HomeMy WebLinkAbout96-69 investment oversightRESOLUTION NO. 96-69
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF UKIAH
ESTABLISHING THE CITY OF UKIAH INVESTMENT OVERSIGHT COMMITTEE
WHEREAS, it is the desire of the City Council of the City of Ukiah to ensure the
investment policies and strategies of the City generate the highest possible yield while
utilizing the safest methods and instruments available; and
WHEREAS, the Investment Policy of the City of Ukiah adopted on January 17, 1996
identifies an Oversight Committee to be an element of the City's investment reporting
process; and
WHEREAS, an Investment Oversight Committee would assist in the public review
and understanding of the City's investment practices and serve 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 the City of
Ukiah Investment Oversight Committee is established. 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.
C. Meeting dates:
The Oversight Committee shall meet whenever business is required to be
conducted, but at least once every six months. 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 (a representative
of the firm shall attend each regular Committee meeting).
PASSED AND ADOPTED this 5th day of June, 1996 by the following roll call vote:
AYES: Councilmembers Mastin, Malone, Shoemaker, and Mayor Schneiter
NOES: None
ABSENT: Councilmember Wattenburger
ABSTAIN: None
e~'r, Mayor '
ATTEST:
Karen Yoast, Deputy City Clerk
mfh:resord
res9669