Finance Commission

Name: Finance Commission — Los Gatos, CA
Start: 2021-02-08T17:00:00
End: 2021-02-08T19:00:00
Location: Los Gatos, CA

Regular Meeting

Los Gatos, CA · February 8, 2021

Agenda Packet Minutes

Minutes

TOWN OF LOS GATOS MEETING DATE: 3/8/2021 FINANCE COMMISSION ITEM NO: 1 AGENDA REPORT Minutes of the Finance Commission Meeting February 8, 2021 The Finance Commission of the Town of Los Gatos conducted a meeting via teleconference via COVID-10 Shelter in Place Guidelines on Monday, February 8, 2021, at 5:00 p.m. MEETING CALLED TO ORDER AT 5:01 P.M. ROLL CALL Present: Commissioners Ron Dickel, Loreen Huddleston, Kyle Park, Rick Tinsley, Vice Mayor Rob Rennie, and Council Member Matthew Hudes. (All participating remotely.) Absent: None Staff Present: Town Manager Laurel Prevetti, Town Attorney Rob Schultz, Assistant Town Manager Arn Andrews, Finance Director Stephen Conway, and Finance and Budget Manager Gitta Ungvari. CONSENT ITEM (TO BE ACTED UPON BY A SINGLE MOTION) None. VERBAL COMMUNICATIONS None. OTHER BUSINESS 1. Appoint Finance Commission Chair and Vice Chair. MOTION: Motion by Commissioner Rick Tinsley to nominate Ron Dickel as a Chair for the Finance Commission. Seconded by Commissioner Kyle Park. VOTE: Motion passed unanimously. MOTION: Motion by Commissioner Ron Dickel to nominate Kyle Park as a Vice Chair for the Finance Commission. Seconded by Commissioner Rick Tinsley. VOTE: Motion passed unanimously. 110 E. Main Street Los Gatos, CA 95030 ● 408-354-6832 www.losgatosca.gov PAGE 2 OF 3 SUBJECT: Minutes of the Finance Commission Meeting of February 8, 2021 DATE: February 23, 2021 2. Adopt Resolution of the Finance Commission Establishing a Time and Place for Regular Meetings. MOTION: Motion by Chair Ron Dickel to establish a regular Finance Commission meeting every second Monday of the month at 5 p.m. Meetings can be cancelled, or special meetings can be scheduled as needed. Seconded by Commissioner Loreen Huddleston. VOTE: Motion passed unanimously. 3. Provide Advice to the Town Council Regarding Mid-Year Budget Options and Five-Year Forecast Scenarios Arn Andrews presented the staff report. Commission members discussed the item and staff addressed Commission member questions. The Finance Commission had a detailed discussion of each of the options to mitigate the FY 2020/21 anticipated budget shortfall. All Commissioners agreed that: (1) the Catastrophic and Budget Stabilization Reserves should not be considered at this time and should remain intact in the event the pandemic impacts become even greater in severity; and (2) both of the OPEB options were reasonable; however, the removal of assets from the OPEB IRS 115 Trust would be contrary to the long-standing practice of trying to prefund benefit obligations. After discussion, the Finance Commission recommended that the budget balancing options of Winchester property proceeds, OPEB Prefunding, and the utilization of OPEB IRS 115 Trust for Pay Go healthcare expenses be programmed in that order. The Finance Commission also reviewed the base case revenue growth assumptions and the other elements of the initial Five-Year Forecast. There was considerable discussion about the amount of uncertainty that still exists due to the vagaries of continued COVID spread, variant mutations, vaccination supply, and public health mitigation responses. Two voting Commissioners felt the base case growth assumptions reflected reasonable conservatism. The two other voting Commissioners thought that while the base assumptions are potentially reasonable, they would continue to err on the side of additional conservatism. Opened Public Comment. None Closed Public Comment. PAGE 3 OF 3 SUBJECT: Minutes of the Finance Commission Meeting of February 8, 2021 DATE: February 23, 2021 ADJOURNMENT: The meeting adjourned at 7:10 p.m. This is to certify that the foregoing is a true and correct copy of the minutes of the February 8, 2021 meeting as approved by the Finance Commission. /s/ Gitta Ungvari, Finance and Budget Manager

