HomeMy WebLinkAboutCFAC-Minutes: 08/23/18CITIZEN'S FINANCIAL ADVISORY COMMITTEE
SPECIAL MEETING MINUTES
Thursday, August 23, 2018 at 8:00 a.m.
CITIZEN'S FINANCIAL ADVISORY COMMITTEE SPECIAL MEETING
CALL TO ORDER — Committee Chair Mickey Segal called the meeting to order at 8:01 a.m. in
the Council Chambers Conference Room.
ROLL CALL OF COMMITTEE MEMBERS
PRESENT: Jessica Louie, Robert Miller, Mickey Segal, Tommy Thai, Howard Ursettie
ABSENT: None
PUBLIC COMMENTS — None
2. CONSENT CALENDAR
a. Approve the Meeting Minutes of August 15, 2018
It was moved by Committee Vice Chair Ursettie, seconded by Committee Member Thai
and carried on roll call vote to approve the August 15, 2018 Meeting Minutes.
AYES: Committee Members Louie, Miller, Segal, Thai, & Ursettie
NOES: None
ABSENT: None
3. REPORTS FROM STAFF LIAISONS
a. List of Handouts and Resource Materials
City Manager Lazzaretto provided an overview of the handouts and resource materials,
which included the following items:
Guiding Principles Handout
PERS Valuation Update Handout
Contract Cost Budget Detail Document
Cost Allocation Worksheet
Statement of Investment Policy Handout
November 2018 Ballot Measures Handout
Peer City Tax Rate Handout
4. REPORTS FROM CITIZEN'S FINANCIAL ADVISORY COMMITTEE MEMBERS
a. Report from Committee — None
5. DISCUSSION ITEMS
a. Presentation and Discussion Regarding City Revenues and Alternatives
City Manager Lazzaretto provided an overview of the City of Arcadia's General Fund
revenue and explained that the largest revenue source to the General Fund is from
taxes. The key revenues under this group are: Property Tax, Sales Tax, Transient
Occupancy Tax (TOT), Property Transfer Tax, Utility Users' Tax (UUT), Public Safety
Augmentation Fund, and Franchise Tax. In addition, Mr. Lazzaretto provided
information on legislation and court cases relating to sales and use tax, and revenue
enhancement options.
At the conclusion of the presentation, Mr. Lazzaretto asked the Committee Members to
provide feedback on any additional information they would like to review at future
meetings. It was the consensus of the group to obtain information on the City of
Arcadia's highest sales tax producers; local revenue measure analysis for a majority
vote and a 2/3 vote; voter approval requirements for a local property transfer tax on the
ballot at a special election; property acquisition tax analysis; and hiring an actuarial to
study the City of Arcadia's PERS calculation.
ADJOURNMENT
Chairperson Mickey Segal adjourned this meeting at 9:44 a.m.
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Mickey Segay Chair erson Laena Shakarian, Staff Liaison