November 30, 2022 Council Finance Committee/Investment Review Committee

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[00:00:00] Member Sally Lieber: recording Well, we'd like to call to order our meeting of the finance committee. And during the declared state of emergency, this meeting will be conducted in accordance with California government code, section 54953 E, is authorized by resolution. Please contact city. clerk at mountain view.gov to obtain a copy of the Eckable Resolution. All members of the council finance committee will participate in the meeting by video conference with no physical meeting location. Members of the public who are wishing to observe the live meeting, uh, may do so at mountain view.gov slash meeting or mountain view.legistar.com. Uh, the ways that you can comment on any of the uh, items on the agenda. Would be to email comments to Jesse, J-E-S-S-E, dot Takahashi, T-A-K-A-H-A-S, H-I, at Mountain View dot gov. All emails will be forwarded to the council of finance committee. Um, Providing oral public comments during the open session or during the meeting. Uh, you would have registered uh, in advance to access the meeting via Zoom webinar at HTTPS colon slash slash mountain view.zoom.us slash J slash 868-902-77004. You'll be asked to enter an email address and a name. However, your email address will not be disclosed to the public. After registering, you will receive an email with instructions on how to connect the meeting. When we announce the item on which you wish to speak, click the raised hand feature in Zoom. Uh, for instructions on using the raised hand, feature in Zoom, visit mountain view.gov slash raise hand, or rather that's Ray's underscore hand. Uh, you can also dial in at 669 900-9128 and enter webinar ID 868-90277004. When we announce the item on which you wish to speak, dial star 9. Okay. And we'll go on to our roll call, and we can let the roll call reflect that all of the committee members are present. And we'll go on to item 3 which is our minutes approval, the minutes for February 28th. 2022. Uh, is there any discussion about the minutes? Questions. Um, not seeing that we have, uh, any attendees who want to comment on them. So is there a motion to approve? Uh. Mayor Ramirez and 2nd from council member Manachek. Mayor, did you have comments as well? Okay. Uh, all in favor. Say I? Aye. I,

[00:03:13] Member Lisa Matichak: do we have to do a roll call vote then, since it's virtual? Uh, well, ask this

[00:03:18] Member Sally Lieber: laboratory. Do you need a roll call vote on the minutes? Um,

[00:03:22] Unknown Speaker: I could do one. Um, committee member, manage.

[00:03:26] Member Lisa Matichak: Yes.

[00:03:27] Unknown Speaker: Uh, committee member Ramirez?

[00:03:29] Member Lucas Ramirez: Yes.

[00:03:30] Unknown Speaker: Uh, Cherry Liber?

[00:03:32] Member Sally Lieber: Yes.

[00:03:32] Member Sally Lieber: Unanimous. Okay,

[00:03:35] Member Sally Lieber: great. And we'll go on to oral communications from the public. We have no public attendees at this point. Uh, so we will keep on going. Um, unfinished business. We have none. We'll go on to our new business, which is our annual financial audit results in review of the fiscal year 2021 to 2022 annual comprehensive financial report. And uh, did Ms. Zhang have uh, something to say beforehand, Mr. Takashi? Yes,

[00:04:10] Takahashi: thank you, Tara Lieber. I just wanted to have a few introductory marks before we turn it over to Mr. Lao, our auditor. So I just wanted to welcome everyone on the call. Uh, we have today with us, Mr. Benjamin Lau, who's the director at um, the audit firm of MCS Jeannie, in O'Connell or MGO. They completed their annual financial audit on the city's books and are here today to go over the results of the audit and to address some of the highlights for you. The requirement for the audit is based on our city charter, section 1106. That specifies that an independent CPA needs to perform this function. MGO's been the external monitor for the city for the last 7 years now. And, um, Basically, we have a consent item that is scheduled for the December 13th agenda, which will formally accept the annual comprehensive financial report, otherwise known as the Acfer, and the related reports that go along with it from the auditor. And that is pending a recommendation from this committee today. The report will have more detailed analysis of the actual financial results, as well as a comparison to the budget, for the general operating fund. But at this point, I would just say that the general operating fund finished the year fiscal year 2022 with a $17500000 operating balance. At the end of the meeting, staff will be looking for a recommendation from this committee for the council to accept the uh, act for as well as the auditors reports. And with that, I would like to turn it over to our auditor, Mr. Benjamin Lao. All right. Uh, hopefully,

