MINUTES

CITY OF RANCHO PALOS VERDES

FINANCE ADVISORY COMMITTEE

NOVEMBER 18, 2004

Chair Clark called the meeting to order at 7:06 PM at the City Hall Community Room, 30940 Hawthorne Boulevard, for the purpose of conducting business pursuant to the Agenda.

ROLL CALL

Roll call was answered as follows:

PRESENT: Bouey, Clark, Grimme, McLeod, Smith, and Wallace

ABSENT: Zorn

Also present were Director of Finance and Information Technology McLean; Accounting Manager Downs; and Senior Financial Analyst Gyves.

APPROVAL OF AGENDA

Vice-Chair McLeod motioned for approval of the agenda, and Member Smith seconded. Hearing no objection, Chair Clark ordered approval of the agenda.

UPDATE – INFRASTRUCTURE RENEWAL AND MAINTENANCE PROJECT

Director McLean informed the FAC that he would be giving a Power Point presentation that would be similar to the one that will be presented at the joint City Council/FAC workshop on November 30, 2004. The Infrastructure Renewal and Maintenance Power Point presentation contained an overview of the following information:

• Introductions of the Infrastructure Financing Team.

• Competing infrastructure needs (Storm Drains, Sewers, Streets and Recreational Facilities).

• Infrastructure Financing Team’s recommendation to proceed with a storm drain user fee.

• The FAC’s recommendation to proceed with a storm drain user fee made on March 4, 2003.

• The financing options available to pay for storm drain infrastructure needs, including debt financing and pay-as-you-go options.

• The storm drain model used to assist the Infrastructure Financing Team with financing decisions.

• The methodology used to calculate the proposed storm drain user fee.

• The methods used to determine the publics willingness to pay a storm drain user fee, including stakeholder interviews and phone surveys.

• The public information process required to inform residents of the storm drain problems faced by the City.

• The timeline and next steps required to adopt a storm drain user fee.

Upon completion of the presentation, Vice-Chair McLeod offered suggestions on how to improve the storm drain model.

Member Grimme asked if the Infrastructure Team has projected the costs associated with ignoring the needed storm drain repairs. Director McLean informed the FAC that these costs cannot be calculated.

Chair Clark asked if Staff would request the FAC to take any action regarding the storm drain model or infrastructure presentation. Director McLean informed Chair Clark that no FAC action was necessary. Director McLean also informed the FAC that the input provided by the FAC members would assist the Infrastructure Team in preparing for the November 30, 2004 presentation.

PUBLIC COMMENTS

No public comments were made.

ADJOURNMENT

Vice-Chair McLeod moved and Member Smith seconded a motion to adjourn the meeting at 9:23 PM. Hearing no objection, Chair Clark ordered the meeting adjourned.

_____________________________

Chair, Financial Advisory Committee

ATTEST:

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Gary Gyves, Recording Secretary