CA Review CKM
Meeting Date: Feb. 10, 2026
To: Mayor and City Council
From: Geoff Patnoe, City Manager
Staff Contact: Zach Korach, Finance Director
[email protected], 442-339-2127
Katie Schroeder, Senior Accountant
[email protected], 442-339-5246
Subject: Work Plan for Calendar Year 2026 for the Investment Review Board Districts: All
Rec
ommended Actions
Adopt a resolution approving the Investment Review Board Work Plan for 2026.
Executive Summary
The City Council is being asked to review and approve the proposed calendar year 2026 work plan for the Investment Review Board, as required by Carlsbad Municipal Code Section 2.15.020(C).
The purpose of annual work plans is to encourage increased dialogue between boards and commissions and the City Council. They are also intended to ensure that boards and commissions are working in line with the priorities of the City Council.
Explanation & Analysis
The Investment Review Board was established through the City of Carlsbad Investment Policy adopted by the City Council on May 13, 2025. The City Council approved the City Treasurer’s appointed members on Sept. 9, 2025.
The newly created Investment Review Board acts in an advisory role to include reviewing investment operations and providing oversight of the protection and management of the principal monies entrusted to the Office of the City Treasurer in compliance with all federal, state and local laws governing the investment of monies under the control of the City Treasurer; providing oversight of the investment portfolio’s liquidity and ability to meet all operating requirements which might be reasonably anticipated; and providing oversight of investment portfolio’s return on investment within the parameters of prudent risk management, federal, state and local laws, and the city’s Investment Policy.
On Nov. 20, 2025, the Investment Review Board voted unanimously to accept the first annual work plan and recommend that the City Council approve the plan (Exhibit 1, Attachment A).
Feb. 10, 2026
Item #10 Page 1 of 5
Docusign Envelope ID: 98D006AD-7128-4866-B2E7-10974FC5D9D1 Fiscal Analysis
There is no fiscal impact associated with approving the work plan.
Next Steps
The Investment Review Board will focus on the efforts as outlined in the approved work plan.
Environmental Evaluation
The proposed action is not a “project” as defined by California Environmental Quality Act, or CEQA, Section 21065 and CEQA Guidelines Section 15378(b)(5) and does not require environment review under CEQA Guidelines Section 15060(c)(3) and 15061(b)(3), because the proposed action to accept the Investment Review Board’s work plan is an organizational or administrative government activity that does not involve any commitment to any specific project which may result in a potentially significant physical impact on the environment. Any subsequent action or direction stemming from the proposed action may require preparation of an environmental document in accordance with CEQA or the CEQA Guidelines.
Exhibits
1. City Council resolution
Feb. 10, 2026
Item #10 Page 2 of 5
Docusign Envelope ID: 98D006AD-7128-4866-B2E7-10974FC5D9D1 Exhibit 1
RESOLUTION NO. 2026-040 .
A R
ESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD,
CALIFORNIA, APPROVING THE INVESTMENT REVIEW BOARD WORK PLAN FOR 2026
WH
EREAS, the City Council of the City of Carlsbad, California has determined that annual work plans ensure boards and commissions are working in line with priorities of the City Council; and WHEREAS, Chapter 2.15 of the Carlsbad Municipal Code requires that each board or commission provide to the City Council for its approval an annual work p lan of activities to be undertaken by the board or commission and a subsequent report of its accomplishments; and WHEREAS, Chapter 2.43 of the Carlsbad Municipal Code details the duties and composition of the Investment Review Board; and
WHEREAS, at the Investment Review Board quarterly meeting on Nov. 20, 2025, staff assisted with the preparation of the work plan that is consistent with the duties described in Carlsbad Municipal Code Chapter 2.43; and
WHEREAS, the Investment Review Board acts in an advisory role and provides oversight of the protection and management of the principal monies entrusted to the Office of the City Treasurer in compliance with all federal, state and local laws, and the city’s Investment Policy; and WHEREAS, on Nov. 20, 2025, the Investment Review Board voted unanimously to accept the annual work plan and is recommending that the City Council approve the plan.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Carlsbad, California, as follows:
1. That the above recitations are true and correct.
2. The proposed action is not a “project” as defined by California Environmental Quality Act, or CEQA , Section 21065 and CEQA Guidelines Section 15378(b)(5) and does not require environment review under CEQA Guidelines Section 15060(c)(3) and 15061(b)(3), because the proposed action to accept the Investment Review Board’s work plan is an organizational or administrative government activity that does not involve any commitment to any specific project which may result in a potentially significant physical impact on the environment. Any subsequent action or direction Feb. 10, 2026
Item #10 Page 3 of 5
Docusign Envelope ID: 98D006AD-7128-4866-B2E7-10974FC5D9D1 stemming from the proposed action may require preparation of an environmental document in accordance with CEQA or the CEQA Guidelines.
