The Finance Advisory Committee (FAC) was renamed from the Investment Oversight Committee by City Council on January 15, 2013.
This change was made to better to expand the duties of the Committee, and changing the name from the Investment Oversight Committee to the Finance Advisory Committee would better reflect the Committee’s scope and purpose.
The scope and purpose of the Committee are as follows:
-Provide advice to the City Council regarding events and issues which may affect the financial status of the City;
-Review short and long range financial planning and funding;
-Review the City’s financial documents and statements;
-Serve as the review panel during the selection of the City’s auditor;
-Make recommendations to the City Council regarding amendments to financial and budgetary policies and processes;
-Review and make recommendations regarding City support or opposition to proposed state or federal legislation which impacts the City’s finances;
-Perform such other duties or studies as may be directed by City Council;
-Meet at least quarterly to review the City’s investment portfolio to ensure compliance with the approved investment policy;
-Annually review the City’s investment policy and recommend changes to the City Council.
The Finance Advisory Committee is a standing committee with a two year term. The Committee is composed of eleven (11) voting members, including the City Manager, or his/her designee, and the Mayor, or his/her designee. The nine (9) other members are either residents or individuals that conduct business within the City and have a background that includes experience in securities trading, financial planning or banking.
Meetings are held on the last Tuesday of each month, at 3:30 p.m. in Conference Room 1A.