Finance Advisory Committee Agenda 04/17/2002 Finance, Advisory, Committee, Agenda, Emphasis will be on collaborative effort with participation by all members in discussions. This is combined with the intent to not add to the burden of the City staff, but to provide practical assistance, Keeping with the City Council intent and direction, staff recommends that the FAC and staff review the draft of the POTENTIAL CALENDAR AND AGENDA OF STANDARD MEETINGS 2002 – 2003 and PROPOSED FY 2002-2003 AGENDA AND CALENDAR. Upon completion, staff will accompany both the POTENTIAL CALENDAR AND AGENDA OF STANDARD MEETINGS 2002 – 2003 and PROPOSED FY 2002-2003 AGENDA AND CALENDAR in a staff report, including an estimate of the cost of financial advisors and contract professional staff, for presentation at a future meeting of the City Council, perhaps the Budget Workshop on April 30, 2002. RPV Finance Advisory Committee Meeting Agenda for 04/17/2002 Rancho Palos Verdes Finance Advisory Committee Agenda April 17, 2002


AGENDA
CITY OF RANCHO PALOS VERDES
MEETING OF THE FINANCE ADVISORY COMMITTEE

APRIL 17, 2002
7:00 P.M.
CITY HALL
COMMUNITY ROOM
  1. Roll Call.

  2. Approval of Agenda.

  3. Status report of economic trends that may have an impact on the City (if any). (Downs)

  4. Proposed FY 2002-2003 Agenda and Calendar. (Wolowicz, McLean)

  5. 2002 Five Year Financial Model and financing plan. (McLean)

  6. Public Comments.

  7. Adjournment.


TO: HONORABLE CHAIR AND MEMBERS OF THE FINANCE ADVISORY COMMITTEE

FROM: DENNIS McLEAN, FINANCE DIRECTOR

DATE: APRIL 17, 2002

SUBJECT: PROPOSED FY 2002-2003 AGENDA AND CALENDAR

BACKGROUND AND DISCUSSION:

During it’s meeting on January 31, 2002, the City Council set forth the following action:

"…various commissions and committees [of the City] be encouraged to bring issues forth that they believe should be addressed by them and then on to City Council for consideration."

In the spirit of its understanding of the City Council’s intention, Chair Wolowicz agendized the following PROPOSED CONTENT AND FORMAT OF MEETINGS for the April 10th meeting of the Finance Advisory Committee (the "FAC"):

RANCHO PALOS VERDES - FINANCE ADVISORY COMMITTEE
PROPOSED CONTENT AND FORMAT OF MEETINGS
DISCUSSION
PRESENTED APRIL 10, 2002

Emphasis will be on collaborative effort with participation by all members in discussions. This is combined with the intent to not add to the burden of the City staff, but to provide practical assistance.

  1. Monthly meeting dates - will be held, even without specific assignment from City council. We will develop agenda of topics through out year.

  2. Expand our recurring topics to include:

    • Expand economic items - more proactive identification of any factors that will have significant impact on our community (encourage observations from committee members along with Staff)
    • Develop explanation of Annual Comprehensive F/S - (format, funds, reserve vs. restricted, footnotes, actual vs. budget, schedules)
    • Potential meeting with outside audit firm - issues of opinion, technical items and recommendation letter
    • Funding search and emerging alternatives - sub-committee headed by vice-chair - in collaboration with Joe
    • Letter writing topics (initiated by committee members, staff and advisors)

  3. Subject to compliance with Brown Act and in concert with Staff limitations, utilization of sub-groups of 2 to 3 members. Information gathering not decision making role. Suggestions:
    • Funding searches : CIP, property acquisitions, others
    • Dynamic modeling
    • Coordination of finance with CIP
    • Improve understanding of finance issues related specifically to coastal communities
    • Develop understanding of GASB 34 on financials

  4. Funding prioritization - expansion of 5-year model concept (objective to match resources)

  5. Development of other topics for discussion and investigation

    • Topics to be suggested by committee members, City Council and Staff
    • Next meeting to present issues and select topics
    • Establish and publish time table

The outline presented previously and a draft of the POTENTIAL CALENDAR AND AGENDA OF STANDARD MEETINGS 2002 – 2003 of the FAC were presented by Chair Wolowicz during the April 10th meeting. Based upon the discussion of the members of the FAC, staff offers the following draft PROPOSED FY 2002-2003 AGENDA AND CALENDAR for review and discussion. Staff has bolded the additions to the Calendar based notes taken during the FAC meeting:

