List of 2022 Budget and Audit Committee Meetings
December 14, 2022
| Agenda | Video | Agenda Packet | Transcript | Video Backup |
AI summary
The following summary was generated by an AI model from the meeting's transcript, agenda, and agenda packet, and may contain errors.
Item 1: Call to Order and Roll Call
Call to Order and Roll Call at [0:00:03].
Item 2: Public Comment on Non
This item was not taken up at the meeting.
Item 3: Action Items
The Budget/Audit Committee discussed the recommendation of appointments to the Community Financial Sustainability Committee, which would be acted on by the full City Council. The committee had completed interviews with three candidates—Jim Killeran, Hank, and Howard—and deliberated on whether to recommend all three, two, or none for appointment.
Speaker 4 noted that the committee needed a quorum to proceed and suggested waiting until more applicants were secured if a majority could not be seated. However, Speaker 3 expressed comfort in moving forward with all three candidates, citing their willingness to serve and their relevant financial backgrounds. He also emphasized the importance of avoiding a mindset of “how we’ve always done it” and welcomed diverse perspectives, including those from former council members and the treasurer.
Speaker 2 raised concerns about Jim Killeran’s suitability, suggesting his experience in large organizations might not align with the committee’s needs and that his ideas could be resource-intensive. He was open to recommending two members instead but was uncertain about advancing Jim at this time.
Speaker 4 explained that even without a quorum, the committee could still proceed with appointments, though it would be up to the full City Council to finalize the recommendations. Speaker 3 suggested staggering terms for Hank and Howard, with Hank serving a one-year term and Howard a two-year term, to facilitate knowledge transfer and avoid all members leaving at the same time. Speaker 2 and Speaker 4 agreed to this approach, and the committee ultimately decided to recommend both Hank and Howard for two-year terms.
The recommendation was approved by the committee members present, and the item was set to be included on the City Council’s agenda for the meeting on December 20.
Keywords: Community Financial Sustainability Committee, Appointments Recommendation, Candidate Selection, Term Staggering, Quorum Concerns, Financial Backgrounds, Diverse Perspectives
Item 4: Adjournment
Adjournment at [0:38:00].
See the full transcript here.
December 05, 2022
| Agenda | Video | Agenda Packet | Transcript | Video Backup |
AI summary
The following summary was generated by an AI model from the meeting's transcript, agenda, and agenda packet, and may contain errors.
Item 1: Call to Order and Roll Call
This item was not taken up at the meeting.
Item 2: Public Comment on Non
The Budget/Audit Committee meeting commenced at 4:00 p.m. with the chairperson confirming the attendance of Committee members Holly Tillman and Jeff Wan. The chairperson then moved to the next agenda item: public comment on non-agenda items. The chairperson noted that no speaker cards were available but asked if anyone in the audience wished to speak about matters not listed on the agenda. No members of the public indicated an intention to speak on non-agenda items, and the meeting proceeded to action items without further discussion on this topic.
Keywords: Budget/Audit Committee, public comment, non-agenda items, speaker cards
Item 3: Action Items
The Budget/Audit Committee discussed the proposed debt management policy, which is required by state law and aligns with best practices from the Government Finance Officers Association. Nitesh Sharma, the interim finance director, explained that the policy establishes criteria for issuing debt, outlines roles for consultants and investors, and ensures that debt payments take priority over other expenditures. It also includes an internal loan policy to govern borrowing between city funds, ensuring transparency and compliance with legal requirements. Sharma noted that the city currently has limited debt, primarily from special assessment districts, and emphasized that the policy would guide future debt issuance and management.
Committee members raised questions about the policy’s language, particularly regarding the budget office’s role in tracking inter-fund loans and the inclusion of long-term financial planning in the document. Sharma clarified that the policy would be consistent with the city’s annual budget, capital improvement program, and long-term forecasts, but these documents would not be attached to the policy itself. Members also discussed the potential for inter-fund loans and the administrative burden of tracking them, with Sharma explaining that the process would involve minimal overhead and that the policy would provide transparency in such transactions.
A member noted that the city has historically avoided general fund debt and that current debt is largely assessment-driven. Another member expressed concern that the policy might inadvertently restrict the city’s flexibility, but Sharma emphasized that the policy would not prevent the city from making direct contributions between funds if needed. The committee ultimately supported moving the policy forward to the full City Council for adoption, with a motion seconded and approved by a vote.
