HomeMy WebLinkAboutFinance Board and Investment Advisory Board Duties Consolida PROOF OF
PUBLICATION
STATE OF CALIFORNIA)
) SS.
COUNTY OF ORANGE )
I am a citizen of the United States and a
resident of the County aforesaid; I am
over the age of eighteen years, and not
a party to or interested in the notice
published. I am a principal clerk of the
HUNTINGTON BEACH INDEPENDENT,
which was adjudged a newspaper of
general circulation on August 24, 1994,
case A50479,,for the City of Huntington
Beach, County.,'of Orange: and the State
of California. Attached to this.Affidavit`is
a true and.complete copy as was printed
and published on the following date(s): . CITY OF HUNTINGTON BEW
LEGAL NOTICE
ORDINANCE NO.3911'
Adopted by The City Council on FEBRUARY,22,2011
"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"
SYNOPSIS:
BY ADOPTING THIS ORDINANCE, THE DUTIES OF THE FINANCE BOARD
j AND INVESTMENT:ADVISORY BOARD ARE CONSOLIDATED INTO A SINGLE
March 3 2011 1 FINANCE AND INVESTMENT BOARD.
PASSED:AND ADOPTED by the'City Council of the City of Huntington
i Beach at a regular meeting;held`February 22,2011 by the following roll
i call vote: -
AYES:Shaw,Harper,Hansen,Carchio;.Bohr,Boardman
NOES:None
ABSTAIN:None
certify (or declare) under penalty of ASSENT:Dwyer
THE FULL TEXT OF THE ORDINANCE IS AVAILABLE IN THE CITY CLERK'S
perjury that the fore goingis true and OFFICE. ,
This ordinance is effective 30 days after cdoption:. iI
Correct. CITY OF HUNTINGTON BEACH'
2000,MAIN STREET
`HUNTINGTON BEACH,CA 92648
714-536-5227,
JOAN L.FLYNN,CITY CLERK
i
Published Huntington Beach Inde endent March 3,2011 031-545
Executed on -- _
March 4, 2011
at Costa Mesa, California
Signatur
t
ATTACHMENT #2
Finance Board
Member Appointed by:
T. Gabe Houston Bohr
Stephen Garcia Carchio
Gerald Chapman Shaw
Ken Dickerson Harper
Vacant Hansen
Vacant Dwyer
Vacant Boardman
Investment Advisory Board
Member Appointed by:
Angela Rainsberger Shaw
Bob Glass Hansen
David Hatch Carchio
Joe Foye Bohr
Jerrold Clarke Dwyer
Valerie Dickerson Harper
Vacant Boardman
Item 11 . - 12 HB -162-
ORDINANCE NO. 3911
AN ORDINANCE OF THE CITY OF HUNTINGTON BEACH
AMENDING THE HUNTINGTON BEACH MUNICIPAL f�
CODE BY DELETING CHAPTER 2.110 AND AMENDING CHAPTER 2.109
RELATING TO THE FINANCE BOARD j
f�
r'r
The City Council of the City of Huntington Beach does hereby ordain as follows:
SECTION 1. Chapter 2.110 of the Huntington Beach Municipal bode, 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 ten (10)
members in 2011 but thereafter shall consist of seven/(7) members by attrition via vacancy.
Each City Council Member shall appoint one memberfof 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 sha, 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 2.1 '.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,yw and Increased Revenue and/or Investment Sources
(7) Proposed State or Federal Legislation which impacts the City's finances or investments
58049 1
(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 Boar".
oar 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,6ty Council of the City of Huntington Beach at a regular
meeting thereof held on the day of , 2011.
