HomeMy WebLinkAbout06 DESIGNATION OF THE FINANCE DIRECTOR AS THE TREASURER FOR 2016Agenda Item 6
0 AGENDA REPORT Reviewed
City Manager
Finance Director
MEETING DATE: DECEMBER 15, 2015
TO: HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: JEFFREY C. PARKER, CITY MANAGER
SUBJECT: RECOMMENDATION OF THE FINANCE DIRECTOR'S RE-
APPOINTMENT AS THE CITY TREASURER
SUMMARY:
City Council is asked to consider the recommendation to re -appoint the Finance
Director as the City Treasurer for calendar year 2016.
RECOMMENDATION:
It is recommended that the City Council accept the City Manager's recommendation to
re -appoint the Finance Director as the City Treasurer, who shall be responsible for
investing City funds in accordance with the City's Investment Policy that is adopted by
the City Council annually.
FISCAL IMPACT:
There is no fiscal impact.
CORRELATION TO THE STRATEGIC PLAN:
The recommendation correlates to the City's strategic plan for fiscal stewardship for
practicing sound stewardship of the public's assets, Goal C.
BACKGROUND:
At the November 19, 2013, City Council meeting, the City Council approved the City
Manager's recommendation that the Finance Director be appointed as the City
Treasurer that included a third party review of the City's investments by the Audit
Commission at their bi-monthly meetings. For calendar year 2015, the Finance
Director/Treasurer (Treasurer) met with the Audit Commission's Investment Sub-
committee made up of two Audit Commissioners to review the monthly investment
activity and to confirm the City's investments concur with the Investment Policy. The
Investment Sub -committee updated the Audit Commission on a bi-monthly basis on
investment activities. The Audit Commission reviewed the quarterly investment reports
with the Treasurer and signed the report along with the Treasurer. The investment
reports were submitted on a quarterly basis to the City Council for their approval.
RECOMMENDATION OF THE FINANCE DIRECTOR'S RE -APPOINTMENT AS THE CITY TREASURER
DECEMBER 15, 2015 PAGE 2
The 2016 Audit Commission schedule has meetings taking place quarterly, in addition
to an end of the year meeting in November. The Sub -committee will continue to meet
with the Treasurer on a monthly basis for investment activity reviews and will update the
Audit Commission during the scheduled meeting times. The Commission will continue
to review and sign off on the quarterly investment reports, which are then submitted to
the City Council for their approval on a quarterly basis.
Re-establishing the Finance Director as the City Treasurer, along with the review and
signature approval of the Audit Commission, provides the City with four separate
evaluations of our investment policy and investments on an on-going basis and has
proved to be a successful method to ensure that City funds are invested according to
the City's Investment Policy and liquidity needs.
D �41-
Parker