[00:06:00] Benjamin Lau: am I on mute? No, I'm not on mute. I always need to say that word. Um, I just actually is glancing through, uh, and seeing through the staff report, it's very extensive, like, but I'm not gonna go through those information because I'm sure what is written there. It's better than what I, what, how I can comprehend in a short meeting. But anyhow, uh, this is Benjamin Lao. Jesse, I'm a director. not a director anymore. So assurance partner. Uh, from MGO, cities independent external auditor, so I'm here to present the city's audit results uh, for uh, for the year end of June 30th, 2022. Sorry, we as MGO are engaged to perform an independent audit of practically the Q key components are the city's effort and the single audit reports on compliance with federal awards. In addition, appointed completion of the financial statement audit. We have provide a report to the city council. And the purpose of the order is to provide reasonable assurance of the amounts and the information present and that they are free of material restatements. And we apply practically 33 framework. Uh, the US gap, uh, generally accepted accounting principles, generally accepted other thing standards and also government auditing standards. In summary, we have completed our audit of the city's effort and have issued unmodified opinions on the financial statements, and in other words, it's a clean opinion on the financial statements. For the effort opinion, it can be found on page one of the document or page 28, sorry, 25 out of 258 of the whole big PDF. So your effort is actually 258 pages long. And with the opinions, we also include an emphasis of matter, which is a big item for this year. It is the city's implementation of the new accounting standard, I guess be statement number 87 leases. And our opinions are not modified. with respect to this implementation. Regarding the footnotes, the most significant disclosure. It is standard fulfill of ancient note, the OPET note, at no A and note 9, and then your commitment footnote, which is, which is footnote 13. But the new lease footnote is a footnote 11, And on your big booklet is on page 14, right? Around at the middle, page 114, that's your least standard footnote. Uh, that's footnote 11. And just to throw out a number for this shared, due to the implementation, uh, your balance sheet itself has recorded at least receivable of roughly about 800 million. With an offsetting deferred inflow of resources, the nature of that is more like a liability. So in other words, it's more like a growth up of your financial statement, of the receivable and offsetting. Not exactly liability, but a liability like balances, and they're going to decrease at a different rate, one is strict line, the other one is based on an ametization schedule, but it's a huge number. And if you, if you have any questions about what that number is comprised of, uh, the, the right answer for that will be is mainly related to a few leases for one of your gigantic tech firm that is within your city, uh, termed will go. I think I think everybody hurts about that. Uh, mainly is because of that. In cities, on a relative term, on a relative term, uh, your cities receive at least receivable balance is really, really significant. Like we rarely have an entity that has such a huge balance on your financial statements. Uh, it might apply to maybe some other government operation, maybe like airport or like seaport. They have a lot of leases out there before a city itself, like that number is considered very significant, but, uh, we, as the auditor has looked into it, like in very detail, like more detail than what, what, what a normal entities will have, and we, we deem it deem the numbers to be, uh, reasonably stated. Um, with that said, the other report, so that's the highlight of the financial statement and the other report that is a pretty standard report is our report to the city council. Uh, the language is very standard and we include our required communication to those charged with governance, which is you guys. We did not, so I need to read this statement slowly. We did not identify any findings on internal control over financial reporting for this year. So we have no findings for this year. The city's accounting estimate and practice are deemed to be reasonable and we have not identified any unrecorded mistakes. So regarding single audit, federal complaints, we have not completed audit, but we expect to meet the statutory deadline of March 31st, 2023. So that is March 2023, that is 9 months after your year, uh, your, uh, city's uh, fiscal year end. In summary for 2022, uh, the city has successfully implement an extensive lease accounting standard, a lot of city staff effort on that. And also the city did not enter into any non-routine transactions that we need to highlight for this meeting purposes. And as stated before, there's no findings on internal control over financial reporting. And definitely the credit goes to the city's finance team, lead by Jesse, and also with the, uh, with the, Support of your accounting team, including grace, uh, in this call and also Jenna Sum, which is, I think, acting accounting manager. I think the, is the right, is the right title. And lastly, I would like to thank to the staff or continuous support. And this conclude my presentation and I'm here for any questions you might have. Thank

