FISCAL YEAR 2025- 26 FIRST QUARTER BUDGET REVIEW REPORT; AND
10) RECOMMEND TO CITY COUNCIL THE APPROVAL OF THE PROPOSED FISCAL YEAR 2025 -26 FIRST QUARTER PROGRAM MODIFICATIONS AND BUDGET ADJUSTMENTS.
Finance Director Dailey presented the 202
5 -26 First Quarter Budget Review Report
and
proposed 2025
-
26 First Quarter Program Modifications which included actuals through September 30
, 202
5 .
Members of
the
Committee
spoke.
Member Kalani requested further information regarding
the police recruitment and retention program be provided in the Council meeting.
Finance Director Dailey spoke regarding
the citywide expenditures budget summary
questions, self-
insurance fund questions
, technology questions, reserve questions, capital
infrastructure plan questions, and police recruitment and retention program questions from the committee
.
City Manager Chaparyan spoke regarding
self
-
insurance fund
questions, capital
infrastructure plan questions, and police recruitment and retention program questions from the committee.
Members of the
p
ublic spoke.
MOTION: Committee Membe
r
Sheikh
moved to accept and file the FY2
5 -26 First
Quarter Budget Review Report and approve the FY25 - 26 First Quarter Program Modifications.
Committee Member
Kalani
seconded the motion; a roll call vote reflected
a 3-
0 approval.
5B. PROVIDE DIRECTION REGARDING FISCAL YEAR 2026 -
27 OPERATING
BUDGET & CAPITAL IMPROVEMENT PLAN PRIORITIES.
RECOMMENDATION OF THE FINANCE DIRECTOR THAT THE FINANCE AND
GOVERNMENTAL OPERATIONS COMMITTEE PROVIDE DIRECTION REGARDING THE FISCAL YEAR 2026
-
27 OPERATING BUDGET & CAPITAL IMPROVEMENT
PLAN PRIORITIES.
Finance Director
Dailey
presented
the proposed fiscal year 2026
-
27 Operating Budget
and Capital Improvement Plan priorities on Item
5 B.
3 Alexis Motonaga Torrance Finance and Governmental Operations Committee
Minute
s
Secretary
December 11
,
2025
MOTION: Committee Member
Kalani
moved to provide direction regarding FY26
-
27 Operating Budget and Capital Improvement Plan Priorities. Committee Member Sheikh seconded the motion; a roll call vote reflected a
3 -0 approval.
5C. ACCEPT AND FILE FISCAL YEAR 2025 -
26 FIRST QUARTER INVESTMENT
PORTFOLIO REPORT
RECOMMENDATION OF THE CITY TREASURER THAT THE FINANCE AND
GOVERNMENTAL OPERATIONS COMMITTEE ACCEPT AND FILE THE FISCAL YEAR 2025
-
26 FIRST QUARTER INVESTMENT PORTFOLIO REPORT.
Deputy City Treasurer Jasmine Allen
presented the
fiscal year 2025
-
26 First Quarter
Investment Portfolio Report on Item
5 C.
Members of the Committee spoke.
City Treasurer Goodrich and Deputy City Treasurer Allen spoke regarding
economic
securities questions from the committee
.
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.
5D. ACCEPT AND FILE AN UPDATE FOR THE CALIFORNIA PUBLIC EMPLOYEES’
RETIREMENT SYSTEM PENSION UPDATE
RECOMMENDATION OF THE FINANCE DIRECTOR THAT THE FINANCE AND
GOVERNMENTAL OPERATIONS COMMITTEE ACCEPT AND FILE AN UPDATE ON THE CALIFORNIA PUBLIC EMPLOYEES’ RETIREMENT SYSTEM.
Finance Director Ian Dailey presented the update for the California Public Employees’ Retirement System Pension
on Item
5 D.
Members of the Committee spoke.
Finance Director Dailey spoke regarding lease revenue bond
questions
from the
committee
.
MOTION: Committee Member
Kalani
moved to accept and file the proposed program
modifications. Committee Member Sheikh seconded the motion; a roll call vote reflected a 3
-
0 approval.
6. ORAL COMMUNICATIONS
Members of the public spoke.
7. CLOSING REMARKS
City Manager Chaparyan spoke.
8. ADJOURNMENT
MOTION: Committee Member Kalani moved to adjourn the meeting at 4:59 p.m. on 4 Alexis Motonaga Torrance Finance and Governmental Operations Committee
Minute
s
Secretary
December 11
,
2025
December 11, 202
5 . Committee Member
Sheikh
seconded the motion
; a roll call vote
reflected a
3 -
0 approval.
###
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