HomeMy WebLinkAbout06 STIPEND FOR AUDIT SUB-COMMITTEE• Agenda Item 6
AGENDA REPORT Reviewed.
City Manager
Finance Director
MEETING DATE: JANUARY 5, 2016
TO: JEFFREY C. PARKER, CITY MANAGER
FROM: PAMELA ARENDS-KING, FINANCE DIRECTOR/CITY TREASURER
SUBJECT: INVESTMENT SUBCOMMITTEE STIPEND
SUMMARY:
On a monthly basis, two members of the Audit Commission meet as the Investment Subcommittee
with the Finance Director/City Treasurer to review the monthly investment activities and investment
strategies. The Audit Commission is requesting a $50 stipend to each Investment Subcommittee
member for every monthly meeting attended.
RECOMMENDATION:
Staff requests the City Council approve the $50 stipend for each monthly meeting the Investment
Subcommittee members attend.
FISCAL IMPACT:
The stipends will be $100 per month with a total of $1,200 per year.
CORRELATION TO THE STRATEGIC PLAN:
The recommendation correlates to the City's strategic plan by implementing Goal C, item number
three to develop and communicate a comprehensive set of financial policies and their purpose to
strengthen financial practices.
BACKGROUND:
The City's Investment Policy requires that at least two Commissioners from the Audit Commission
meet with the Finance Director/City Treasurer (Treasurer) to review the monthly investment reports
and to comment through the Treasurer to the City Council. The Audit Commission created an
Investment Subcommittee to meet monthly with the Treasurer to review the City's investments. The
stipend of $50 per month for each Investment Subcommittee is to acknowledge their time and
commitment while serving on the Investment Subcommittee.
Pamela Arends-King
Finance Director/City Treasurer