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CITY OF <br />F NEWPORT REACH <br />City Council Staff Report <br />January 13, 2015 <br />Agenda Item No. 12 <br />TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL <br />FROM: Dave Kiff, City Manager— (949) 644 -3002, dkiff <br />PREPARED BY: Dave Kiff, City Manager <br />PHONE: (949) 644 -3002 <br />TITLE: Resolution No. 2015 -5: Changes to the Finance Committee <br />ABSTRACT: <br />Mayor Selich and Council Member Peotter asked staff to offer some ideas to modify the City of Newport <br />Beach's ( "City ") existing Finance Committee. This staff report discusses the current duties of the Finance <br />Committee and the types and purposes of the various advisory boards, committees and commissions used <br />in the City. Staff also contacted the Government Financial Officers Association ( "GFOA "), and researched <br />the composition and roles /duties of citizen financial advisory commissions or committees ( "CFACs ") in four <br />Southern California cities. <br />We learned that CFACs are less common than a Finance Committee composed of members of the City <br />Council. CFACs, on the other hand, can foster civic participation and can be valuable to the deliberative <br />process. A CFAC is most effective when its purpose is well defined and adhered to, has the right people, <br />and its members have or will receive adequate training. <br />We note, too, that if additional citizens are involved in a Finance Commission or Committee, the Council <br />might want to create a separate Audit Committee that meets once or twice a year which is ideally <br />composed of members of the governing board. Currently, the Finance Committee also serves in the <br />capacity of an audit committee which is commonplace among local governments. <br />RECOMMENDATION: <br />Adopt Resolution No. 2015 -5, A Resolution of the City Council of the City of Newport Beach, California <br />Amending the Membership, Duties and Responsibilities of the Finance Committee, relating to modifying <br />the membership, term, qualifications, purpose, and responsibilities of the Finance Commission, specifying <br />whether the Resolution and backup material should include Path A or Path B under "Membership." <br />FUNDING REQUIREMENTS: <br />Required funding might vary depending on the composition, scope, duties, mandate and meeting <br />frequency of the committee. We note that the implementation of the integrated finance system (ERP) <br />consumes much of our available staff resources through October 2016, and that appropriately staffing a <br />12 -1 <br />