[00:12:17] Member Sally Lieber: you so much for your report. Are there any questions from the committee? Mayor Ramirez? Thank

[00:12:25] Member Lucas Ramirez: you, chair. I have a couples and I think these are probably fairly simple to address. Um, I'm guessing that the single audit will include the American Rescue Plan Act funds, since those are federal funds, right? We think you and I have talked about this, that that live, the, uh, wouldn't necessarily reflect the, uh, the, um, intake appropriate post funds because that would be handled with a single one. Okay, cool. Um, that's good to know. And then, um, Thank you. And then, uh, I often will look at, uh, this is, this is gonna sound, uh, uh, like a broken record. I often look at the, uh, the funded balances and the history of activity to see if the, um, if the balance really makes sense given the history of, of, of, uh, the fun activity. And, you know, I always come back to the equipment, equipment, maintenance, and replacement fund, which consistently has a much greater balance than what the activity over the past 15 years. really suggests it needs to have. Um, we did have one big expenditure, which was the reason of the fire fleet. Um, but I'm guessing we're not anticipating another significant expenditure, um, anytime soon. I don't know if Jesse would happen to know. Is there a major expenditure like the fire fleet replacement? Uh, that we're anticipating soon? Yeah,

[00:14:01] Takahashi: thank you for the question. Um, That is an unusual um, expenditure for the equipment replacement fund. Um, unlike, uh, the rest of the fleet, which typically is replaced on a item by item basis, uh, there were various reasons why it made sense for the fire apparatus to be replaced all at once, and that was a policy decision that was done a number of years ago. So to directly answer the question, no, we don't have anything that's that of that nature in terms of the significant one time expenditure. But they will come through individually as they're scheduled to, or as the need arises. Okay,

[00:14:45] Member Lucas Ramirez: thank you. And I guess, you know, knowing that, I'm wondering, are the, I guess, the fees and charges of all of the departments, Too high, because we end up with a, an enormous balance that we don't end up using because we don't have significant expenditures, like the, the fleet replacement, with any degree of regularity. Do you happen to know what those charges are? Yielded this enormous balance? Um,

[00:15:17] Takahashi: well, that, you know, incorporates the fleet over, you know, over the period of the life. And so those are amortized in their, uh, amortized at, uh, an expected replacement value. So, uh, that accounts for inflation and in those types of, um, you know, amounts that would potentially require additional cost and what we actually purchase it at. Um, we typically don't overfund in terms of recovering more than what we think we will need. But in some cases, we will actually get more use out of some of the vehicles and, you know, say we think it has a five-year life. It may actually go 7 years or 8 years if, um, if it's still in good shape. And so we may not spend as quickly, uh, as we initially project, which could lead to having some additional, uh, amounts in there. But, uh, in general, we try not to over fund, meaning collect more than what we think we're going to ultimately spend on that. And so our, you know, our goal is to fund it at 100%. No,

[00:16:27] Member Lucas Ramirez: the the fun balance for the equipment, maintenance and replacement fund is $26 million. It's listed as cash and investment. How much of that is cash and how much of that is, is something else. What does investments mean?

