STAFF REPORT
Meeting Date:
October 14, 2025
INTERVIEWS
SUBJECT: INTERVIEWS AND APPOINTMENTS TO THE INVESTMENT ADVISORY
COMMITTEE
RECOMMENDATION: It is recommended that the City Council:
1. Interview the twelve applicants and appoint three residents to the Investment Advisory Committee for a 20-month term effective immediately, through June 30, 2027.
SUMMARY OF THE MATTER
At its March 25, 2025, meeting, the City Council agreed with the recommendation in the Raftelis report on its organizational and operational assessment of the City's financial operations, to separate the efforts into the Audit Committee as an ad hoc committee of not more than two members of the City Council, and the Investment Advisory Committee comprised of local residents with financial backgrounds, whose main function is to review the investment policy annually, review returns, and make recommendations as to changes. On June 10, 2025, the City Council adopted Resolution #25.035 to officially effectuate these changes and formally create the Committee (Attachment 2).
DISCUSSION
On March 25, 2025, the City Council reviewed the Raftelis organizational assessment and supported its recommendation to separate the previously combined Audit/Investment Committee into an ad hoc Audit Committee of up to two City Council members and a standing Investment Advisory Committee consisting of three qualified residents with experience in financial management.
The primary responsibilities of the Investment Advisory Committee include reviewing the City’s investment policy, evaluating portfolio performance, and advising on risk-appropriate investment strategies. For the three openings, The City Clerk’s Office received applications from twelve residents interested in serving on the Committee. The list of applicants is provided below, and their applications are included in Attachment 1:
1) Steve Brown (Audit/Investment Committee Incumbent)
2) Michael Burdiek
3) Kim Ciabattoni
4) Robert Klugman
5) David Levine
6) Joseph Mauthe
7) Gregory Mech (Audit/Investment Committee Incumbent)
8) Rael Merson
9) Steve Neri
10) Matthew Rogers
11) Melissa Roguly
12) Sasha Talebi (Audit/Investment Committee Incumbent)
INTERVIEWS AND APPOINTMENTS TO THE INVESTMENT ADVISORY COMMITTEE October 14, 2025
FINANCIAL ANALYSIS
The recommended action has no financial impact to the budget.
ENVIRONMENTAL ANALYSIS
This action is not subject to the California Environmental Quality Act (CEQA) pursuant to CEQA Guidelines Section 15378(b)(2) and (b)(5), as it involves organizational activities that will not result in a direct or indirect physical change in the environment.
ATTACHMENTS
1. Applications (Pgs. 3-27)
2. Resolution 25.035 (Pgs. 28-31)
Submitted By: Ann Marie McKay Approved: .David A Kiff
Ann Marie McKay, City Clerk Dave Kiff, City Manager
Report Prepared By: Coordinated With:
Ann Marie McKay, City Clerk