Finance Commission
Regular MeetingLos Gatos, CA · September 9, 2024
Minutes
TOWN OF LOS GATOS
FINANCE COMMISSION
MINUTES
Minutes of the Finance Commission Meeting
September 9, 2024
The Finance Commission of the Town of Los Gatos conducted a meeting in person and utilizing
teleconferencing means on Monday, September 9, 2024, at 5:00 p.m.
THE MEETING WAS CALLED TO ORDER AT 5:02 P.M.
ROLL CALL
Present: Chair Phil Koen, Vice Chair Linda Reiners, Commissioner Andrew Howard,
Commissioner Joe Rodgers, and Vice Mayor Matthew Hudes.
Absent: Commissioner Ashby Monk and Council Member Rob Rennie.
Town Staff Present: Assistant Town Manager Katy Nomura, Finance Director Gitta Ungvari,
Finance and Accounting Manager Eric Lemon, and Town Clerk Wendy Wood.
Chair Koen discussed moving item 11 to a future date due to timing concerns.
MOTION: Motion by Vice Chair Reiners to move agenda item 11 to a future meeting date.
Seconded by Commissioner Howard.
VOTE: Motion passed 4-0.
CONSENT ITEMS
1. Approve the Minutes of the May 13, 2024, Finance Commission Regular Meeting.
2. Approve the Minutes of the August 5, 2024, Finance Commission Special Meeting.
3. Receive the California Employer’s Pension Prefunding Trust (CEPPT) Strategy Market Value
Summary Report for the Period Ending June 30, 2024 and Performance as of July 31, 2024
4. Receive the California Employer’s Retiree Benefit Trust (CERBT) Strategy 1 Market Value
Summary Report for the Period Ending June 30, 2024 and the Performance Report as of
July 31, 2024.
5. Receive the Monthly Financial and Investment Reports for April, May, June, and July 2024.
6. Receive the CalPERS Actuarial Valuation Reports as of June 30, 2023.
7. Approve Finance Commission Recommendation that Town Council Engage a Professional
Consulting Firm to Prepare a Comprehensive Fiscal Impact Analysis Including Scenario
Sensitivity Analysis with Risks and Opportunities which will Evaluate Potential Fiscal Impact
of Planned Growth.
Chair Koen pulled items 1, 3, 4, 5, and 6
There was no public comment.
MOTION: Motion by Chair Koen to approve consent Items 2 and 7. Seconded by Vice Chair
Reiners.
VOTE: Motion passed 4-0
PULLED CONSENT ITEMS
1. Approve the Minutes of the May 13, 2024, Finance Commission Regular Meeting.
Chair Keon asked about a recommendation listed in the minutes.
The Commission asked questions and discussed the item.
Staff addressed the Commissioners’ questions.
MOTION: Motion by Chair Koen to approve the minutes for the May 13 meeting. Seconded
by Vice Chair Reiners.
VOTE: Motion passed 4-0
6. Receive the CalPERS Actuarial Valuation Reports as of June 30, 2023.
Chair Keon discussed concerns with the safety plan.
The Commission asked questions and discussed the item.
Staff and consultant Doug Pryer from Foster and Foster addressed the Commissioners’
questions.
MOTION: Motion by Vice Chair Reiners to approve receipt of the CalPERS Actuarial Reports.
Seconded by Commissioner Howard.
VOTE: Motion passed 4-0
3. Receive the California Employer’s Pension Prefunding Trust (CEPPT) Strategy Market Value
Summary Report for the Period Ending June 30, 2024 and Performance as of July 31, 2024.
Chair Koen asked questions regarding the trust strategies.
The Commission asked questions and discussed the item.
Staff addressed the Commissioners’ questions.
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There was no public comment.
MOTION: Motion by Vice Chair Reiners (to recommend to the Town Council) that if the
Town continues to have a CEPPT, it should move from Strategy 2 to Strategy 1
(listed in the staff report). Seconded by Commissioner Howard.
VOTE: Motion passed 4-0
4. Receive the California Employer’s Retiree Benefit Trust (CERBT) Strategy 1 Market Value
Summary Report for the Period Ending June 30, 2024 and the Performance Report as of
July 31, 2024.
Chair Koen asked for clarification regarding market value totals and contributions.
The Commission asked questions and discussed the consent item.
Staff addressed the Commissioners’ questions.
