The Citizen’s Financial Advisory Committee recently held its first meeting to review the City’s long-term financial forecast and to begin its import work to provide recommendations to the City Council regarding the City’s financial future. The committee is composed of five long-time Arcadia residents with backgrounds in financial management and planning and is tasked with making recommendations to preserve Arcadia’s excellent city services, including cost-containment measures, opportunities for efficiency, and potential sources of locally-controlled funding.
“People live in Arcadia because we offer a higher quality of life and better local services than other surrounding cities,” said City Manager Dominic Lazzaretto. “Unfortunately, with the rising cost of services it’s no secret that we face some tough decisions ahead. The City convened the Citizen’s Financial Advisory Committee to provide independent oversight and make thoughtful recommendations on how to preserve our high quality of life.”
The committee, which will have the power to review all of the City’s existing finances, is comprised of five well-known residents, all with strong backgrounds in finance and accounting:
- Mickey Segal, a 34-year Arcadia resident, former mayor, and chair of the City’s previous Citizen’s Financial Advisory Committee, has an extensive background as a certified public accountant (CPA) and financial adviser, with a particularly strong background in municipal pension financing.
- Robert Miller, a 38-year Arcadia resident and current member of the Arcadia Beautiful Commission, has extensive experience with financial consulting through his award-winning financial consulting firm and sterling reputation in the financial services industry.
- Tommy Thai, a 12-year Arcadia resident and former member of Arcadia’s Zoning Review Committee, brings a comprehensive understanding of the City’s real estate environment, focusing on preserving the high property values and excellent services that make Arcadia a desirable place to live.
- Howard Ursettie, a 45-year Arcadia resident and CPA, is a long-time financial adviser, providing financial services to individuals and businesses. A well-known figure in the community, Ursettie brings a deep understanding of neighborhood needs to the committee.
- Jessica Louie, a 28-year Arcadia resident and independent auditor, has a deep understanding of Arcadia’s finances, having been a part of the independent audit team that previously reviewed the City’s finances. Louie also assisted the City in preparing the 2005 budget, saving the City millions of dollars and maintaining a balanced budget.
“We look forward to continuing to discuss our ongoing finances with the City, and evaluating how best to maintain these services, particularly public safety,” said Segal, the Citizen’s Financial Advisory Chair.
Over the coming months, the City will continue to work with the community, to solicit additional views while looking towards the mid-year budget review and develop long-term strategies to address the City’s fiscal challenges. To join the conversation and learn more about Arcadia’s financial future, go to the community feedback form at arcadiaca.gov. Additionally, you can go to the Citizen’s Financial Advisory Committee for more information about upcoming meetings.