HomeMy WebLinkAboutOrdinance #3911 ORDINANCE NO. 3911
AN ORDINANCE OF THE CITY OF HUNTINGTON BEACH
AMENDING THE HUNTINGTON BEACH MUNICIPAL
CODE BY DELETING CHAPTER 2.110 AND AMENDING CHAPTER 2.109
RELATING TO THE FINANCE BOARD
The City Council of the City of Huntington Beach does hereby ordain as follows:
SECTION 1. Chapter 2.110 of the Huntington Beach Municipal Code, titled Investment
Advisory Board, is hereby deleted in its entirety.
SECTION 2. Chapter 2.109 of the Huntington Beach Municipal Code is hereby amended
to read as follows:
2.109.010 Creation. There is hereby created a Finance and Investment Advisory Board.
2.109.020 Composition. The Finance and Investment Advisory Board shall consist of eleven
(11) members in 2011 but thereafter shall consist of seven (7) members by attrition via vacancy.
Each City Council Member shall appoint one member of the Board to serve the same term as the
City Council Member.
2.109.030 Purpose. The Finance and Investment Advisory Board shall act in an advisory
capacity to the City Treasurer and the City Council in matters pertaining to financial planning
and the City's investments.
2.109.040 Duties. The Finance Board shall have the duty to:
(a) Prepare an Annual Report to the City Council. In preparing this report, the Board shall
review the adopted Budget, Annual Financial Audits, Capital Improvement Plans/Budgets,
Investment Policy, and any other financial and investment information determined by the
Board to be applicable to its annual report. The report shall include any recommendations
by the Board pursuant to 2.109.040(b) below.
(b) Review and make recommendations regarding:
(1) Fiscal and Investment Policies
(2) Annual Financial Audit including review of the Management Letter from the City's
independent financial auditor
(3) Debt and Cash Management
(4) Capital Improvement Plans and Capital Improvement Budgets
(5) Long Term Financial Plans and Investments
(6) New and Increased Revenue and/or Investment Sources
(7) Proposed State or Federal Legislation which impacts the City's finances or investments
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Ordinance No. 3911
(8) Risk-Return Analysis
(9) Anticipated Exposure to Loss
(10) Quarterly Reports
(11) Compliance with Investment Policy
(12)Monitor Broker-Dealer Selection and performance.
(c) Perform such other duties or studies as may be directed by the City Council.
2.109.050 Authority.
(a) It is intended that the Finance and Investment Advisory Board act only in an. advisory
capacity and not be vested with final authority in the establishment of priorities, the
expenditure of funds, or the establishment of the investment policy.
(b) The Finance and Investment Advisory Board shall not interfere with the duties of any
elected or appointed officer specified in the City Charter.
2.109.060 Operating Policies. Except as otherwise provided in this ordinance, the Board shall
conform to operating policies for Boards and Commissions as set forth in Chapter 2.100 of the
Huntington Beach Municipal Code.
2.109.080 Brown Act. Meetings of the Finance and Investment Advisory Board shall be
subject to the open meeting law. (Government Code Section 54950.)
2.109.090 Powers of Appointment. The Finance and Investment Advisory Board shall have the
power to appoint subcommittees of not more than three (3) of its own members to perform tasks
within the scope of duties.
SECTION 3. This ordinance shall become effective 30 days after its adoption.
PASSED AND ADOPTED by the City Council of the City of Huntington Beach at a regular
meeting thereof held on the 22.,1_day of FPhrijary , 2011.
ATTEST: G
City Clerk
REVIEW IATED AND APPROVED:
C y anager
APPROVED AS TO FORM:
City Attorney
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Ord. No. 3911
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss:
CITY OF HUNTINGTON BEACH )
I, JOAN L. FLYNN, the duly elected, qualified City Clerk of the City of
Huntington Beach,and ex-officio Clerk of the City Council of said City, do hereby
certify that the whole number of members of the City Council of the City of Huntington
Beach is seven; that the foregoing ordinance was read to said City Council at a regular
meeting thereof held on February 07,2011, and was again read to said City Council at a
regular meeting thereof held on February 22,2011, and was passed and adopted by the
affirmative vote of at least a majority of all the members of said City Council.
AYES: Shaw, Harper, Hansen, Carchio, Bohr, Boardman
NOES: None
ABSENT: Dwyer
ABSTAIN: None
I,Joan L.Flynn,CITY CLERK of the City of Huntington
Beach and ex-officio Clerk of the City Council,do hereby
certify that a synopsis of this ordinance has been
published in the Huntington Beach Fountain Valley
Independent on March 03,2011. iv"a
In accordance with the City Charter of said City
Joan L.Flynn,Ci1y Clerk CV Clerk and ex-officio (jerk"
WEI W,senior Deputy City clerk of the City Council of the City
of Huntington Beach, California