[00:16:47] Takahashi: Actually, Luke, I'm gonna defer if our, uh, assistant director Grace, um, would like to comment on just the breakdown of that, uh, amount? I

[00:17:01] Grace (Assistant Director): can actually respond to that just from my view on that. Um, the cash and investment line item is more like a general financial statement description. And the, there is not like a, This creek and separate bank account for the invest, uh, internal service fund, uh, the city operates as a whole, of cash. So there is basically, uh, the thought process will be, there is one, uh, leisure to keep track of all the investment because when you invest everything in a pool, the bigger dollar amount, you can invest in a larger dollar amount investments, that is when you be, you will be able to generate uh, the higher interest return. So that is more like on the control, like on an entity wise standpoint, there's a poor investment. So the dollar amount that you're seeing is the internal service funds, uh, respective portion of the whole pool in the bank in in that air called the bank account, which is the pool that is managed by the city. So if you want to know the pool, what is the whole pool, what is including that, that is, that is within, I think note 3 of the financial statement. But if you look at that specific column, the 26000000 compared to the next column, which is the uh, workers compensation insurance plan. Basically they in the same pool. So they are not like specifically isolated separate investment that you are talking about. And why are we timing it as cash and investments because that poll within that pool has cash and investment in, so it's more like a general term for, uh, to specify how much is the poll position. And that explanation that I just talk about is actually in the food description of explaining, and that it also includes the in, uh, the fair marketability adjustments as well as the interest are location. So that's how a city typically operates, is us, is a big poll of cash. And, and just add an additional note, there are specific funds that they have, specific, very identifiable specific cash balances. A classic case will be, uh, when you issue bonds, and those cash are held in a fiscal Asian account. Like, uh, then we, and everybody can be pinpoint and say, okay, this dollar amount is the cash. I hope in this trustee. So that's possible, but in, in, to answer back to your question, that is just pool cash. So,

[00:19:32] Member Lucas Ramirez: so if we had, I mean, it's, it's someone, if we had, uh, some catastrophic, catastrophic event, and we needed to fix the entire city fleet. We could draw from the $26000000 balance in order to.

[00:19:47] Grace (Assistant Director): You're a pool, you're a pool participants, basically, uh, the simple way to say it is, actually the cash is there. The cash is there. Each of the fund itself is able to draw through all the funds and there will be uh, the way a city's structure uh, of the, if you look at the investment policy, I believe. Out of the criteria, one of them is always about liquidity. Always about liquidated. You have a very short term cash position that basically tomorrow, you will have the cash position. That you can pay for all your operations. And that is need not just apply to, are talking about internet service one that it applies to. As a whole of the city. Right. Because when, when, getting at is, Because

[00:20:30] Member Lucas Ramirez: the, the, fund activity for, for many, many years, over a decade, has never been anywhere close to what it was in this period, right? Because of the fire fleet, it seems hard to justify having a balance of $26 million. And what that tells me is it feels like the charges are too high. We're ending up amassing a much greater pool than we really need for the purpose of maintenance and replacement. And then we end up with these enormous balances for sustained periods of time. And I guess I'm wondering is, is it worth looking at those charges to see? Do we really need to amass this amount of money in this fund when the activity over the past 15 years doesn't appear to justify this balance? Yeah,

[00:21:27] Takahashi: no, that's a good point that that you bring out in terms of what level of funding do we need to be? I mean, I think that's something that staff certainly can take a look at, um, Because at any given point in time, we only replace a certain portion, and and just with respect to the fire apparatus, um, we have made a partial payment, but that's going to be over time because I think it's going to take about, Somewhere between one and 2 years to actually receive all of those, um, before they're, they're placed in service. And so some of that money that we've committed is in that cash balance. So we haven't paid that all out. So some of that is still there and is reflected in that $26000000 or so. Um, but, you know, there is a good point. Maybe we don't need to be as fully funded at a given point in time. For example, you know, the whole fleet disappears and we need to replace it. The likelihood of that is probably, you know, not not super high. Most likely, we replace a portion of it every year. And so from that standpoint, maybe we can lower charges to, um, not have as large of a balance at any given point in time. So that's something that we we certainly can look at and, um, you know, get get back to the committee with an update in terms of maybe where we can go with that and if there's some adjustment to the rates that we can, um, look at. that would result in a much, you know, say a more reasonable balance that you feel comfortable with. Thank

