Carlsbad Municipal Code Ch. 2.43 Investment Review Board

An Investment Review Board for the city is established.

(Ord. CS-490, 5/13/2025)

A. The board shall meet at least quarterly to review investment operations. The board acts in an advisory role and does not make investment decisions.

B. Consistent with the investment policies and practices of the City of Carlsbad, the board's goals are prioritized and include:

1. Providing oversight of the protection and management of the principal monies entrusted to the office of the City Treasurer, in compliance with all federal, state and local laws governing the investment of monies under the control of the City Treasurer;

2. Providing oversight of the investment portfolio's liquidity and ability to meet all operating requirements which might be reasonably anticipated; and

3. Providing oversight of investment portfolio's return on investment within the parameters of prudent risk management, federal, state and local laws, and the city's Investment Policy.

C. The board will work with the City Treasurer, the Deputy City Treasurer and investment staff to discuss current market conditions and future trends and how each of these affects the investment portfolio and the city.

(Ord. CS-490, 5/13/2025)

A. The Investment Review Board shall consist of five members, including the City Treasurer. Investment Review Board members shall be appointed as provided in Section 2.15.050(B).

B. All members of the Investment Review Board shall have:

1. A bachelor's, master's or doctoral degree majoring in business administration, public administration, accounting, finance or economics; or

2. The person must have four years of financial work experience; or

3. The person must have one of the following:

a. A valid certificate from the California State Board of Accountancy to practice as a Certified Public Accountant;

b. A valid Chartered Financial Analyst credential or a Certificate in Investment Performance Management from the CFA Institute;

c. A valid Certified Investment Management Analyst certification from the Investments & Wealth Institute; or

d. A valid Certified Municipal Treasurer designation from the California Municipal Treasurers Association.

(Ord. CS-490, 5/13/2025)

Nothing in this chapter shall be construed as restricting any of the powers of the City Council, or as a delegation to the Investment Review Board of any of the authority or discretionary powers vested and imposed by law in the City Council. The City Council declares that the public interest, convenience and welfare require the appointment of an Investment Review Board to act in a purely advisory capacity to the City Council for the purposes enumerated. Any power herein delegated to the Board to adopt rules and regulations shall not be construed as a delegation of legislative authority but purely a delegation of administrative authority.

(Ord. CS-490, 5/13/2025)