Agenda Item
City Council
Item #: 6.1. 3/8/2022 File #: 22-0147
TO: Honorable Mayor and Members of the City Council
THRU: Thomas R. Hatch, Interim City Manager
FROM: Will Kolbow, Assistant City Manager/Administrative Services Director
1. SUBJECT
Merging of the Investment Advisory Committee and Audit Committee.
2. SUMMARY
The City’sAudit Committee and Investment Advisory and Oversight Committees provide a critical oversight role over the City’sfinancial reporting and investment activities, respectively. However, due to the unique qualifications of the Audit and Investment Advisory committees, it has proven difficult to fill the vacancies that exist in the committees. Therefore, in order to ensure the functions of both committees continue, staff is recommending that the City Council consider merging the two committees into one new committee entitled the Investment and Audit Committee.
3. RECOMMENDED ACTION
Merge the Investment Advisory Committee and Audit Committee into a new committee entitled the Investment and Audit Committee, and direct staff to prepare the necessary Resolutions and Ordinances to effectuate this change.
4. FISCAL IMPACT
None.
5. STRATEGIC PLAN GOALS
Goal 2: Be a fiscally healthy community
a: Expend fiscal resources responsibly.
6. DISCUSSION AND BACKGROUND
Staff is seeking direction pertaining to the Audit Committee and Investment Advisory Committee. The City’s Audit Committee and Investment Advisory and Oversight Committees provide a critical oversight role over the City’sfinancial reporting and investment activities, respectively. However, due to the unique qualifications of the Audit and Investment Advisory committees, it has proven difficult to fill the vacancies that exist on both committees. Presently, there are two members on the Investment Advisory Committee, one of which continues to serve on an expired term until his position is filled.
There is only one appointed member on the Audit Committee and the committee has not been active since 2011 due to a lack of quorum.
To provide for these two important functions, staff recommends merging the Investment Advisory Committee and Audit Committee into a new committee entitled the Investment and Audit Committee.
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Item #: 6.1. 3/8/2022 File #: 22-0147
Committee and Audit Committee into a new committee entitled the Investment and Audit Committee.
The membership of this committee would consist of four appointment members and the City Treasurer as a voting ex-officio member, for a total of five members. The new committee, as proposed, would still retain the qualifications necessary for both the Audit and Investment Advisory committees, with members having to meet either of the qualifications. If the City Council agrees, staff will come forward with the necessary Resolutions and Ordinances to effectuate this change.
7. ATTACHMENTS
· None
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