Budget and Finance Advisory Committee meeting summary
At a glance
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The BFAC approved prior meeting minutes, elected Derric J. Johnson as Vice Chair, and confirmed ad hoc subcommittees to study financial management, economic development and asset management, and revenue efficiency. Members directed research into reserve fund benchmarks, special fund consolidation (including housing/homelessness funds), liability and investment strategies, and invited subject matter experts and UCLA Luskin Fellows to present. The March 6 meeting was cancelled; the next meeting is scheduled for April 3, 2026.
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What this means
Committee members set priorities to review how the City manages money, finds new revenue, and uses its property and special funds. They appointed a Vice Chair and asked university researchers and city financial offices to provide more information so the committee can draft recommendations for the Council’s Budget and Finance Committee. For residents, this means the committee is investigating options that could affect how city services are funded, how reserve and special funds are used (including housing-related funds), and potential changes aimed at reducing long-term costs.
Key decisions
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- Approved the Minutes of the February 6, 2026 BFAC meeting.
- Elected Member Derric J. Johnson as Vice Chair of the BFAC.
- Confirmed ad hoc subcommittees covering financial management; economic development and asset management; and revenue efficiency and evaluation.
- Directed research on reserve fund benchmarks, special fund reform (including potential consolidation of housing and homelessness funds), investment strategies, and liability management options.
- Requested presentations from UCLA Luskin Fellows on performance-based budgeting and other benchmarking research, and invited CAO, Controller, Office of Finance, pension investment managers, General Services Department, and Neighborhood Council Budget Advocates as possible presenters.
- Cancelled the March 6, 2026 BFAC meeting and scheduled the next meeting for April 3, 2026.
- Noted potential future Closed Session for Brown Act guidance from the City Attorney.
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Meeting information
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Budget and Finance Advisory Committee
Agenda
- Call to Order and Roll Call(1)Decision: ITEM(S)
- Public Comment Multiple Agenda Item Comment General Public Comment(2)Decision: ITEM(S)
- Approval of Minutes The Committee will review and approve the Minutes of the February 6, 2026, Budget and Finance Advisory Committee meeting.(3)Decision: ITEM(S)
- Vice Chair Nomination The Committee will nominate and vote to elect a Vice-Chair for the BFAC.(4)Decision: ITEM(S)
- Chair’s Office Update Rebecca Rasmussen, Budget and Legislative Director, Council District 5, will introduce the final Committee appointee, establish the core responsibilities and expectations for all members on behalf of Councilwoman Katy Yaroslavsky, and deliver an update on the City’s budget calendar and primary financial objectives for the coming budget cycle.(5)Decision: ITEM(S)
- Report Backs on Focus Area Progress Committee members will report back on the status and progress of the potential focus areas discussed during the previous meeting. Discussion will include updates on initial research and goals regarding economic development, financial management, and revenue sources.(6)Decision: ITEM(S)
- Discussion Committee members will refine the BFAC work plan, goals, and focus areas for the year, as needed.(7)Decision: ITEM(S)
- Next Steps and Future Agenda Items(8)Decision: ITEM(S)
- Calendar Review Committee members will discuss and set the calendar for the next few months.(9)Decision: ITEM(S)
- Adjournment(10)Decision: ITEM(S)
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