City Council approved merging the Finance Advisory Committee and the Pension Oversight Committee and name the merged committee The Finance and Pension Advisory Committee, to consist of eleven (11) members serving staggered terms; (6) two-year terms and (5) one-year terms. Four (4) of the new members shall have pension knowledge. The other seven (7) members shall be individuals that have backgrounds that include experience in securities trading, financial planning, banking, auditing, accounting or a closely related and relevant field. All members shall be residents or individuals that conduct business within the City. The Mayor's designee shall be a non-voting member.
Criteria and Scope of the Finance and Pension Advisory Committee
- 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.
- 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.
- Evaluate annual and long-term pension and financial impacts from changes in CalPERS contribution rates and/or actuarial schedule changes.
- Evaluate alternative, sustainable retirement benefit solutions.
- Review existing and tentative labor contracts as they relate to pension and compensation packages, including any impact to the Unfunded Pension Liability.
- Review alternative financing methods potentially available to the City for the Unfunded Pension Liability.
- Review retiree medical programs and costs.
- Perform such other duties or studies as may be directed by City Council.
Meetings are scheduled the second Wednesday of each month, at 4:00 p.m. in Conference Room 1A. (New time effective 10/11/17).