RANCHO PALOS VERDES - FINANCE ADVISORY COMMITTEE
POTENTIAL CALENDAR AND AGENDA OF STANDARD MEETINGS
2002 - 2003
Revised April 17, 2002

Potential - Standard recurring topics:

  • Economic issues, including issues related to the FY 2002-2003 State budget and its impact on the City
  • Unusual items impacting operations (if any)
  • Understanding financial statements
  • Financial resources
  • Potential finance communications with other governmental sources

Potential – Other topics for discussion:

  • Issues (including financing) regarding the purchase of 722 acres of privately owned property throughout the City’s coastal open space area along PVDS
  • Development and implementation of a financing plan and search for additional revenue sources
  • Self-education regarding GASB 34 implementation
  • Dynamic financial modeling

NOTE: * indicates limited presentation or discussion - expected to be periodic recurring topic

2002 –2003 CALENDAR:

April 17, 2002

  • Revised 2002 Five Year Financial Model
  • Financing plan alternatives
  • Overview of FY 02-03 State Budget - Meeting with Senator Karnette and Assemblyman Lowenthal. (Evans)

April 24, 2002 - Tentative continuation of April 17th

April 30, 2002

  • Participation in the Joint Workshop with the City Council and the Planning Commission regarding the Crestridge property
    •

May 7, 2002

  • Participation in the Budget Workshop with the City Council
  • Development and implementation of a financing plan and search for additional revenue sources

May 8, 2002

  • *Issues (including financing) regarding the purchase of 722 acres of privately owned property throughout the City’s coastal open space area along PVDS (Wallace)
  • Development and implementation of a financing plan and search for additional revenue sources
    •

June 12, 2002

  • *Issues (including financing) regarding the purchase of 722 acres of privately owned property throughout the City’s coastal open space area along PVDS Wallace)
  • Development and implementation of a financing plan and search for additional revenue sources
  • *Initial summary discussion of GASB 34 impact (Smith and Staff)
    •

July 10, 2002

  • Development and implementation of a financing plan and search for additional revenue sources
  • *Discussion of Dynamic Modeling concept (Carter)
    •

August 14, 2002

  • Development and implementation of a financing plan and search for additional revenue sources
  • *Discussion of Dynamic Modeling concept (Carter)
    •

 

September 11, 2002

  • Development and implementation of a financing plan and search for additional revenue sources
  • *Discussion of Dynamic Modeling concept (Carter)
    •

 

October 9, 2002

  • Development and implementation of a financing plan and search for additional revenue sources
  • *Discussion of Dynamic Modeling concept (Carter)
    •

 

November 13, 2002

  • Development and implementation of a financing plan and search for additional revenue sources
    •

December 11, 2002

  • Presentation of audited statements with audit firm FYE June 30, 2002
  • Presentation of Management Letter by audit firm - FYE June 30, 2002
  • Development and implementation of a financing plan and search for additional revenue sources
    •

January 8, 2003

  • Presentation of GASB 34 requirements and impact
  • Development and implementation of a financing plan and search for additional revenue sources
    •

February 12, 2003

  • Presentation of 2003 Five Year Infrastructure Plan
  • Development and implementation of a financing plan and search for additional revenue sources
    •

March 12, 2003

  • Development and implementation of a financing plan and search for additional revenue sources
    •

 

April 9, 2003

  • Presentation 2003 Five Year Financial Model
  • Development and implementation of a financing plan and search for additional revenue sources
    •

 

RECOMMENDATION:

Keeping with the City Council intent and direction, staff recommends that the FAC and staff review the draft of the POTENTIAL CALENDAR AND AGENDA OF STANDARD MEETINGS 2002 – 2003 and PROPOSED FY 2002-2003 AGENDA AND CALENDAR. Upon completion, staff will accompany both the POTENTIAL CALENDAR AND AGENDA OF STANDARD MEETINGS 2002 – 2003 and PROPOSED FY 2002-2003 AGENDA AND CALENDAR in a staff report, including an estimate of the cost of financial advisors and contract professional staff, for presentation at a future meeting of the City Council, perhaps the Budget Workshop on April 30, 2002.

Respectfully submitted,

Dennis McLean
Finance Director

...back to top