TO:City Council
FROM:David Newman, Mayor Pro Tem
Bob Engler, Councilmember
DATE:November 19, 2024
SUBJECT: Investment Review Committee Appointments
RECOMMENDATION:
1. Approve the reappointment of incumbents Sheila Moore and Cody Sorenson, to the Investment Review Committee to serve two-year terms ending December 2026.
2. Find that this action is not a project as defined under the California Environmental Quality Act.
LEVINE ACT ITEM: No
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 2024-25 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 19, 2024
1 1
4 4
DISCUSSION/ANALYSIS:
A 30-day application filing period for the two vacancies was opened on August 20, 2024, and ran through September 19, 2024. Nine applications were received. Mayor Pro Tem Newman and Councilmember Engler conducted seven interviews on October 29, 2024, with one applicant unavailable and one applicant withdrawing his application. After reviewing applications and conducting the interviews, the reappointment of incumbents Sheila Moore and Cody Sorenson 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 of Selected Appointments
CMO: 110-20\ja\H:\COMMON\ City Council\Council Items\111924\ Investment Review Committee Appointments Staff Report.docx