TO:City Council
FROM:Kevin McNamee, Mayor and Bob Engler, Councilmember DATE:November 14, 2023
SUBJECT: Investment Review Committee Appointments
RECOMMENDATION:
1. Approve the reappointment of incumbents Davin Carey, Anthony Gonzales, and John Short, III, to the Investment Review Committee to serve two-year terms ending December 2025.
2. Find that this action is not a project as defined under the California Environmental Quality Act.
FINANCIAL IMPACT:
No Additional Funding Requested. Minimal staff time for costs associated with coordinating interviews, appointments, and preparing support materials is included in the Adopted FY 2023-24 General Fund Budget.
BACKGROUND:
The five-member Investment Review Committee (Committee) is charged under City Council Resolution No. 2017-021 to periodically monitor and review the City Treasurer’s compliance with the City’s Investment Policy and to provide a quarterly report of its findings. In addition, the Committee submits an annual report to City Council summarizing its work and recommending modifications to the Investment Policy.
The Committee members are appointed by Councilmembers and ratified by City Council. The members serve staggered two-year terms on a calendar year basis, from January through December.
Investment Review Committee Appointments
November 14, 2023
8 5
1 DISCUSSION/ANALYSIS:
A 30-day application filing period for the three vacancies was opened on August 21, 2023, and ran through September 21, 2023 . The application filing period was extended until October 5, 2023, to provide an opportunity for additional applications. Four applications were received for the three scheduled vacancies. Four interviews were conducted by Mayor McNamee and Councilmember Engler on October 24, 2023. After reviewing applications and conducting interviews, the reappointment of incumbents Davin Carey, Anthony Gonzales, and John Short, III, to fill the scheduled vacancies is recommended. Their respective applications are included as Attachment #1.
COUNCIL GOAL COMPLIANCE:
Meets the following City Council goals:
B. Provide municipal government leadership which is open and responsive to residents, and is characterized by ethical behavior, stability, promoting public trust, transparency, confidence in the future, and cooperative interaction among civic leaders, residents, business representatives, and staff, while recognizing and respecting legitimate differences of opinion on critical issues facing the City.
C. Operate City government in a fiscally and managerially responsible and prudent manner to ensure that the City of Thousand Oaks remains one of California's most desirable places to live, work, visit, recreate, and raise a family.
PREPARED BY: Jane Adelmann, Debt and Investment Analyst Attachments:
Attachment #1 – Applications for Selected Appointments
CMO: 110-20:H:\COMMON\KM\City Council/Council Items/2023\ Staff Reports\111423\ 111423 Investment Review Committee Appointments Staff Report