HomeMy WebLinkAboutCFAC Minutes: 05/04/2026
CITIZEN’S FINANCIAL ADVISORY COMMITTEE
SPECIAL MEETING MINUTES
MONDAY, MAY 4, 2026
CITIZEN’S FINANCIAL ADVISORY COMMITTEE SPECIAL MEETING
CALL TO ORDER – Committee Chair Mickey Segal called the meeting to order at 3:03 p.m. in the
City Council Conference Room
ROLL CALL OF COMMITTEE MEMBERS
PRESENT: Mickey Segal, Howard Ursetti, Robert Miller, Tommy Thai, Jessica Louie
ABSENT: None
1. PUBLIC COMMENTS – None
2. REPORTS FROM STAFF LIAISONS – None
3. REPORTS FROM CITIZEN’S FINANCIAL ADVISORY COMMITTEE MEMBERS - None
4. DISCUSSION ITEMS
a. Discussion and status update on the City’s progress toward implementing the Citizen’s
Financial Advisory Committee’s recommendations.
City Manager Lazzaretto made a brief introduction noting it has been a couple of years since
the committee met and that staff wanted to provide an update to the Committee regarding
the financial condition of the City and the status of the Committee’s recommendations.
Administrative Services Director Chen gave a presentation outlining the estimated results of
fiscal year 2025-26 and a brief introduction to the proposed fiscal year 2026-27 budget.
There was some discussion regarding the general economic outlook, the local real estate
market, interest rate directions and the views of the committee on the direction of the
economy for the upcoming fiscal year. It was generally agreed that the City should anticipate
moderate growth over the near term.
Staff continued with a review of the recommendations and their status. There were some
questions from Committee Member on the performance of the CalPERS portfolio and their
asset allocations. The presentation concluded with a review of the financial results for the
last 5 years and an update on the pension plan, the funded status, and impact of the City’s
issuance of pension obligations bonds. The meeting concluded with discussion on the
upcoming elections and its possible impact on the economy.
At the conclusion of the meeting, it was the consensus of the group that an annual update would
continue to be welcomed.
5. ADJOURNMENT
The Chairperson adjourned the meeting at 4:25 p.m.
__________________________ By:
Mickey Segal, Chairperson Henry Chen
Staff Liaison