HomeMy WebLinkAbout10-01-2013 ac codron b4RECEIVED
OCT 012013
l.-_.SLQ CITY CLERK
f; = council MCMORAn urn
DATE: October 1, 2013 AGENDA
CORRESPONDENCE
TO: City Council
Date to - I - 13 Item#
VIA: Katie Lichtig, City Manager
FROM: Michael Codron, Assistant City Managers ra�
SUBJECT: Item B4 - Investment Oversight Committee Appointments
This memo is intended to clarify the role of the Investment Oversight Committee, and
alternatives available to the City Council at tonight's meeting.
The City Budget and Fiscal Policies provide the following guidance regarding the
Committee:
Investment Oversight Committee. As set forth in the Investment Management Plan,
this committee is responsible for reviewing the City's portfolio on an ongoing basis to
determine compliance with the City's investment policies and for making
recommendations to the City Treasurer (Director of Finance and Information
Technology) regarding investment management practices.
Members include the City Manager, Assistant City Manager, Director of Finance &
Information Technology/City Treasurer, Finance Operations Manager, the City's
independent auditor, one City Council member, and one member of the public.
The member of the public shall be appointed by the City Council in accordance with the
City's process for appointing advisory body members.
The process for appointing advisory body members includes establishing a subcommittee
of the City Council. The subcommittee is responsible for interviewing applicants and
making a recommendation to the Council regarding appointments.
As this is the first time a public 'member will be appointed to the committee, there is
currently no Council subcommittee. As a result, staff wanted to identify this step as an
additional alternative action available to the City Council.
Additional Alternative
The Council may appoint two Council Members as the' Chair and Vice -Chair of
the Council Sub -Committee for the Investment Oversight Committee, and direct
the subcommittee to interview applicant(s) for the committee and make a
recommendation regarding appointment to the City Council.