Yreka Municipal Code Ch. 3.30 Finance Committee

Footnotes:

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Editor's note— Ord. No. 845, § 1, adopted Nov. 3, 2016, amended Ch. 3.30 in its entirety to read as herein set out. Former Ch. 3.30, §§ 3.30.010—3.30.040, pertained to investment and audit committee and derived from Ord. 514 (part), adopted in 1974; and Ord. 776, § 1, adopted in 2004. Subsequently, Ord. No. 859, § 1, adopted Oct. 1, 2020, changed the title of Ch. 3.30 from audit, debt, and investment committee to read as set out herein.

The finance committee shall be composed of the city manager and two city councilmembers appointed by the mayor. The mayor shall be an alternate member of the committee who shall serve in the event of the absence of any one of the regularly appointed members of the committee. The city councilmembers shall serve on the committee for two years from the date of their appointment. In the event of any vacancy created on the committee, the mayor shall appoint another city councilmember to fill the vacancy. The city treasurer and finance director serve as staff liaisons to the committee.

(Ord. No. 845, § 1, 11-3-2016; Ord. No. 859, § 1, 10-1-2020)

(a) The committee shall review the external financial audit on an annual basis.

(b) The committee shall review new debt issuance and structure, prepayment and repayments, and debt policy as needed.

(c) The committee shall review and advise the city treasurer in the manner and types of investments for any and all city funds available for investment purposes. The city treasurer shall not change the safekeeping, custodial or transactional institutions in which the city funds are invested without prior approval of the committee. Nothing herein contained shall be construed to authorize the committee to direct the investment of city funds in any manner which is contrary to applicable state law regulating the investment of city moneys. The committee shall review the city's investment portfolio on an annual basis and the city's investment policies as needed.

(d) The finance committee may be assigned other duties or projects by the city council.

(Ord. No. 845, § 1, 11-3-2016; Ord. No. 859, § 1, 10-1-2020)

Meetings shall be held as required by the business needs of the committee in the city council chambers or such other locations as allowed by and property noticed under the Ralph M. Brown Act, on weeknights or weekdays (Monday through Thursday) at a time that is convenient for the committee and the public to encourage public participation. Two members of the committee shall constitute a quorum and any action taken by the committee shall be by two-thirds affirmative vote. The city manager shall be the chairperson of the committee and any recommendation made or action taken by the committee shall be in writing directed to the city treasurer, finance director or other responsible city official and executed by the city manager as chairperson of the committee. On request of any member of the committee, special meetings of the committee shall be called by the chairperson .

(Ord. No. 845, § 1, 11-3-2016)

In the event of any dispute arising between the city treasurer and the committee, the matter shall be referred to the city council for action.

(Ord. No. 845, § 1, 11-3-2016)