HomeMy WebLinkAboutCFAC-Minutes: 07/24/18CITIZEN'S FINANCIAL ADVISORY COMMITTEE
SPECIAL MEETING MINUTES
Tuesday, July 24, 2018 at 7:00 p.m.
CITIZEN'S FINANCIAL ADVISORY COMMITTEE SPECIAL MEETING
CALL TO ORDER — City Manager Dominic Lazzaretto called the meeting to order at 7:02 p.m.
in the Council Chambers Conference Room.
ROLL CALL OF COMMITTEE MEMBERS
PRESENT: Jessica Louie, Robert Miller, Mickey Segal, Howard Ursettie
ABSENT: Tommy Thai (late)
1. PUBLIC COMMENTS — None.
2. REPORTS FROM STAFF LIAISONS
a. Welcome and Introductions
Staff introduced themselves and explained their roles within the organization.
3. REPORTS FROM CITIZEN'S FINANCIAL ADVISORY COMMITTEE MEMBERS
a. Introductions
Members of the Citizen's Financial Advisory Committee introduced themselves and
provided information on their professional backgrounds.
4. DISCUSSION ITEMS
a. Selection of Chairperson and Vice -Chairperson
With a nomination from Committee Member Ursettie and a second by Committee Member
Miller, and no other nominations, Committee Member Segal was appointed Committee
Chairperson.
AYES: Committee Members Louie, Miller, Segal, & Ursettie
NOES: None
ABSENT: Committee Member Thai
With a nomination from Chairperson Segal and a second by Committee Member Miller,
and no other nominations, Committee Member Ursettie was appointed Committee Vice
Chairperson.
AYES: Committee Members Louie, Miller, Segal, & Ursettie
NOES: None
ABSENT: Committee Member Thai
b. Overview of Committee Goals. Objectives, & Timeline
City Manager Dominic Lazzaretto provided an overview of the Committee's goals,
objectives, and timeline. Mr. Lazzaretto explained the main goal of the Committee is to
address fiscal solvency, and recommended establishing a regular meeting schedule for
August, September, October, and November. It was the consensus of the group that the
standard meeting times would be at 8 a.m. on the 2nd and 4th Thursday of the month.
Some exceptions were noted as follows: Thursday, August 2 at 8 a.m., Wednesday,
August 15 at 6 p.m., and Thursday, September 6 at 8 a.m.
c. Presentation of City Ornanization and Financial Structure
Mr. Lazzaretto provided an overview of the City of Arcadia's organizational structure. This
included information regarding the City's Boards and Commissions, population, City staff
statistics, employee organizations, and labor agreements. Hue Quach, Administrative
Services Director, presented information to the Committee regarding the City's financial
structure, which included detailed information on the different types of funds. At the
conclusion of the presentation, Mr. Lazzaretto asked the Committee Members which
presentation topics were of particular interest to them and stated that staff will prepare the
requested information and make it available in upcoming meetings.
It was the consensus of the group to obtain information on the City's financial investment
portfolio and investment strategy; a description of which funds are restricted and
unrestricted as well as more background information on City funds; a comparison of the
City's PERS liability to other similar cities, including important information on
demographics; a categorical tax rate per capita comparison across comparable cities;
budget documents for the previous two years and the FY18-19 budget; a projection of the
City's Operating budget going forward (5 year financial model); a list of General Fund
revenue generating items the City Council can change without having to go to a vote of
the people; a copy of the report with the recommendations from the City's previous
financial committee (around year 2000); and to look at how much revenue an increase in
the Transient Occupancy Tax (TOT) would generate.
Mr. Lazzaretto asked to clarify which cities the Committee would like to see in the
comparisons. Committee Members stated the following Cities: Alhambra, San Marino, La
Canada Flintridge, Monrovia, EI Monte, Pasadena, and Glendora. Secondarily, Cities
such as Claremont, San Gabriel, and Monterey Park were acceptable. All cities should fall
within the San Gabriel Valley in order to be considered truly comparable.
Mr. Quach stated that the requested information will be provided in upcoming Committee
meetings and Mr. Lazzaretto recommended Committee members send staff any articles
or other information they find helpful to ensure information is shared among all Committee
members.
ADJOURNMENT
Chairperson Mickey S al ad' urned this
Mickey Segal, Ciflairperp
n
meeting at 8:54 p.m.
Laena Shakarian, Staff Liaison