Financial Advisory Commission

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The Investment Advisory Board (IAB) was established in 1993. Due to additional oversight and responsibilities added in 2017, the IAB was restructured into the Financial Advisory Commission (FAC), and its membership was increased from five to seven members appointed by the City Council. The FAC is coordinated by the Finance Department (760) 777-7000.

Meetings

The FAC meets quarterly on the second Wednesday of February, May, August, and November, at 3:30 p.m. Special meetings may be scheduled on an "as needed" basis. The day and place of the FAC meetings for upcoming fiscal years is established at the last regularly scheduled meeting of each fiscal year.

Functions

The principal functions of the FAC are:

Review at least annually the city's investment policy and recommend appropriate changes;
Review monthly treasury reports and note compliance with the investment policy and adequacy of cash and investments for anticipated obligations;
Receive and consider other reports provided by the city treasurer;
Meet with the independent auditor after completion of the annual audit of the city's financial statements, and receive and consider the auditor's comments on auditing procedures, internal controls, and findings for cash and investment activities;
Review annually the revenue derived from the one percent (1%) transactions and use tax instituted by voters in November 2016 to ensure these funds are used to provide services, programs and capital projects in the City of La Quinta; and
Serve as a resource for the city treasurer on matters such as proposed investments, internal controls, use of change of financial institutions, custodians, brokers and dealers.

Contact

For more information about the FAC contact us at finance@laquintaca.gov or (760) 777-7000.

Apply

Applications are accepted all year long and kept on file in the Clerk's office until a vacancy needs to be filled.

Application to Serve on the FAC

Members

Current List of Commission Members

Agendas, Staff Reports and Minutes

The minutes for the FAC meetings will not be available until they have been approved at the next regular meeting.

The regular quarterly meeting agendas are typically available not less than 72 hours prior to each meeting and may be downloaded by clicking on one of the Event links below. The City reserves the right to make changes to the order of items listed on the agenda.

For copies of staff reports, as well as any accompanying attachments, you may contact the Finance Department at (760)777-7000 or finance@laquintaca.gov.

Agendas for current meetings are located at the event link below and on the City Calendar.

Meeting Calendar

Financial Advisory Commission Meeting

Date: 08/04/2021 4:00 PM 08/04/2021 4:00 PM 08/04/2021
Location: VIRTUAL
78495 Calle Tampico
La Quinta, California 92253

Videohttps://laquinta.cablecast.tv/?site=1

Add to my Calendar

NOTE: The minutes linked in the agenda packet are considered draft minutes until approved by the Financial Advisory Commission.

CLICK HERE TO VIEW / PRINT THE AGENDA IN .PDF FORMAT
CLICK HERE TO VIEW / PRINT THE AGENDA PACKET IN .PDF FORMAT

CLICK HERE TO ACCESS THE VIDEO RECORDING OF THE FINANCIAL ADVISORY COMMISSION

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SPECIAL NOTICE
Teleconferencing and Telephonic Accessibility In Effect

Pursuant to Executive Orders N-25-20, N-29-20, N-33-20, N-35-20, N-60-20 and N-8-21, executed by the Governor of California in response to the state of emergency relating to novel coronavirus disease 2019 (COVID-19) and enabling teleconferencing accommodations by suspending or waiving specified provisions in the Ralph M. Brown Act (Government Code § 54950 et seq.), members of the Financial Advisory Commission, the City Manager, City Attorney, City Staff, and City Consultants may participate in this meeting by teleconference.

Written public comments – can be provided in-person or emailed to Finance at jdelgado@LaQuintaCA.gov no later than 3:00 p.m. on the day of the meeting, and will be distributed to the Financial Advisory Commission, incorporated into the agenda packet and public record of the meeting, and will not be read during the meeting unless, upon the request of the Chair, a brief summary of any public comment is asked to be read, to the extent the Finance Management Assistant can accommodate such request.

If emailed, the email “subject line” must clearly state “Written Comments” and list the following:

1) Full Name 2) City of Residence 3) Phone Number
4) Public Comment or Agenda Item Number 5) Subject 6) Written Comments

*** TELECONFERENCE PROCEDURES ***

Verbal public comments via Teleconference – members of the public may join the meeting virtually via Zoom and use the “raise your hand” feature when public comments are prompted by the Chair; the City will facilitate the ability for a member of the public to be audible to the Financial Advisory Commission (FAC), and general public and allow him/her to speak on the item(s) requested. Please note – members of the public must unmute themselves when prompted upon being recognized by the Chair, in order to become audible to the FAC and the public.

Only one person at a time may speak by teleconference and only after being recognized by the Chair.

ZOOM LINK: https://us06web.zoom.us/j/88698213460

Meeting ID: 886 9821 3460

Or join by phone: (253) 215-8782

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