STAFF REPORT
Meeting Date:
October 28, 2025
CONSENT
5 SUBJECT: ADOPT A RESOLUTION INCREASING THE NUMBER OF INVESTMENT
ADVISORY COMMITTEE MEMBERS FROM THREE TO FIVE
RECOMMENDATION: It is recommended that the City Council:
1. Adopt the Resolution titled "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"; and
2. Determine that the proposed resolution is not a ”project” subject to the California Environmental Quality Act.
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, composed of three members of the public, appointed by the City Council. At its October 14, 2025, meeting, the City Council directed that the Committee be increased to five members, and appointed five residents to the Investment Advisory Committee.
DISCUSSION
At its October 14, 2025, meeting, during the appointments for the newly-established Investment Advisory Committee, the City Council directed that the Committee be increased to five members, and appointed five residents to the Investment Advisory Committee. Attachment 1 is a draft resolution to effectuate the change.
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.
ATTACHMENT
1. Draft Resolution (Pgs. 3-6)
ADOPT A RESOLUTION INCREASING THE NUMBER OF INVESTMENT ADVISORY
COMMITTEE MEMBERS FROM THREE TO FIVE
October 28, 2025
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