Finance Commission
Regular MeetingLos Gatos, CA · April 14, 2025
Minutes
TOWN OF LOS GATOS
FINANCE COMMISSION
MINUTES
Minutes of the Finance Commission Regular Meeting
April 14, 2025
The Finance Commission of the Town of Los Gatos conducted a regular meeting in person and
via teleconference.
THE MEETING WAS CALLED TO ORDER AT 5:31 P.M.
ROLL CALL
Present: Chair Linda Reiners, Vice Chair Ashby Monk, Commissioner Adam Fischer,
Commissioner Phil Koen, Commissioner Joe Rodgers, Mayor Matthew Hudes, and Vice Mayor
Rob Moore
Town Staff Present: Town Manager, Chris Constantin; Finance Director, Gitta Ungvari; Town
Clerk, Wendy Wood; and Finance and Accounting Manager, Eric Lemon.
CONSENT ITEMS
1. Approve the Minutes of the March 10, 2025, Finance Commission Regular Meeting.
2. Receive the Monthly Financial and Investment Report for February 2025.
There was no public comment.
MOTION: Motion by Vice Chair Monk to approve the consent items. Seconded by
Commissioner Rodgers.
VOTE: Motion passed unanimously.
VERBAL COMMUNICATIONS
There was no public comment.
OTHER BUSINESS
3. Review and Provide Recommendations on the Scopes of Services for a Fiscal Impact
Analysis for Proposed and Planned Growth and Fiscal Condition Analysis and Five-Year
Projection
The Chair opened the item for discussion.
The Commission discussed the item and asked staff questions.
110 E. Main Street Los Gatos, CA 95030 ● 408-354-6832
www.losgatosca.gov
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Staff addressed the Commissioners’ questions.
There was no public comment.
Town Manager Chris Constantin summarized the recommendations of the Commission as
follows:
1. Revise the RFP document to include three areas of review: (1) a 5-year breakout of the
fiscal impact, (2) the fiscal impact analysis based on the 2040 Plan Housing Element and
actual data related to development, and (3) an ALM study for which the bidders would
bid on either one, two, three, or all three.
2. Define scenarios instead of assumptions that capture best, worst, and likely scenarios,
and define those by quantifying the set of assumptions. The firm should specifically
address and test the sensitivity of these scenarios, with example considerations
including national impact and recession risk. A risk and opportunities matrix should be
part of each scenario to highlight key variables and their potential effects. Additionally,
the firm should be asked to modify and/or provide their own scenario suggestions based
on their experience or available information.
3. Have the firm use stakeholder interviews from both internal and external partners in
determining information relevant to the study.
4. Define the basis of accounting and format to be used as a basis to formulate these
reviews, with specific emphasis on the two financial analyses.
5. Have a decision matrix that should include cost as a criterion and factor in the selection
criteria of the winning firm or firms.
6. Request that the firm provide information about their use of tools, including AI,
methodology, and sources of information that will be used to conduct this review.
7. Provide examples of work that the firms may have performed that are relevant to the
studies at hand, so they can be evaluated when making the decision.
8. In the general overview section of the RFP, include specific questions that need to be
answered, such as What is our current fiscal condition? What is our condition over the
course of the next five years? What is our long-term condition, considering the potential
and projected growth based on the 2040 Plan Housing Element and the actual
development information that we have at hand?
MOTION: Motion by Commissioner Koen to approve the summary (recommendations) as
read by the Town Manager. Seconded by Commissioner Rodgers
VOTE: Motion passed unanimously.
ADJOURNMENT:
The meeting adjourned at 6:58 p.m.
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This is to certify that the foregoing is a true
and correct copy of the minutes of the
April 14, 2025, special meeting as approved by the
Finance Commission.
/s/Eric Lemon, Finance and Accounting Manager
Agenda
TOWN OF LOS GATOS
FINANCE COMMISSION AGENDA
APRIL 14, 2025
110 EAST MAIN STREET
TOWN COUNCIL CHAMBERS
5:30 PM
Linda Reiners, Chair
Ashby Monk, Vice Chair
Adam Fischer, Commissioner
Phil Koen, Commissioner
Joseph Rodgers, Commissioner
Matthew Hudes, Mayor
Rob Moore, Vice Mayor
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/83324739120?pwd=ROVSrj37YUwahyFb4dlq2e3DLEo4W0.1
Passcode: 136033 You can also type in 833 2473 9120 in the “Join a Meeting” page on the
Zoom website at and use passcode 136033.
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 a visual presentation on an item listed under Other Business, 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 March 10, 2025, Finance Commission Regular Meeting.
2. Receive the Monthly Financial and Investment Report for February 2025
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.)
3. Review and Provide Recommendations on the Scopes of Services for a Fiscal Impact
Analysis for Proposed and Planned Growth and Fiscal Condition Analysis and Five-Year
Projection
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].
NOTE: The ADA access ramp to the Town Council Chambers is under construction and will be
inaccessible through June 2025. Persons who require the use of that ramp to attend meetings
are requested to contact the Clerk’s Office at least two (2) business days prior to the meeting
date.
Materials related to an item on this agenda submitted to the Commission after initial
distribution of the agenda packets are available for public inspection in the Clerk’s Office at
Town Hall, 110 E. Main Street, Los Gatos and on Town’s website at www.losgatosca.gov.
Commission agendas and related materials can be viewed online at https://losgatos-
ca.municodemeetings.com/.
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