Finance Commission

TOWN OF LOS GATOS FINANCE COMMISSION AGENDA MARCH 11, 2024 110 EAST MAIN STREET TOWN COUNCIL CHAMBERS 5:00 PM Phil Koen, Chair Linda Reiners, Vice Chair Andrew Howard, Commissioner Ashby Monk, Commissioner Joe Rodgers, Commissioner Matthew Hudes, Vice 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 Zoom Webinar (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. This meeting will be teleconferenced pursuant to Government Code Section 54953(b)(3). Council Member Rob Rennie will be participating from a teleconference location at 400 Fairview Blvd # 172, Incline Village, NV 89451. The teleconference location shall be accessible to the public and the agenda will be posted at the teleconference locations 72 hours before the meeting. HOW TO PARTICIPATE The public is welcome to provide oral comments in real-time during the meeting in three ways: Zoom Webinar (Online): Join from a PC, Mac, iPad, iPhone or Android device. Please click this URL to join: https://losgatosca-gov.zoom.us/j/84900234481?pwd=yU0df-8jrAkCWM_Ll83- iQY6qEV7gg.IQR-LAzX1jg9DnoC Passcode: 347436 You can also type in 84900234481 in the “Join a Meeting” page on the Zoom website at and use passcode 347436. - When the Mayor 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. Telephone: Please dial (877) 3361839 for US Toll-free or (636) 651-0008 for US Toll. (Conference code: 1052180) - If you are participating by calling in, press #2 on your telephone keypad to raise your hand. In-Person: Please complete a “speaker’s card” located on the back of the chamber benches and return it to the Town Clerk before the meeting or when the Chair announces the item for which you wish to speak. NOTES: (1) Comments will be limited to three (3) minutes or less at the Chair’s discretion. (2) If you are unable to participate in real-time, you may email to Clerk@losgatosca.gov the subject line “Public Comment Item #__ ” (insert the item number relevant to your comment). All comments received will become part of the record. (3) Deadlines to submit written comments are: - 11:00 a.m. the Thursday before the Commission meeting for inclusion in the agenda packet. - 11:00 a.m. the Friday before the Commission meeting for inclusion in an addendum. - 11:00 a.m. on the day of the Commission meeting for inclusion in a desk item. (4) Persons wishing to make an audio/visual presentation must submit the presentation electronically to Clerk@losgatosca.gov no later than 3:00 p.m. on the day of the Commission meeting. Page 1 CALL MEETING TO ORDER ROLL CALL APPROVE REMOTE PARTICIPATION (This item is listed on the agenda in the event there is an emergency circumstance requiring a Commissioner to participate remotely under AB 2449 (Government Code 54953)). CONSENT ITEMS (Items appearing on the Consent are considered routine Town business and may be approved by one motion. Members of the public may provide input on any Consent Item(s) when the Chair asks for public comment on the Consent Items.) 1. Approve the Minutes of the February 12, 2024, Finance Commission Regular Meeting 2. Receive the Monthly Financial and Investment Report for January 2024 3. Recommend that the Town Council Receive the Independent Accountants’ Report on Agreed-Upon Procedures on Measure G Revenues and Expenditures for the Period July 1, 2022 to June 30, 2023 4. Receive FY 2022/23 Federal Single Audit Report 5. Receive the California Employer’s Retiree Benefit Trust (CERBT) Strategy 1 Market Value Summary Report for the Period Ending December 31, 2023 and the Performance Report as of January 31, 2024. 6. Receive the California Employer’s Pension Prefunding Trust (CEPPT) Strategy 2 Market Value Summary Report for the Period Ending December 31, 2023 and Performance as of January 31, 2024 7. Receive the Investment Policy and Recommend No Changes to the Town Council Regarding the Town’s Investment Policy VERBAL COMMUNICATIONS (Members of the public are welcome to address the Commission on any matter that is not listed on the agenda and is within the subject matter jurisdiction of the Finance Commission. To ensure all agenda items are heard, this portion of the agenda is limited to 30 minutes. 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. Each speaker is limited to no more than three (3) minutes or such time as authorized by the Chair.) OTHER BUSINESS (Up to three minutes may be allotted to each speaker on any of the following items.) 8. Review and Adopt the Finance Commission 2024 Workplan and Meeting Dates 9. Discuss and Establish Three Ad Hoc Subcommittees Comprised of Less Than a Quorum of the Commission’s Citizen Appointees to Address the Five-Year Capital Plan, the Unfunded Pension Liability/CalPERS, and the Council Priority Score Card 10. Review and Provide Feedback on the Reasonableness and Completeness of the Town’s Five-Year Capital Plan Taken as a Whole ADJOURNMENT ADA NOTICE In compliance with the Americans with Disabilities Act, if you need special assistance to participate in this meeting, please contact the Clerk’s Office at (408) 354- 6834. Notification at least two (2) business days prior to the meeting date will enable the Town to make reasonable arrangements to ensure accessibility to this meeting. [28 CFR §35.102-35.104] Page 2