ATTEST:
Mayor
City Clerk
REVIEW IATED AND APPROVED:
C y anager
APP VED AS TO FORM:
City Attorney
58049 2
KEY
INSERTIONS: Double underline
DELETIONS S+r;', ",�
ORDINANCE NO. '{Y
LEGISLATIVE DRAFT
Chapter 2.109
FINANCE AND INVESTMENT BOARD f�
(3184-4/93, 3836-8/09)
Sections:
2.109.010 Creation ?
2.109.020 Composition
2.109.030 Purpose
2.109.040 Duties ?.--
2.109.050 Authority / 1
2.109.060 Operating Policies /� - !_+� ��
2.109.070 Repealed—Ordinance No. 3836-8/09 f
2.109.080 Brown Act
2.109.090 Powers of Appointment
2.109.010 Creation. There is hereby created a Finance and Investment Board.
2.109.020 Composition. The Finance and Investment Advise Board shall consist of seven(7)
members ten (10)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 and Investment,�Advisory Board shall have the duty to:
(a) Prepare an Annual Report to the City Counc 1. Annidally, by r n„afy 20 the u,,afd shall
. In preparing this report, the Board shall review the
adopted Budget, Annual Financial Audits, Capital Improvement Plans/Budgets, Investment
Policy, ApAmal Fkianei^1 Audit , 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.
r
(b) Review and make recommendations regarding:
(1) Fiscal and Investment Policies
(2) Annual Financial and T^-y ^+ e„+Audits_including review of the Management Letter from
the City's independent mancial auditor
(3) Debt and Cash Management
(4) Capital Improvement Plans and Capital Improvement Budgets
(5) Long Term Financial Plans and Investments
Huntington Beach Municipal Code Chapter 2.109 Page 1 of 2
1 1-2779/5 8042
February 7, 2011
Page 6 of 6
ORDINANCES FOR INTRODUCTION
,..__m_._._.____�--
11. Approve for introduction Ordinance No 3911 to amend the Huntington
Beach Municipal Code by consolidating the duties of the Finance Board h
and the Investment Advisory Board as Recommended by the City Council 1
Intergovernmental Relations Committee (IRC)
Recommended Action:
Adel Introduce 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. f
Approved as amended bringing current membership to 11, to include
Councilmember Boardman's appointee,
Approved 7-0
12. Approve for introduction Ordinance No. 3907 to amend the Huntington
Beach Municipal Code by deleting Chapter 2.16 relating to the duties of
the City Treasurer, and amending Section 2.15 relating to the duties of the
Finance Department
Recommended Action:
Adel Introduce Ordinance No. 3907, "An Ordinance of the City of Huntington
Beach Amending the Huntington Beach Municipal Code By Deleting Chapter
2.16 and Amending Chapter 2.15 Relating to the Duties of the Finance
Department."
Approved as amended to delete "with the approval of a majority of the
City Council"in the first sentence of Section 2.15.030.
Approved 7-0
COUNCILMEMBER COMMENTS (Not Agendized)
Shaw, Harper, Hansen, Carchio, Bohr, Dwyer, Boardman reported.
ADJOURNMENT — 7:54 PM
Adjournment to Tuesday, February 22, 2011, at 5:00 PM in Room B-8, Civic Center, 2000
Main Street, Huntington Beach, California.
1NTERNET ACCESS TO CITY COUNCIL/REDEVELOPMENT AGENCY/PUBLIC
FINANCING AUTHORITYAGENDA AND STAFF REPORT MATERIAL IS LOCATED
UNDER THE "GOVERNMENT" TAB AT http://www.huntingtonbeachca._gov
-6-
Ltc
Council/Agency Meeting Held:_
Deferred/Continued to: / ) -A/,�Ao!/
C f App oved ❑ ond' ionall A prov d ❑ Denied Ci i4k,s Si ture
Council Meeting Date: February 7, 2011 Department ID Number: AD 11-004
CITY OF HUNTINGTON BEACH
REQUEST FOR CITY COUNCIL ACTION
SUBMITTED TO: Honorable Mayor and City Council Members
SUBMITTED BY: Mayor Joe Carchio, Chair on behalf of the Intergovernmental
Relations Committee Members, Council Members Devin Dwyer and
Mathew Harper
PREPARED BY: Paul Emery, Deputy City Administrator
SUBJECT: Approve for introduction Ordinance No. 3911 to amend the Huntington
Beach Municipal Code by consolidating the duties of the Finance
Board and the Investment Advisory Board as Recommended by the
City Council Intergovernmental Relations Committee (IRC)
Statement of Issue: The City Council is asked to amend the existing Huntington Beach
Municipal Code by adopting an ordinance that consolidates the duties of the Finance Board
and Investment Advisory Board into a single Finance and Investment Board.
