Committee Overview

The membership of this Committee shall consist of a minimum of 5 and a maximum of 9 members. The Mayor and Vice Mayor shall serve as non-voting Council liaisons. Members shall meet at least 1 of the following qualifications:

• Five years accounting and financial experience in a public corporation, municipal government or privately held business
• Financial officer of a public corporation with five years experience
• Investment officer of a F.D.I.C. member institution with 5 years experience
• Money manager who specializes in corporate or government agency issues with a minimum of 5 years experience
• Five years experience in investment banking, venture capital and/or general management

The Finance and Investment Committee currently has 9 members. Five members are required for a quorum.
(updated: 7/23/2019)

Responsibilities

The charges to and duties of this committee shall be to:

a. to serve as an advisory body to the City Council on financial and 
investment matters and operations related thereto;

b. to review five-year capital budgets and 
revenue projections and make recommendations to the City Council;

c. to review the annual budget and make recommendations to the 
City Council;

d. to review the annual audit and make recommendations to the City 
Council;

e.     to advise the Council on change and selection of auditors

f. to study all fiscal issues and recommend possible improvements
and economies; and

g.     to develop and recommend an investment Policy that protects capital, provides adequate          liquidity and generate market returns at an acceptable level of risk.  

h. to monitor investment performance and recommend changes as appropriate. All such                recommendations shall be approved by the City Council.  The City Manager shall                      execute any approved investment decisions.

i. to monitor pension and OPEB obligations and recommend appropriate mitigation and                reserve policies.