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RESOLUTION NO. 94 -110 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />NEWPORT BEACH ESTABLISHING THE FINANCE COMMITTEE. <br />WHEREAS, the City Council is the primary guardian of public funds; and <br />WHEREAS, appropriations, expenditures and other budgetary matters are a <br />primary concern of the City Council; and <br />WHEREAS, the City Council has adopted various policies regarding financial <br />matters; and <br />WHEREAS, the City Council has adopted policies regarding income property <br />and annexations which may have an impact on the City's finances; and <br />WHEREAS, the City Council desires to appoint a committee to review all <br />finance matters; <br />NOW, THEREFORE be it resolved by the City Council of the City of Newport <br />Beach that the Finance Committee is hereby established as follows: <br />1. The membership shall consist of the Mayor and two Council Members, one of <br />whom shall be appointed chairperson. Appointment shall be made by the <br />Mayor and confirmed by the full City Council. <br />2. Meetings shall be called by the Chairperson or Mayor as needed. <br />3. Staff support shall be provided primarily by the City Manager and the Finance <br />Director and by other staff as necessary. <br />4. The duties of the Committee shall be as follows: <br />(a) Review and monitor events and issues which may affect the financial <br />status of the City; <br />(b) Make recommendations to the City Council regarding amendments to the <br />financial and budgetary policies; <br />(c) Recommend actions to the City Council to further the aims of the Finance <br />Committee's policies; <br />(d) Review the activities of staff regarding the preparation of the City's <br />budget and other fiscal matters consistent with City Council policy; <br />(e) Review the activities of staff as outlined in the City Council Income <br />Property Policy; periodically review and inventory all City -owned income <br />property; and make recommendations to the full City Council related to <br />the management of income property. <br />(f) Review the activities of staff pursuant to the City Council Annexation <br />Policy and make recommendations to the City Council regarding the <br />annexation of additional territory to the City. <br />5. The term of this committee shall be indefinite pending City Council action. <br />• ADOPTED this 12th date of December 1994. <br />Ajw � J <br />MAYOR <br />ATTEST: <br />