[00:23:05] Member Lucas Ramirez: you. I appreciate that. And we may find that the charges are wholly justified, and there is value in having this balance, but I've looked at, at the actors, going back to, you know, 2009, and it's, I've just, if the balance has grown and grown and grown, and using this money. Um, and, and it feels like it might be good to, to think about the, are the, are the charges where they really need to be. Um but thank you. And then the last question, something that we've talked about before, and I think you had answered to them, but just to make sure I understand. We have, uh, this community benefit revenue that is, uh, that, it can be difficult to track over time, the, it's, it's not, you know, it's not, it doesn't seem like it needs to have its own special fund, like, you know, uh, the park in lieu fees, or the, the housing funds because those are, there's a next to study, those are restricted, community benefits are new. Um, but if I wanted to track over time, contributions paid from development, these community benefits, what is the, is, is this really inappropriate? Even for that, or how do we make sure that, you know, we get the money and it's spent the way that the council had intended over a period of, of time? Yes,

[00:24:32] Takahashi: thank you for the question. Um, so we, we do have, uh, a mechanism for tracking those community benefit funds, but, but it's not done within, say, the, the act for, or, you know, or this, um, the annual financial statement and in those reports. It's done within the city's financial system, ledgers. Um, there are sub ledgers that are maintained for each of those, and that's how we, we track, um, I guess the aggregate of, of the different community benefit, uh, revenues that that do come in over time. So, so that's something that, yeah, we can get to. Um, it's not something that is, um, reported or shown within this document, though, the act for. Would

[00:25:23] Member Lucas Ramirez: the revenue fall? So there's there's the fund other developers fees. Is that where some, some of the, at least a portion of the unrestricted, uh, community benefit obligation would be in there along with the totality of other fees that are collected, but helpers or will not be. Yeah,

[00:25:46] Takahashi: those would be within the, um, The, the, the, the, the, developer fee. Uh, aggregate. So they're mixed in with with other, um, revenues that come in from related to the development. So they're not, they're not broken out separately within the document. So that's why it's difficult to see what piece of that of the total represents only the community benefits, which is why we have, you know, the separate ledgers. We will we will track that in more detail.

[00:26:22] Member Lucas Ramirez: Thank you. Part of the reason why I'm, I, I wonder about that is a lot of those developer fees are restricted, right? We, we, take fees that we then must use for the purpose of, uh, you know, funding CBD staff and that, and it's been, but the community benefits are different, right? Those, those are a lot more flexible and the council can appropriate those outside the context of, of, you know, CDD operations, like, I wonder, it's, it, over, I mean, I think it's probably man- manageable now, but for as long as this program persists, it feels like people only need more and more difficult to track. from a council. members, perspective. I wonder if there is some way, maybe the actor isn't the appropriate document, but some way of, of accounting for that difference between stripped of all the funds and community benefits for unrestricted demographies. Those are all my matches. Thank you. Thank

[00:27:19] Member Sally Lieber: you, mayor, uh, Celts member, man a check. Thanks,

[00:27:23] Member Lisa Matichak: um, actually on that topic, um, Not all community, maybe the question is, do all community benefits actually flow through the city? Wouldn't some of them, the city never see, such as, um, The project we just approved the master plan in East Wisman. Most of the community benefits are subsidizing rent, building parking spaces. Um building out the infrastructure to support the retail environment. And that doesn't flow through the city, does it? The developer just expends those money, that money. Is that right? Yes,

[00:28:05] Takahashi: to the extent, the city's not receiving a cash payment for that, and they're basically requirements to directly benefit, you know, the 3rd parties, then yeah, so if they had to do subsidized or lower rent or some condition of that nature where it doesn't flow through the city, then yeah, that would not get recorded. Um, on our on our ledgers. Okay. So it may, yeah, so we may have an incomplete picture from that standpoint. Yep. Um,

