RESOLUTION NO. 25.XXX
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
LAGUNA BEACH, CALIFORNIA, TO RESCIND AND REPLACE
RESOLUTION NO. 25.035, INCREASING THE NUMBER OF
INVESTMENT ADVISORY COMMITTEE MEMBERS FROM
THREE TO FIVE
WHEREAS, the City of Laguna Beach is committed to the principles of transparency, fiscal responsibility, and prudent management of public funds; and WHEREAS, the City recognized that the establishment of an Investment Advisory Committee is considered a best practice in public agency treasury management, and is recommended by organizations such as the Government Finance Officers Association (GFOA) and the California Debt and Investment Advisory Commission (CDIAC); and WHEREAS, the January 23, 2025, Finance Department Organizational Assessment done by the consulting firm Raftelis recommended this change; and WHEREAS, the City Council has determined that a dedicated Investment Advisory Committee will strengthen the City’s oversight of its investment policies, promote diversified and risk-appropriate investment strategies, and ensure alignment with the City’s investment objectives and priorities; and
WHEREAS, the Investment Advisory Committee will serve in an advisory capacity to the City Treasurer and City Council, providing expertise and recommendations regarding the City’s Investment Policy, investment strategies, asset allocations, and the suitability of investment pools such as the Local Agency Investment Fund (LAIF); and
WHEREAS, the Investment Advisory Committee will support the City’s efforts to maximize investment earnings while safeguarding principal, maintaining adequate liquidity, and ensuring compliance with applicable laws and regulations, including the California Government Attachment 1
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Code; and
WHEREAS, on June 10, 2025, the City Council adopted Resolution #25.035 to establish an Investment Advisory Committee to ensure focused oversight and expertise in investment management, composed of three qualified public members will promote sound financial management and transparency in the City’s investment practices; and WHEREAS, on October 14, 2025, the City Council directed that the Committee be increased to five members.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LAGUNA BEACH DOES RESOLVE:
SECTION 1. The City Council hereby rescinds and replaces Resolution No. 25.035, increasing the Investment Advisory Committee to five members of the public, appointed by the City Council.
SECTION 2. The Investment Advisory Committee shall meet at least quarterly and may hold additional meetings as deemed necessary by the City Council, City Treasurer, or City Manager.
SECTION 3. The Investment Advisory Committee shall advise the City Treasurer and / or City Council on matters related to the City’s Investment Policy, investment strategies, risk management, and asset allocation, and shall review the performance of the City’s investment portfolio, including diversification, maturity, liquidity, and compliance with applicable laws.
SECTION 4. The Investment Advisory Committee shall provide an annual report to the City Council summarizing its review of the City’s Investment Policy, investment performance, and any recommendations for changes. The Committee may also provide interim reports as appropriate or at the request of the City Council.
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SECTION 5. Membership and Qualifications:
The five public members of the Investment Advisory Committee shall be residents of the City of Laguna Beach and possess, or be able to demonstrate, the following highly desirable qualifications:
• Education and/or professional experience in one or more of the following areas:
investment banking, investment brokerage and sales, investment management, financial management and planning, or commercial banking. • Experience in reviewing financial reports, investment performance data, and market trends.
SECTION 6. Members of the Investment Advisory Committee shall serve without compensation and shall be designated Form 700 filers in accordance with the Political Reform Act.
SECTION 7. This Resolution shall become effective immediately upon adoption.
ADOPTED this 28th day of October, 2025.
Alex Rounaghi, Mayor
ATTEST:
Ann Marie McKay, City Clerk
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I, Ann Marie McKay, City Clerk of the City of Laguna Beach, certify that the foregoing Resolution No. 25.XXX was duly adopted at a regular meeting of the City Council of said City held on October 28, 2025, by the following vote:
AYES: COUNCILMEMBERS:
NOES: COUNCILMEMBERS:
ABSENT: COUNCILMEMBERS:
City Clerk, City of Laguna Beach, CA
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