Finance Commission

Name: Finance Commission — Los Gatos, CA
Start: 2023-12-11T17:00:00
End: 2023-12-11T19:00:00
Location: Los Gatos, CA

Regular Meeting

Los Gatos, CA · December 11, 2023

Agenda Packet Minutes

Minutes

TOWN OF LOS GATOS FINANCE COMMISSION Minutes of the Finance Commission Meeting December 11, 2023 The Finance Commission of the Town of Los Gatos conducted a meeting in person and utilizing teleconferencing means on Monday, December 11, 2023, at 5:00 p.m. THE MEETING WAS CALLED TO ORDER AT 5:14 P.M. ROLL CALL Present: Chair Rick Tinsley, Vice Chair Phil Koen, Commissioner Stacey Dell, Commissioner Linda Reiners, Mayor Maria Ristow, and Council Member Rob Rennie Absent: Commissioner Andrew Howard Town Staff Present: Town Manager Laurel Prevetti, Finance Director Gitta Ungvari, and Town Clerk Wendy Wood. CONSENT ITEMS 1. Approve Draft Minutes of the October 9, 2023, Finance Commission Regular Meeting 2. Approve Draft Minutes of the December 4, 2023, Finance Commission Special Meeting 3. Receive the Monthly Financial and Investment Report for September 2023 and October 2023 4. Receive the CalPERS Public Employees' Retirement Fund (PERF) Performance Report as of September 30, 2023 5. Receive the California Employer’s Pension Prefunding Trust (CEPPT) Strategy 2 Market Value Summary Report for the Period Ending September 30, 2023, and Performance as of October 31, 2023 6. Receive the California Employer’s Retiree Benefit Trust (CERBT) Strategy 1 Market Value Summary Report for the Period Ending September 30, 2023, and the Performance Report as of October 31, 2023. 7. Receive a Report of the CalPERS 2023 Annual Review of Funding Levels and Risks Items 2, 3, 4, 5, and 7 were pulled from consent. MOTION: Motion by Vice Chair Koen to approve the consent items 1 and 6. Seconded by Commissioner Reiners. VOTE: Motion passed 4-0 (Commissioner Howard was absent). VERBAL COMMUNICATIONS 110 E. Main Street Los Gatos, CA 95030 ● 408-354-6832 www.losgatosca.gov PAGE 2 OF 4 SUBJECT: Draft Minutes of the Finance Commission Special Meeting of December 11, 2023 DATE: December 21, 2023 No one spoke. OTHER BUSINESS 8. Receive the First Quarter Key Performance Indicators (KPIs of FY 2023/24). Finance Director Ungvari presented the staff report. The Commission asked questions and discussed the item. Opened Public Comment. No one spoke. Closed Public Comment. No action was taken. 9. Conclude Recommendation to the Town Council Regarding the Draft Annual Comprehensive Financial Report (ACFR) for the Preceding Fiscal Year Finance Director Ungvari presented the staff report. The Commission asked questions and discussed the item. Staff and the consultant addressed the Commissioners’ questions. Opened Public Comment. No one spoke. Closed Public Comment. MOTION: Motion by Commissioner Reiners to make a recommendation to the Town Council to adopt a practice to hire a separate accounting firm who will perform the work and someone else who will do the final preparation of the financial statements. Seconded by Vice Chair Keon. VOTE: Motion passed 4-0 (Commissioner Howard was absent). MOTION: Motion by Commissioner Reiners to make a recommendation to the Town Council to restructure of the Management Discussion and Analysis and engage the auditors in the update. Seconded by Vice Chair Keon. PAGE 3 OF 4 SUBJECT: Draft Minutes of the Finance Commission Special Meeting of December 11, 2023 DATE: December 21, 2023 VOTE: Motion passed 4-0 (Commissioner Howard was absent). MOTION: Motion by Vice Chair Keon that the Finance Commission recommends staff present the FY 2023 Annual Comprehensive Financial Report (ACFR) to the Town Council for formal adoption, incorporating all the changes the Finance Commission has discussed. Seconded by Commissioner Reiners. VOTE: Motion passed 4-0 (Commissioner Howard was absent). 2. Approve Draft Minutes of the December 4, 2023, Finance Commission Special Meeting There was no public comment. MOTION: Motion by Commissioner Reiners amend the draft minutes of the December 4, 2023, Finance Commission Special Meeting to include Commissioner Stacey Dell’s name as present. Seconded by Vice Chair Keon. VOTE: Motion passed 3-0-1 (Chair Tinsley abstained and Commissioner Howard was absent). 3. Receive the Monthly Financial and Investment Report for September 2023 and October 2023 Vice Chair Koen asked questions about the item. Staff addressed the questions. There was no public comment. The Commission received the report. 4. Receive the CalPERS Public Employees' Retirement Fund (PERF) Performance Report as of September 30, 2023 Vice Chair Koen asked questions about the item. Staff addressed the questions. There was no public comment. The Commission received the report. PAGE 4 OF 4 SUBJECT: Draft Minutes of the Finance Commission Special Meeting of December 11, 2023 DATE: December 21, 2023 5. Receive the California Employer’s Pension Prefunding Trust (CEPPT) Strategy 2 Market Value Summary Report for the Period Ending September 30, 2023, and Performance as of October 31, 2023 Vice Chair Koen asked questions about the item. Staff addressed the questions. There was no public comment. The Commission received the report. 7. Receive a Report of the CalPERS 2023 Annual Review of Funding Levels and Risks Vice Chair Koen asked questions about the item. There was no public comment. MOTION: Motion by Vice Chair Keon to schedule at the soonest time available a joint meeting with the Town Pension and OPEB Trust and Oversight Committee and the Finance Commission with the actuary consultant Foster and Foster present to return to the best path forward to reduce the unfunded pension liabilities and schedule a second joint meeting with the Town Council to address strategies to reduce the pension cost. Seconded by Commissioner Reiners. VOTE: Motion passed 4-0 (Commissioner Howard was absent). ADJOURNMENT: The meeting adjourned at 6:42 p.m. This is to certify that the foregoing is a true and correct copy of the minutes of the December 11, 2023, meeting as approved by the Finance Commission. /S/ Wendy Wood, Town Clerk