[00:28:38] Member Lisa Matichak: okay. Um, I want to say that I, um, I learned something new every single time. I read the Akford. Um, and I'm glad we now have a, uh, a way of pronouncing that. I've been calling it the ACFR, but it was good. Um, and this time I felt like I focused on, um, some, um, things that kind of caught my eye when it comes to like, um, the major companies in the city. And on PDF page 189. And pardon my voice here. I'm still apparently recovering. Um, it, uh, Let me get to that page. It shows that in 2122 LinkedIn did not have any employees. In Mountain View. And I thought, well, now, wait a minute, is that, because they were still constructing, uh, 700 middle field. Uh, and so they didn't have, I thought they still had employees in some of those buildings. Or does LinkedIn um, Because that's also there, Sunnyvale campus, just say, oh, everyone's in Sunnyvale. Or how do we actually get that information? So, uh,

[00:30:12] Benjamin Lau: before, before, before I proceed, just, uh, just one thing, uh, is, I, I don't think, uh, if I need to make a guess from my perspective, I actually, actually gone through a similar question as well in my head, uh, the, the, my 1st reaction is, they are, because, because, uh, this schedule only showed a, a top 10 number of employees, and uh, are the cutoff for this year is at 500. So if they have 4499, it doesn't get to this list. So if we're talking about, is that absolutely zero, I don't think so, I don't have the answer for that, but that helped me to justify that, oh, maybe they have 50 there and that's why it's not on the list. So is that going to be 0? I don't think so. So hopefully that's not the case, but that's that's why it's not there. It's just below 500.

[00:30:59] Member Lisa Matichak: Okay, okay. So I looked at that. And now that I look at it again. You know, I think semantec has moved to another city. Omniselle has. I wasn't sure about Alcatel lucent. But Palo Alto Medical Foundation clearly has employees in our city. And so I think what you, um, just said is absolutely right. I didn't look at pants.

[00:31:22] Takahashi: It's really just take a look at the current top 10, but it also shows what the top 10 were up 10 years ago. And so that's why they don't show up currently, if they're not in the top 10 this year, um, in the top 10, 10 years ago is what you see on the right on that right hand column. Okay. Um,

[00:31:43] Member Lisa Matichak: let's see. And then on um, PDF page 35 going back to that. It kind of struck me that, um, And let me get to that page, uh, spend for public safety appears to have gone down. More than I expected it to. Am I reading that right? I know we reallocated one headcount from PD to. Yes, I think it's called human services. But, um, Is there less overtime or am I reading that right? So

[00:32:35] Takahashi: I'm just, uh, if I'm trying to look here on the page. So public safety expense, your question was the uh, expenditure went down from the prior year? Yeah.

[00:32:49] Zheng: This is, um, sorry, um, because this is public safety building, um, public safety is in general as a city as a whole that including Gasby 68 for cowpur's pension contributions, um, for this year for fiscal year 22. Um, we do have a significant um, investment income earning um, for both the helpers plan. So both the miscellanear plan and the public safety plan have a significant positive impact reduced our entity wide expenditure, which you see it specifically here in the public safety because the public safety plan hits the public safety category only. Got it. It's

[00:33:27] Member Lisa Matichak: helpful. Okay. And, um, Let's say on an exhibit. 3 On let's be PDF page 22. Um, I think I've asked for this before, but is it possible to update this, um, instead of having Mountain View citizens? It would be Mountain View residents. You know, some people, um, Think citizens means like you're a US citizen, when in fact, we just mean everybody who lives in Mountain View. Um, and I would like that to be updated. And also...

[00:34:10] Takahashi: Oh, I'm sorry. No, I was going to say, I thought we did that, but Grace reminded me, we did that on the budget, but apparently we need to make that change also here and that for... And

[00:34:21] Member Lisa Matichak: we also, um, need to add, um, public safety advisory board. That um is missing. Yes.

[00:34:34] Zheng: Do you have that, is the new advice? Yes.

