2.54.010 - Established.#
The fiscal and investments oversight committee ("committee") is established.
(Ord. No. 986B, § 5, 5-14-2019; Ord. No. 911B, § 8(Exh. A), 4-26-2016)
2.54.020 - Function—Objective.#
The committee shall be an advisory body to the city council on all financial, fiscal and investment matters. The committee shall assist the city council in fulfilling its oversight responsibilities by:
(1) Ensuring correct and complete financial records are maintained to accurately reflect the total financial position of the city;
(2) Supporting the city's efforts to provide accurate, timely and meaningful financial statements;
(3) Supporting the budgeting process with review, analysis and recommendations for improvement and transparency;
(4) Safeguarding the organization's assets by making conservative and prudent financial planning recommendations consistent with an adopted investment policy; and
(5) Reviewing fund balances and reserves, and offering recommendations to ensure healthy cash flow and appropriate long-term planning.
The city council may task the committee with additional responsibilities or projects at a duly noticed general or special meeting of the city council.
(Ord. No. 986B, § 5, 5-14-2019; Ord. No. 911B, § 8(Exh. A), 4-26-2016)
2.54.030 - Composition.#
The committee shall consist of seven voting members, comprised of the city treasurer and six city residents appointed pursuant to Chapter 2.50. The finance director, city manager and other necessary city personnel will staff committee meetings, but will not be voting members.
(Ord. No. 986B, § 5, 5-14-2019; Ord. No. 911B, § 8(Exh. A), 4-26-2016)
2.54.040 - Qualifications.#
City residents serving on the committee shall have demonstrated knowledge, experience, training or education in municipal finance, general accounting practices, budgets and investments.
(Ord. No. 986B, § 5, 5-14-2019)