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HomeMy WebLinkAbout18 CITY TREASURER 02-05-96A ENDA NO. 18 2-5-96 OATE: JKNUKRY 31~ 2996 TO: FROM: SUBJECT: WILLIAM~ ~OB~TON, CITY MANAGER RONALD I~'J~T, FINI~ICE DIRECTOR CITY TREASURER RECOMMENDATION Adopt RESOLUTION NO. 96-19 creating a new classification titled TREASURER, and RESOLUTION NO. 96-20 appointing George Jeffries as City Treasurer. BACKGROUND During meetings with the City's Audit Committee, the City CoUncil asked that the committee consider the need for an independent Treasurer who would be appointed by, and report directly to, the City Council. The thinking at the time was to enhance internal controls over cash receipts, disbursements and investments, and create a more direct line of communication between the City Council and the Treasurer. The Audit Committee considered the City Council's proposal and created a working committee to review the benefits of a separate Treasury function. Based on the committee's review, the Audit Committee recommended the creation of a separate Treasurer position in correspondence to the City Council dated 1'1-20-95. DISCUSSION The separation of the Treasury function from the Finance Department significantly enhances the internal controls of' the City, strengthens the City's investment program, provides oversight of all cash activities, and establishes clear lines of communication between the Treasurer and the City Council. The attached job description details the duties expected of the Treasurer, which is divided between the management of the City's investment .program and the review and approval of all cash transactions of the City. This would be a permanent part-time position, at a fixed salary of $3,200 per month. The recommended compensation is based on a survey of Orange County Cities to determine hourly rates for comparable positions. The proposed monthly salary is based on the anticipated number of hours the Treasurer' will work each month and the average hourly rate for comparable Treasurer positions. There are no fringe benefits proposed for this position. In their letter of 11-20-95, the City's Audit Committee made an additional recommendation that the City Council consider George Jeffries for appointment as the City's first independent Treasurer. Mr. Jeffries is a current and founding member of the City's Audit Committee and has recently retired as Deputy Treasurer for Los Angeles County. A copy of Mr. Jeffries' resume is attached for your review. The appointment is at the pleasure of the City Council. RAN4: Treasure. Jan 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 23 24 25 26 27 28 RESOLUTION NO. 96-19 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TUSTIN, CALIFORNIA, AMENDING THE CLASSIFICATION PLAN WHEREAS, the City adopted a Classification Plan in 1984, by adopting Resolution No. 84-63; and WHEREAS, it is desireable and appropriate to revise and update the Classification Plan when appropriate; NOW, THEREFORE, the City Council of the City of Tustin, California, does hereby resolve that the Classification Plan of the City of Tustin, dated August 20, 1984, .is hereby amended to include the classification of City Treasurer, as outlined in the attached job description. Passed and adopted at a regular meeting of the Tustin City Council held on the 5th day of February, 1996. MAYOR .ATTEST: CITY CLERK RESOLUTIONS: Res96-19. Jan CITY TREASURER SALARY $3,2 0 0 MONTH This position is appointed by and reports directly to the City Council. DEFINITION To plan, direct and oversee the cash activities of the City, including cash receipts, cash disbursements and investments in coordination with the Finance Department, and to provide administrative support to the Mayor and members of the City Council. EXAMPLE OF DUTIES Assume responsibility for all activities of the City Treasurer's Office, including monitoring .of cash receipts; approving cash disbursements; initiate investment activity; prepare investment reports; review the investment policy and recommend changes to the City's Audit Committee. Sign off warrant and payroll runs; sign all warrants requiring manual signatures; approve all hand issued checks; submit demand and payroll registers to the City Council for final approval; coordinate Treasurer's Office activities with other departments; review bond issues and other debt instruments; direct the Trustees of the City in the investment of bond proceeds; attend City Council meetings when presenting, investment reports; attend Audit Committee meetings when discussing changes to the investment policy; monitor earnings and cash flow; perform related duties and responsibilities as required. JOB RELATED QUALIFICATIONS Education/Experience: Extensive, responsible management level experience involving the administration and management of a comprehensive public treasury program. -Minimum of five years experience with full investment authority; Knowledge of: Current laws relating to public investments as codified in State Statutes; operation characteristics, services and activities of a comprehensive public treasury program; principals and techniques of publicfund investments; banking laws relating to municipal finance and treasury programs and principals of internal controls. Ability to: Provide administrative and professional leadership and direction for the City Treasurer's Office; identify and respond to community, Mayoral and City Council issues, concerns and needs; develop, implement, and administer goals, objectives and procedures for providing efficient and effective treasury services; prepare clear and concise