MOTION: Motion by Vice Chair Reiners to approve receipt of the California Employer’s
Retiree Benefit and Trust report. Seconded by Chair Koen.
VOTE: Motion passed 4-0
OTHER BUSINESS
8. Receive the Town of Los Gatos Retiree Healthcare Plan June 30, 2023 Actuarial Valuation
and its Assumptions as Prepared and Recommended by Foster and Foster, Inc., and Provide
Any Comments to the Town Council.
Consultant Doug Prior from Foster and Foster gave a presentation on the item.
The Commission asked questions and discussed the item.
Staff and the consultant addressed the Commissioners’ questions.
There was no public comment.
There was no action taken on this item.
VERBAL COMMUNICATIONS
No one spoke.
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OTHER BUSINESS
9. Discuss Upcoming Audit and Provide Input on June 30, 2024 Annual Comprehensive
Financial Report with the Town’s Independent Auditor
Gitta Ungvari, Finance Director, introduced Sheldon Chavan, the Town’s external auditor, to
present on the item.
The Commission asked questions and discussed the item.
Staff and the consultant addressed the Commissioners’ questions.
There was no public comment.
There was no action taken on this item.
10. Discuss and Confirm the Finance Commission Meeting Date for the Month of November
2024
Gitta Ungvari, Finance Director, provided alternative dates and times for the November
meeting.
The commission discussed the dates and agreed to hold a special meeting on November 6,
2024, from 5:00 to 7:00 p.m.
11. Review of Select High Dollar Value Capital Projects in the FY 25 CIP Budget as to Current
Status versus the Originally Approved Capital Plan and to Better Understand the Capital
Project Tracking and Reporting Process
This item was moved to a future meeting.
PULLED CONSENT ITEMS
5. Receive the Monthly Financial and Investment Reports for April, May, June, and July 2024.
Chair Keon asked a clarifying question regarding the fiscal year-end balance.
Staff addressed the Chair’s question.
MOTION: Motion by Commissioner Howard to accept receipt of the Monthly Financial and
Investment Reports for April, May, June, and July. Seconded by Vice Chair Reiners.
VOTE: Motion passed 4-0
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ADJOURNMENT:
The meeting adjourned at 7:16 p.m.
This is to certify that the foregoing is a true
and correct copy of the minutes of the
September 9, 2024, meeting as approved by the
Finance Commission.
Eric Lemon, Finance and Accounting Manager
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Agenda
TOWN OF LOS GATOS
FINANCE COMMISSION AGENDA
SEPTEMBER 09, 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.
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=VaXgvhOb7789bU3rb5pcHkdgeX924Z.1
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: 686100)
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.
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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 May 13, 2024, Finance Commission Regular Meeting.
2. Approve the Minutes of the August 5, 2024, Finance Commission Special Meeting.
3. Receive the California Employer’s Pension Prefunding Trust (CEPPT) Strategy Market
Value Summary Report for the Period Ending June 30, 2024 and Performance as of July
31, 2024
4. Receive the California Employer’s Retiree Benefit Trust (CERBT) Strategy 1 Market Value
Summary Report for the Period Ending June 30, 2024 and the Performance Report as of
July 31, 2024.
5. Receive the Monthly Financial and Investment Reports for April, May, June, and July
2024
6. Receive the CalPERS Actuarial Valuation Reports as of June 30, 2023
7. Approve Finance Commission Recommendation that Town Council Engage a
Professional Consulting Firm to Prepare a Comprehensive Fiscal Impact Analysis
Including Scenario Sensitivity Analysis with Risks and Opportunities which will Evaluate
Potential Fiscal Impact of Planned Growth.
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. Receive the Town of Los Gatos Retiree Healthcare Plan June 30, 2023 Actuarial
Valuation and its Assumptions as Prepared and Recommended by Foster and Foster,
Inc., and Provide Any Comments to the Town Council.
9. Discuss Upcoming Audit and Provide Input on June 30, 2024 Annual Comprehensive
Financial Report with the Town’s Independent Auditor
10. Discuss and Confirm the Finance Commission Meeting Date for the Month of November
2024
11. Review of Select High Dollar Value Capital Projects in the FY 25 CIP Budget as to Current
Status versus the Originally Approved Capital Plan and to Better Understand the Capital
Project Tracking and Reporting Process
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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]
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