3. That the City Council accepts the calendar year 2026 Investment Review Board Work Plan, attached as Attachment A.
PASSED, APPROVED AND ADOPTED at a R egular Meeting of the City Council of the City of Carlsbad on the 10th day of February, 2026, by the following vote, to wit:
AYES: Blackburn, Bhat-Patel, Acosta, Burkholder, Shin.
NAYS: None.
ABSTAIN: None.
ABSENT: None.
_______
_______________________________
KEITH BLACKBURN, Mayor
_____________
_________________________
SHERRY FREISINGER, City Clerk
(SEAL)
Feb. 10, 2026
Item #10 Page 4 of 5
Docusign Envelope ID: 98D006AD-7128-4866-B2E7-10974FC5D9D1
INVESTMENT REVIEW BOARD
Missi
on Statement
The Inv
estment Review Board holds regular quarterly meetings acting only in an advisory role.
The Board reviews investment operations providing oversight of the protection and management of the principal monies entrusted to the Office of the City Treasurer in compliance with all federal, state and local laws governing the investment of monies under the control of the City Treasurer; providing oversight of the investment portfolio’s liquidity and ability to meet all operating requirements which might be reasonably anticipated; and providing oversight of investment portfolio’s return on investment within the parameters of prudent risk management, federal, state and local laws, and the city’s Investment Policy.
Compos
ition
The I
nvestment Review Board is composed of the City Treasurer, acting as the chair, and four City Treasurer- appointed members approved by the City Council.
Goals &
Tasks, calendar year 2026
Quarte
rly investment oversight of the safety, liquidity, and return with all applicable laws and best practices.
Annual
Investment Policy review of changes that will be presented to City Council for approval.
Attachment A
2026 Work Plan
Feb. 10, 2026
Item #10 Page 5 of 5
Docusign Envelope ID: 98D006AD-7128-4866-B2E7-10974FC5D9D1 Investment Review Board
2026 Work Plan
Zach Korach, Finance Director
Feb. 10, 2026
1 2
TODAY’S PRESENTATION
• Background
• Investment Review Board Work Plan
• Recommended actions
ITEM 10: INVESTMENT REVIEW BOARD WORK PLAN
BACKGROUND
• CMC Section 2.15.020 (C) requires commissions to
provide an annual report of accomplishments, and
an annual work plan, to the City Council for review
• A board work plan has three components:
Mission statement, composition, goals/tasks
•
3 ITEM 10: INVESTMENT REVIEW BOARD WORK PLAN
INVESTMENT REVIEW BOARD
• Christian Peacox, Chairperson
• Bill Ganelin, Vice Chairperson
• April Frieda, Board Member
• Jonathan Veiga, Board Member
• Steven Rubinstein, Board Member
4 ITEM 10: INVESTMENT REVIEW BOARD WORK PLAN
INVESTMENT REVIEW BOARD
• Nov. 20, 2025: Investment Review Board approved
2026 work plan
5 ITEM 10: INVESTMENT REVIEW BOARD WORK PLAN
INVESTMENT REVIEW BOARD
• Mission Statement
Reviewing investment operations providing
oversight of the safety, liquidity and return of
the city’s investment portfolio.
6 ITEM 10: INVESTMENT REVIEW BOARD WORK PLAN
INVESTMENT REVIEW BOARD
• Composition (Role)
Composed of the City Treasurer and four City
Treasurer-appointed members approved by the
City Council
7 ITEM 10: INVESTMENT REVIEW BOARD WORK PLAN
INVESTMENT REVIEW BOARD
• Goals & tasks
Quarterly investment oversight of the safety,
liquidity, and return with all applicable laws and
best practices
Annual Investment Policy review of changes
presented for City Council approval
8 ITEM 10: INVESTMENT REVIEW BOARD WORK PLAN
RECOMMENDED ACTIONS
1. Adopt a resolution approving the 2026
work plan for the Investment Review
Board
9 ITEM 10: INVESTMENT REVIEW BOARD WORK PLAN
QUESTIONS/COMMENTS
Thank you
10 ITEM 10: INVESTMENT REVIEW BOARD WORK PLAN