[00:34:37] Takahashi: So that was during the, yeah, the past last year. But just keep in mind, this is as of January 22. Did we have the advisory book before 22? Yes. Okay. Yeah. Yes, good point. We'll get those, um, in fact, we could probably, yeah, we'll get that, um, corrected. And

[00:34:57] Member Lisa Matichak: then, um, I know I've also said this before. I found it a bit challenging to, um, go through this in on some pages because it's set up for printing. Um, but I feel like, you know, we've really gotten away from printing documents. And they're usually just available now in electronic format. And so I think we need to update our format to make it easier. Um, I ended up opening 2 copies of the PDF and putting them side by side so I could read across. And that just, you know, takes longer than I want it to take to read it. So, um, you know, I think, We need to start changing our format since we're pretty much an electronic delivery of material now, kind of city. And that's it for me. App appreciate it. Thank

[00:35:54] Takahashi: you for the comments, and we'll definitely get to work on trying to reformat for the electronic age. To

[00:36:04] Member Sally Lieber: any concluding remarks from Mr. Lao? Okay. Uh, any, uh, mayor Ramirez? Thank

[00:36:24] Member Lucas Ramirez: you. is it is a motion necessary? Do we have to make a recommendation to the city council? Yes. Um, I'm, I'm happy to, to move, uh, a staff recommendation and just share that. uh, you know, watching the council for, for a while and I remember, gosh, I think, I think it may have been 2012. Jack Siegel was still on the council. Um, and I was watching, uh, we used to have the the full council used to, uh, convene in a study session to review, uh, the act for, and, um, and that, he, Jack was nice, nice enough to respond to an email, I sent, the announcement. I've always been impressed with this document. There's a ton of information. I can only imagine how difficult it is to compile it. So thank you, uh, Benjamin, and thank you, Jesse and Victorian Grace and everybody on the team for, uh, for preparing this and uh, this is actually the reason why I like to be on the CFC for this meeting. Thank you. Thank

[00:37:25] Member Sally Lieber: you. And so, Mary, you're, um, moving that, uh, we recommend adoption of, uh, the comprehensive financial report council. Wait, um, 2nd day. Fantastic. And we'll go on now to a roll call, Miss Labrador. Meeting

[00:37:46] Labrador: member, Mattachek?

[00:37:47] Member Lisa Matichak: Yes.

[00:37:48] Miss Labrador: Committee member Ramirez?

[00:37:50] Member Lucas Ramirez: Yes.

[00:37:51] Miss Labrador: And Charlie Ware?

[00:37:52] Member Sally Lieber: Yes.

[00:37:53] Miss Labrador: Unanimous. Okay. Well,

[00:37:57] Member Sally Lieber: thank you, thank you, Mr. Lao, for being with us today and uh, to Mr. Takahashi and um, Ms. Zhang and all of the staff and finance, we obviously really appreciate your work and I've been going through it. And, uh, I just really appreciate everything that you've done to, uh, bring this to us. And so we'll go ahead and go on now to committee staff comments, questions, some committee reports. Uh, do any committee members? Have any Mayor Ramirez?

[00:38:34] Member Lucas Ramirez: Really briefly, I'm I'm sorry that this will be Jesse's last meeting with us. Thank you very much for your service to the city. We'll see you again. in upcoming council meetings and hopefully at the executive team lunch, but, um, thank you very much for, uh, it's been a pleasure working with you over the years and and thank you very much for everything that you've done for us. I

[00:38:56] Member Lisa Matichak: willheartedly agree. Thank you, Jesse. I

[00:38:59] Member Sally Lieber: agree, definitely, but I'm still in denial, so... We won't go there. We'll just assume that there's always another meeting. And, um, one thing that I would like to, uh, see, in the general area of finances, um, some information, uh, for counsel on how the changing, uh, financial picture for the state government will impact us. Now that we frequently talk about, there's going to be another year of uh, state funding for this or that program and, um, So the legislative analysts report was concerning, of uh, $25000000000 hole in the budget at the state level growing to a potential $50000000 hole in the next year. So just information for counsel on how that will impact, um, some of the programs that we've made a commitment to. Um, would be great. And if there are no other comments, we'll go on now to a motion to adjourn. Well, take this from Mayor Ramirez and 2nd it by council member Manachek. I'll those in favor. I, thank you so much to stay off and to Mr. Lyle. Thank you.

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