Agenda

TOWN OF LOS GATOS FINANCE COMMISSION AGENDA DECEMBER 11, 2023 110 EAST MAIN STREET LOS GATOS, CA 5:00 PM Rick Tinsley, Chair Phil Koen, Vice Chair Stacey Dell, Commissioner Andrew Howard, Commissioner Linda Reiners, Commissioner Maria Ristow, Mayor Rob Rennie, Council Member IMPORTANT NOTICE This is a hybrid meeting and will be held in-person at the Town Council Chambers at 110 E. Main Street and virtually through the Zoom webinar application (log-in information provided below). Members of the public may provide public comments for agenda items in-person or virtually through the Zoom webinar by following the instructions listed below. The meeting may be viewed live through the Zoom webinar. PARTICIPATION To provide oral comments in real-time during the meeting:  Zoom webinar: Join from a PC, Mac, iPad, iPhone or Android device: Please click this URL to join: https://losgatosca- gov.zoom.us/j/84071761435?pwd=dVlsVS8vRzRTYWp3T2ZKQnYrWWxkQT09 Passcode: 214575. You can also type in 840 7176 1435 in the “Join a Meeting” page on the Zoom website at https://zoom.us/join and use passcode: 214575. o 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.  Join by telephone: Join by Telephone: Dial: USA 877 336 1839 US Toll-free or 636 651 0008 US Toll. Conference code: 1052180. o If you are participating by calling in, press #2 on your telephone keypad to raise your hand.  In-Person: If you wish to speak during the meeting, please complete a “speaker’s card” located on the back of the chamber benches and return it to the Town Clerk. If you wish to speak to an item on the agenda, please list the item number. If you wish to speak on an item NOT on the agenda, please list the subject and you may speak during the “Verbal Communications” period. The time allocated to speakers may change to better facilitate the Finance Commission meeting. When called to speak, you may be asked to provide your full name and your town/city of residence. This identifying information is optional and not a requirement for participation. 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 wish to speak to an item or items on the Consent Calendar, please state which item number(s) you are commenting on at the beginning of your time. Page 1 TOWN OF LOS GATOS FINANCE COMMISSION AGENDA DECEMBER 11, 2023 110 EAST MAIN STREET LOS GATOS, CA 5:00 PM MEETING CALLED TO ORDER ROLL CALL APPROVE REMOTE PARTICIPATION (This item is listed on the agenda in the event there is an emergency circumstance requiring a Council Member to participate remotely under AB 2449 (Government Code 54953)). CONSENT ITEMS (Items appearing on the Consent Items are considered routine Town business and may be approved by one motion. Any member of the Commission may request to have an item removed from the Consent Items for comment and action. Members of the public may provide input on any or multiple Consent Item(s) when the Chair asks for public comments on the Consent Items. If you wish to comment, please follow the Participation Instructions contained on this agenda. If an item is removed, the Chair has the sole discretion to determine when the item will be heard.) 1. Approve Draft Minutes of the October 9, 2023, Finance Commission Regular Meeting 2. Approve Draft Minutes of the December 4, 2023, Finance Commission Special Meeting 3. Receive the Monthly Financial and Investment Report for September 2023 and October 2023 4. Receive the CalPERS Public Employees' Retirement Fund (PERF) Performance Report as of September 30, 2023 5. Receive the California Employer’s Pension Prefunding Trust (CEPPT) Strategy 2 Market Value Summary Report for the Period Ending September 30, 2023 and Performance as of October 31, 2023 6. Receive the California Employer’s Retiree Benefit Trust (CERBT) Strategy 1 Market Value Summary Report for the Period Ending September 30, 2023 and the Performance Report as of October 31, 2023. 7. Receive a Report of the CalPERS 2023 Annual Review of Funding Levels and Risks VERBAL COMMUNICATIONS (Members of the public are welcome to address the Finance Commission on any matter that is not listed on the 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.) 8. Receive the First Quarter Key Performance Indicators (KPIs of FY 2023/24) Page 2 9. Conclude Recommendation to the Town Council Regarding the Draft Annual Comprehensive Financial Report (ACFR) for the Preceding Fiscal Year ADJOURNMENT IN COMPLIANCE WITH THE AMERICANS WITH DISABILITIES ACT, IF YOU NEED SPECIAL ASSISTANCE TO PARTICIPATE IN THIS MEETING, PLEASE CONTACT THE CLERK DEPARTMENT AT (408) 354-6834. NOTIFICATION 48 HOURS BEFORE THE MEETING WILL ENABLE THE TOWN TO MAKE REASONABLE ARRANGEMENTS TO ENSURE ACCESSIBILITY TO THIS MEETING [28 CFR §35.102-35.104] Page 3

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