Keywords: debt management policy, state law alignment, internal loan policy, inter-fund loans, financial transparency, long-term planning, policy adoption motion
Item 4: Adjournment
Adjournment at [0:36:37].
See the full transcript here.
May 23, 2022
| Video | BAC_SpecialSession_Agenda_05_23_2022 | Transcript | Video Backup |
AI summary
The following summary was generated by an AI model from the meeting's transcript, agenda, and agenda packet, and may contain errors.
Item 2: Public Comment on Non - Agenda Items
This item was not taken up at the meeting.
Item 3: Action Items
The Budget/Audit Committee convened to review the Fiscal Year 2022/23 draft budget and related financial updates. The City Manager, Jeff Wan, and Finance Director, Kathryn Korczak, presented an overview of the proposed budget, highlighting key challenges, including rising labor and utility costs, and the need to balance the general fund. The proposed budget projects a $122,265 deficit for the general fund, considering factors such as a 3% cost-of-living adjustment (COLA) for unrepresented miscellaneous employees, a 4% raise for police officers, and increased insurance costs.
Several options were discussed to address the deficit, including forgoing the 3% COLA for miscellaneous employees, delaying the replacement of a police vehicle, and using prepayments to save on CalPERS costs. These measures could potentially reduce the deficit by approximately $148,500. The committee was also informed about the status of various funds, including the Landscape Maintenance District Fund, the Neighborhood Street Lights Fund, and the Stormwater Fund, all of which face financial challenges or projected shortfalls.
The committee also reviewed the status of the accounting action plan, which includes efforts to improve financial reporting, streamline processes, and ensure compliance with audit requirements. The plan involves reconciling accounts, refining procedures, and potentially hiring a senior accountant to assist with these efforts. The accounting team is on track to complete most tasks by the end of the fiscal year, with the goal of soft-closing the books by July and fully closing by August.
Public comment was taken, with residents and community members offering feedback on the budget, fee schedules, and permitting processes. Concerns were raised about the cost and efficiency of permitting, with suggestions to streamline the process and reduce unnecessary administrative burdens. The committee acknowledged these concerns and committed to revisiting the fee schedule and permitting process in future meetings.
The committee did not take any formal action on the items discussed but agreed to bring forward recommendations for the June 7 meeting, including a prioritization strategy for ARPA funds and updates on the fee schedule. The meeting concluded with a commitment to continue refining the budget and financial processes in alignment with community needs and fiscal responsibility.
Keywords: Fiscal Year 2022/23 Budget, General Fund Deficit, Cost-of-Living Adjustment, CalPERS Costs, Landscape Maintenance Fund, Accounting Action Plan, Permitting Process, ARPA Funds Prioritization
Item 4: Adjournment
Adjournment at [2:41:32].
See the full transcript here.
March 14, 2022
| BAC_SpecialSession_Agenda_03_14_2022 |
March 07, 2022
| BAC_SpecialSession_Agenda_03_07_2022 |
January 31, 2022
| Video | BAC_SpecialSession_Agenda_01_31_2022 | Transcript | Video Backup |
AI summary
The following summary was generated by an AI model from the meeting's transcript, agenda, and agenda packet, and may contain errors.
Item 2: Public Comment on Non - Agenda Items
The Budget/Audit Committee moved to the next item on the agenda as no members of the public had raised their hands to speak on non-agenda items. The City Clerk, Janet Calderon, noted that there were no speakers wishing to address the committee on matters not listed on the agenda. As a result, the committee proceeded without further discussion on this item.
Keywords: Budget/Audit Committee, Public Speakers, Non-Agenda Items, Proceed Without Discussion
Item 3: Action Items
This item was not taken up at the meeting.
Item 4: Adjournment
Adjournment at [0:00:47].
Item 1: Summary of Significant Accounting Policies
This item was not taken up at the meeting.
Item 5: Capital Assets
This item was not taken up at the meeting.
Item 6: Compensated Absences
This item was not taken up at the meeting.
Item 7: Conduit Debt
This item was not taken up at the meeting.
Item 8: Unearned and Deferred Revenue
This item was not taken up at the meeting.
Item 9: Risk Management
This item was not taken up at the meeting.
Item 10: Defined Benefit Pension Plan
This item was not taken up at the meeting.
Item 11: Other Post-employment Benefits (opeb)
This item was not taken up at the meeting.
Item 12: Redevelopment Successor Agency Activities
This item was not taken up at the meeting.
Item 13: Equity Balances
This item was not taken up at the meeting.
See the full transcript here.