La Quinta Municipal Code Ch. 2.70 Financial Advisory Commission

Except as set out below, see Chapter 2.06 for general provisions.

(Ord. 556 § 1, 2017)

The Financial Advisory Commission (FAC) shall initially consist of seven (7) members appointed by, and serving at the will of the city council. The city council may increase or decrease the number of members from time to time but in no event shall the membership exceed nine (9) members or be less than five (5) members.

(Ord. 556 § 1, 2017)

A. In addition to the qualification requirements set forth in Section 2.06.040 of this code, a minimum of three (3) of the members shall be finance professionals and shall have a verifiable background in finance and/or securities, preferably with knowledge and/or experience in markets, financial controls and accounting for securities.

B. For those applying for the professional position, background information will be requested and potential candidates must agree to a background check and verification by the city manager or designee.

(Ord. 556 § 1, 2017)

A. The principal functions of the FAC are:

1. Review at least annually the city's investment policy and recommend appropriate changes;

2. Review at least quarterly the treasury report and note compliance with the investment policy and adequacy of cash and investments for anticipated obligations;

3. Receive and consider other reports provided by the city treasurer;

4. Meet with the independent auditor after completion of the annual audit of the city's financial statements, and receive and consider the auditor's comments on auditing procedures, internal controls, and findings for cash and investment activities;

5. Review at least annually the revenue derived from the one percent (1%) transactions and use tax instituted by voters in November 2016 to ensure these funds are used to provide services, programs and capital projects in the city of La Quinta;

6. Serve as a resource for the city treasurer on matters such as proposed investments, internal controls, use of or change of financial institutions, custodians, brokers and dealers.

B. The FAC will report to the city council after each meeting either in person or through correspondence at a regular city council meeting.

(Ord. 556 § 1, 2017)

If any other chapter(s) or section(s) in this code refers to the investment advisory board, that chapter(s) or section(s) shall be deemed to refer to the financial advisory commission established by the ordinance amending Chapter 2.70 of this code.

(Ord. 556 § 1, 2017)