Agenda

TOWN OF LOS GATOS FINANCE COMMISSION AGENDA FEBRUARY 08, 2021 110 EAST MAIN STREET LOS GATOS, CA 5:00 PM Ron Dickel, Commissioner Loreen Huddleston, Commissioner Kyle Park, Commissioner Rick Tinsley, Commissioner Vacant, Commissioner Rob Rennie, Vice Mayor Matthew Hudes, Council Member IMPORTANT NOTICE REGARDING THE FEBRUARY 8, 2021 FINANCE COMMISSION MEETING This meeting is being conducted utilizing teleconferencing and electronic means consistent with State of California Executive Order N-29- 20 dated March 17, 2020, regarding the COVID- 19 pandemic. In accordance with Executive Order N-29- 20, the public may only view the meeting online and not in the Council Chamber. PARTICIPATION If you are interested in providing oral comments real-time during the meeting, you must join the Zoom webinar.  Join from a PC, Mac, iPad, iPhone or Android device: click this link to join. https://losgatosca-gov.zoom.us/j/86233751268 Passcode: 940851. You can also type in 86233751268 in the “Join a Meeting” page on the Zoom website at https://zoom.us/join.  Join by Telephone: Dial: 877-336-1829 US Toll-free or +1-636-651-0002. Conference code: 986172 During the meeting:  When the Chair announces the item for which you wish to speak, click the “raise hand” feature in Zoom. If you are participating by phone on the Zoom app, press *9 on your telephone keypad to raise your hand. If you are participating by calling in, press #2 on your telephone keypad to raise your hand.  When called to speak, please limit your comments to three (3) minutes, or such other time as the Chair may decide, consistent with the time limit for speakers at a Commission meeting. If you are unable to participate in real-time, you may email to PublicComment@losgatosca.gov with the subject line “Public Comment Item #__ ” (insert the item number relevant to your comment) or “Verbal Communications – Non Agenda Item.” Comments will be reviewed and distributed before the meeting if received by 11:00 a.m. on the day of the meeting. All comments received will become part of the record. Page 1 of 2 TOWN OF LOS GATOS FINANCE COMMISSION AGENDA FEBRUARY 08, 2021 110 EAST MAIN STREET LOS GATOS, CA 5:00 PM REMOTE LOCATION PARTICIPANTS The following Committee Members are listed to permit them to appear electronically or telephonically at the Finance Commission meeting: COMMISSIONER RON DICKEL, COMMISSIONER LOREEN HUDDLESTON, COMMISSIONER KYLE PARK, COMMISSIONER RICK TINSLEY, VICE MAYOR ROB RENNIE, AND COUNCIL MEMBER MATTHEW HUDES. All votes during the teleconferencing session will be conducted by roll call vote. MEETING CALL TO ORDER VERBAL COMMUNICATIONS (Members of the public are welcome to address the Commission on any matter that is not listed on the agenda consistent with the Participation Instructions contained on Page 1 of this agenda. To ensure all agenda items are heard and unless additional time is authorized by the Chair, this portion of the agenda is limited to 30 minutes and no more than three (3) minutes per speaker. In the event additional speakers were not able to be heard during the initial Verbal Communications portion of the agenda, an additional Verbal Communications will be opened prior to adjournment.) OTHER BUSINESS (Up to three minutes may be allotted to each speaker on any of the following items consistent with the Participation Instructions on page 1 of this agenda.) 1. Appoint Finance Commission Chair and Vice Chair. 2. Adopt Resolution of the Finance Commission Establishing a Time and Place for Regular Meetings. 3. Provide Advice to the Town Council Regarding Mid-Year Budget Options and Five-Year Forecast Scenarios ADJOURNMENT Page 2 of 2

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