Locunity/La Quinta, CA·Other
Originally established in 1993 as the Investment Advisory Board (IAB), the body was restructured in 2017 into the Financial Advisory Commission (FAC) with expanded oversight responsibilities and membership increased from five to seven members appointed by the City Council. The FAC reviews the city's investment policy, monitors treasury reports for compliance, meets with the independent auditor on the annual audit, reviews revenue from the one percent transactions and use tax (Measure G, November 2016), and serves as a resource for the city treasurer on investments, internal controls, and financial institutions. Coordinated by the Finance Department.
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Recent updates from Governing Board
Q1 2026 sales tax receipts rose 4.6% over last year versus 4% statewide, led by general consumer goods and restaurants and hotels.
Why it matters: Heavy reliance on discretionary spending and tourism makes city revenue vulnerable if consumer spending weakens.
Staff outlined the citywide audit starting October 5, additional audits, a November year-end budget report, and no new developments on Silver Rock, Highway 111 or the IID substation.
Why it matters: The schedule determines when commissioners and Council will see audited results and the FY 2025-26 year-end budget picture.
Staff reported portfolio earnings topped $10 million for FY 2025-26, about 72% to the general fund, while yields and Fed policy remain uncertain.
Why it matters: Over $7 million of investment income supports general fund services, and shifting rates and inflation risk affect future city revenue.
O'Meara, Anderson and Lee were appointed to audit and report on FY 2025-26 Measure G revenues and spending, with staff explaining scope and priorities.
Why it matters: Measure G is the city's 1% sales tax; citizen oversight of its revenues, reserves and spending is a core accountability mechanism for voters.
The commission reappointed Commissioner Dorsey as chair and named Commissioner Niblo vice chair for fiscal 2026/27, with Vice Chair Anderson absent.
Why it matters: Leadership determines who runs meetings and enforces procedure, and rotation of roles was an explicit concern among commissioners.
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