Financial Impact: N/A
Recommended Action: Motion to:
Adopt 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.
Alternative Action(s): Do not approve the recommended action and direct staff
accordingly.
HB -1 1- Item 11 . - 1
REQUEST FOR COUNCIL ACTION
MEETING DATE: 2/7/2011 DEPARTMENT'ID NUMBER: AD 11-004
Analysis: In an effort to streamline our system of advisory boards and.to ensure the most
efficient use of City Council, Board, and staff time and resources, the Intergovernmental
Relations Committee (IRC) has conducted a review of the two separate advisory boards that
currently advise the City on financial and investment matters: the Finance Board and the
Investment Advisory Board.
Currently two separate and distinct Boards exist under Municipal Code Chapters 2.109 and
2.110 acting in an advisory capacity to the City Council in matters pertaining to financial
planning and the City's investments. The two boards consist of seven City Council
appointees each, for a total of 14 Board members to fulfill these duties.
As you may recall, in May 2009, the Intergovernmental Relations Committee conducted a
review of the mission of each of these bodies and their functions. As a result of this review, a
recommendation was made to the City Council to consolidate the Finance Board and the
Investment Advisory Board into a single Advisory Board to eliminate redundancies and
increase efficiency. However, the change was not adopted by the City Council at that time.
A significant reorganization within the city of Huntington Beach City Treasurer's Office poses
a new opportunity to reconsider whether two separate Boards are still necessary to advise
the City on financial and investment matters.
On November 20, 2010, the City Council approved revisions to the Municipal Code relating to
the duties and responsibilities of the City Treasurer and Finance Director and adopted a
Resolution setting a new salary for a part-time City Treasurer. This organizational
restructuring consolidated certain financial operations under the Finance Department thereby
creating a unique opportunity to re-examine whether two separate Advisory Boards are still
necessary, or if these two boards can be combined into a single Advisory Board.
While certain functions of each Board may differ, several of,the functions are very similar and
in some cases identical including the review of:
City Fiscal and Investment Policies;
Annual Financial Audit and Management Letter;
Cash and Debt Management;
Long-Term Investments and Financial Plans;
New and/or Increased Revenue or Investment Sources;
Proposed Federal or State Legislation.
To eliminate the potential duplication of efforts, and given the recent changes in the scope of
responsibilities of the part-time City Treasurer, the IRC recommends that the City Council
approve the consolidation of the two boards. The Committee approved this recommendation
on a vote of 2-0-1 (Harper absent).
To facilitate the consolidation, it is proposed that the transition occur through natural attrition
as Board positions become vacant. Attachment 2 is the current listing of members on the
two boards.
Item 11 . - 2 HB -152-
REQUEST FOR COUNCIL ACTION
MEETING ®ATE: 2/7/2011 DEPARTMENT I® NUMBER: A® 11-004
Environmental Status: N/A
Strategic Plan Goal: Improve Internal and External Communication
Attachmenys):
1. 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
re ating to the Finance Board"
2. Roster of Finance Board and Investment Advisory Board
HB -1 3- Item 11 . - 3
ATTACHMENT # 1
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 Platisi'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
58049 1
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 2?n rin d day of F e h r u a ry , 2011.
ATTEST:
City Clerk OF
REVIEW IATED AND APPROVED:
C y anager
APPROVED AS TO FORM:
City Attorney
58049 2
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.
In accordance with the City Charter of said City
Joan L. Flynn,City Clerk C Clerk and ex-officio (jerk'
Senior Deputy City Clerk of the City Council of the City
of Huntington Beach, California
KEY
INSERTIONS: Double underline
DELETIONS c+.;i,,, h-
(6) New and Increased Revenue and/or Investment Sources
(7) Proposed State or Federal Legislation which impacts the City's finances or investments ',
(8) Risk-Return Analysis
(9) Anticipated Exposure to Loss
(10)Quarterly Reports ;F �
(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 Boars Iact only in an advisory
capacity and not be vested with final authority in the establishment of priorities,-er_-the
expenditure of€ui3dsfunds. 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.)
rF
2.109.090 Powers of Appointment. The Finance and Investment Advisoty 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. r`
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Huntington Beach Municipal Code Chapter 2.109 Page 2 of 2
1 1-2779/5 8042