HomeMy WebLinkAbout2002-04 investment oversight committeeRESOLUTION NO. 2002-04
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF UKIAH
MODIFYING THE MEETING DATES AND COMMITTEE STAFF PROVISIONS OF
THE CITY OF UKIAH INVESTMENT OVERSIGHT COMMITTEE
WHEREAS, it is the desire of the City Council of the City of Ukiah to modify the
meeting dates and committee staff provisions related to the Investment Oversight
Committee established by Resolution 96-69 on June 5, 1996; and
WHEREAS, a single resolution is appropriate to include all of the pertinent aspects
of the Investment Oversight Committee; and
WHEREAS, the Investment Oversight Committee assists in the public review and
understanding of the City's investment practices and serves to meet the goals of the
"Prudent Investor" rule to which all local governments should follow in their financial
transactions.
NOW, THEREFORE, BE IT RESOLVED by the Ukiah City Council that Resolution
No. 96-69 is superseded by this resolution and the City of Ukiah Investment Oversight
Committee is retained. The Committee meetings shall be open and subject to the Brown
Act.
A. Committee Duties and Responsibilities:
I. Conduct comprehensive review of the City's investment activities to
ensure regulations are adhered to and adopted strategies are
appropriate and being followed.
ii. Review Annual Audit of Investments.
iii. Review policy, investment strategies, and investment performances.
iv. Develop long range planning for the City's investment portfolio.
v. Receive and review monthly portfolio reports and quarterly
performance reports from Advisory firm.
vi. Report its findings and make recommendations as needed to the City
Council.
B. Composition:
The members of the Oversight Committee shall be the City Manager,
Director of Finance, a City Councilmember appointed from time to time by
the City Council to serve at the pleasure of the Council, a public member,
and the City Treasurer, who shall serve as Chairman. The public member
shall be appointed by the City Council for a two year term with no limit to the
number of terms an individual may serve; shall have governmental
accounting experience (i.e. served as an outside Auditor, Public Agency
Finance Director, or CPA), and may not have been employed by the City of
Ukiah at any time during the three years preceding the appointment date.
Resolution No. 2002-05
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C. Meeting dates:
The Oversight Committee shall meet whenever business is required to be
conducted, but at least once each year. Specific times and dates shall be
determined by the Committee. Minutes of the meetings will be recorded and
the draft minutes shall be distributed to the City Council at the next available
City Council meeting.
D. Conduct of Committee Business
The Oversight Committee may adopt such rules of procedure for the conduct
of its meetings and affairs not inconsistent with this Resolution, as it deems
necessary.
E. Committee Staff:
Staff support to the Committee will be provided at the direction of the City
Manager and will include the services of a Financial Investment Management
Advisory firm approved by the City Council.
PASSED AND ADOPTED this 15th day of August 2001 by the following roll call
vote:
AYES: Councilmembers Larson, Smith, Libby, and Mayor Ashiku
NOES: None
ABSENT: Councilmember Baldwin
ABSTAIN: None
Phillip ~shi~<u~ Mayor
A'FDEST:
Marie Ulvila, City Clerk
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Res2002-05
Resolution No. 2002-05
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