reports; interpret and apply FederaI, State and local policies, procedures, laws and regulations; communicate clearly and concisely, both orally and in writing; establish and maintain effective working relationships with those contacted in the course of work, including the city Council, City Staff, other government officials, community groups, the general public and the media. LICENSE None. Emp. Op. 1. A:Treasure. Jan 1 RESOLUTION NO. 96-20 ~6 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TUSTIN APPOINTING GEORGE JEFFRIES AS CITY TREASURER WHEREAS, the City Council desires to have the benefit of the expertise and experience of George Jeffries in investing City's surplus fUnds and performing the duties of a City Treasurer, and WHEREAS, George Jeffries is' willing to 'serve as City Treasurer, NOW THEREFORE, the City Council of the City of Tustin resolves as follows: SECTION 1: George Jeffries is hereby appointed City Treasurer, to serve as a part-time employee of the City, under the direction and supervision of the'City Council. As Treasurer, Mr. Jeffries shall report directly to the City Council. SECTION Z: Mr. Jeffries shall coordinate his activities with the Finance Department and other City Departments. SECTION 3: Mr. Jeffries shall invest surplus City funds and provide reports of such investments in accordance with Section 1612 of the Tustin City Code, the approved investment policy, all applicable provisions of state law, including Government Code Sections 53600.3 and 53600.5, and as may be further directed by the City Council. SECTION 4: Mr. Jeffries shall perform the City Treasurer's duties as specified by state law, and in the job description attached to Resolution No. 96-19. SECTION 5: Mr. Jeffries shall be compensated as a part- time employee as specified in Resolution No. 96-19. SECTION 6:' The bond required of the City Treasurer shall be paid by the City. PASSED AND ADOPTED at a regular meeting of the City Council of the City of Tustin on the 5th day of FebrUary, 1996. JIM POTTS, MAYOR ATTEST'. PAMELA STOKER CITY CLERK 10 11 13 14 15 16 18 19 20 21 22 23 24 25 26 281 STATE OF CALIFORNIA ) COUNTY OF ORANGE ) CITY OF TUSTIN ) RESOLUTION NO. 96-20 Pamela Stoker, City Clerk and ex-officio Clerk of the City Council of the City of Tustin, California, does hereby certify that the whole number of the members of the City Council of the City of Tustin is five; that the above and foregoing Resolution was passed and adopted at~a regular meeting of the City Council held on the 5th day .of February, 1996, by the following vote: COUNCILMEMBER AYES: COUNCILMEMBER NOES: COUNCILMEMBER ABSTAINED: COUNCILMEMBER ABSENT: PAMELA STOKER CITY CLERK SIGNIFICANT CAREER AccoMPLISHMENTS: %..- · .,.. .. -.?-':-. ... George "Je'ffries 14261 Gal¥ Street _ .: .. · ' ~ Tustin, California 92680 -' .... . ....--- Phone: (714) 8384187 .o · Appointed by State Treasurer on 1/~/95 to the G°Vemor's Task Force on State and Lo6al Government In~/estr~&nt Practices. · Managed investment of Over $7 billion in pooled funds for Los Angeles County, Los Angeles ..:-.- _Unified Schools and Special Districts. ' - .: ,-· Directed Los AngelesC0unty investme~t"funds, arbitrage'programs and cash management "' .. ...- responSibilities. - .... - .."' ~ . .. , .- " ',. Prom°ted'P?~ol!o"growth from $2:5 t°'$7 billion through better earnings, safety and Control. · Enhanced department revenue by creating financial rating service for remarketing to other: ' California local agencies - ' .. r , ' ; .-.-. . - "' ' - . . -,. -%- · '" SUMMARY OF PUBLIC AND PRIVATE SECTOR EXPERIENCF: .._ ~-~-.-'..'~'?~ ,. . . . . :~.. - ..... . · chief InVeStment °ffiC~r-f0r. LC~S Angeles County Treasurer and Tax Collector for twelve years; w(~rked'as"the Vice PreSident' Of Invbstments fdr Wells' Fargo Bank for six yearS; w(~rked 'for SalOmon Brothers as a.'registered representative for ten years;'and as an assistant Vice President .... of investrh:ents forBank of America for ten years. - '- · - " ' -- :~:"-'.i':.'~.:-..:'_- '-.: .._.>:.:--.-' .... · . : .. .:.: .. ..... .. · - .. ; ;':.' :..:-- :.. - .%. .- - .~ . . . _ -.* . . _ .*.. ' , ',;** ..... .. '":'" "-' MaximiZ~d_*inveStm~nt earnings consistent with prudent investmer;t management; established , .... ¢.-.::i. ing~tment guidejir~e~'and selected broker dealers {or purchase and Sale of securities; administered. ' .... ;~-~/::;'~'.-Z.:::::, 'and di~ebte~d the COUnty's short-term' retirement sYStem investmerit program; reduced staff time an~d' ....: _ transaction,.:....;,:._.. .costs by increasing investment eamin.qs on various treasury deposits', devel0ped and ':' ." '":. ': .'. ~n~t~tLited system' for Los Angeles County Treasury portfolio purchases resulting in. a $1.5 million --~ "-' .i..ndrea~'si~ce 2/92;'serVed on legislative committee of CoUnty treasurers'd~v~l;'l~ingI negotiating · _ -i:; .. .an d testifying_for more-effective investments. - ...... .' -::,;'"' :".i:.i~:~ -L.:~.'~...;,: .... .~. "!.:~.--_' . ' . · ' . . ... . ... ~.~- -- '-:"- '... ":;":'.:,' .' :--.. - . '" · .' .--::'!'"~ ':i-C°iiduCte~J:~i~(~ati~Sn'al panels'to' promote better in~/estment'~racfices and p~r~0nT~'~nCi~' ~'m°ng ." ~ ,.',':. .. ::' '. ~-" .'-.i '.~::',:ti'i;i'-'pub'lic.'sectb~-' Pr0(~,Sb'i0nals; :s~:~Sh's0Fed int~'h3o'vemmental-infc~rmAfi'(~n' e~Change bbtw~ee~..' i::' :.;.';i~:.;::':.' :.i.i::'g(~/~mm'~{'t~'~-'-pi:ofes'sjo-nals; 's~ived as 'i~aneiist and gue~t:"l~(~tt~r~r:;bn inve~tm~'{"~a'~er~:/~ ::~ ~- ~-.'--..:-.'.'.-..!:: -.- ........-.-~: ,.,, ....~.:..-..,. - .... -~ ....... ~:, ...,. 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