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Agenda Item 22.

City Council Meeting

Meeting Date:	02/20/2018
FROM:	Bill Gallardo

Subject:

Add an At-Large Member Appointed by City Council and Remove the City Manager Designee Appointed to the Investment Advisory Committee

RECOMMENDATION

Approve a Resolution amending Resolution No. 2010-16 to add an at-large member appointed by City Council and remove the City Manager designee appointed to the Investment Advisory Committee; and Direct staff to update the City's Statement of Investment Policy regarding the composition of the Investment Advisory Committee and the next annual review.

BACKGROUND/DISCUSSION

In February 16, 2010, the City Council adopted Resolution No. 2010-16 referencing Committees which advise the City Council include one or more City Council members, and/or include one or more public members appointed by the City Council, and function as standing committees.   In regards to the Investment Advisory Committee (IAC), the resolution reads as follows:

"The Investment Advisory Committee shall be composed of seven (7) members, including a City Council Member, the Finance Director (who shall serve as Chairperson), the City Treasurer, the Financial Services Manager/Revenue, a City Manager's designee, and two (2) at-large public members appointed by the City Council for alternating four (4) year terms. On July 5, 2018, the City Council adopted Resolution 2016-055 appointing the City Council Member assigned to the Investment Advisory Committee as the Chairperson.  The primary purpose of the Investment Advisory Committee shall be to review the investment policy and monthly Treasurer's report and make recommendations thereon to the City Council, and to act in an advisory capacity to the City Council in matters pertaining to the investment of City funds, investment strategies, portfolio assets and maturity structure."

At the Council Study session on February 6, 2018, members of the City Council expressed an interest in adding a City Council appointed at-large member to the IAC.   To better meet the needs of this Committee, staff recommends the following:

Add an at-large Public Member appointed by the City Council; and
Remove the City Manager's Designee

With the above changes, the composition of the IAC would be as follows:

City Council Member (will serve as the Chair)
Two Staff Members (Administrative Services Director and Revenue and Budget Manager)
City Treasurer
Three (3) At-large Public Members appointed by the City Council.

Thus, the IAC would need four (4) of the seven (7) members present to conduct a meeting. Furthermore, the City's Statement of Investment Policy would need to be revised to reflect the change in committee members. Staff recommends the City's Statement of Investment Policy be updated at the annual review to incorporate the changes to the composition of the Investment Advisory Committee.

FISCAL IMPACT/SUMMARY

There is no fiscal impact.

RESPECTFULLY SUBMITTED:

William Gallardo, City Manager
Prepared by: Faith Madrazo, Revenue and Budget Manager
Concurrence: Cindy Russell, Administrative Services Director

Attachments
Resolution