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RESOLUTION NO. 2017-58 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />NEWPORT BEACH, CALIFORNIA, AMENDING THE TERM <br />OF THE FINANCE COMMITTEE'S CITIZEN APPOINTEES <br />WHEREAS, the City Council of the City of Newport Beach ("City") has a long and <br />established history of being good guardians and stewards of the public's money; <br />WHEREAS, appropriations, expenditures and other budgetary matters are a <br />primary concern of the City Council; <br />WHEREAS, the City Council has adopted various policies regarding financial <br />matters; <br />WHEREAS, the City Council has adopted policies regarding income property and <br />annexations, which may have an impact on the City's finances; <br />WHEREAS, on December 12, 1994, the City Council adopted Resolution No. 94- <br />110 establishing the Finance Committee, whose duties and responsibilities have been <br />amended throughout the years to further protect and safe guard the public's money; <br />WHEREAS, the Finance Committee is charged with a variety of tasks including, <br />but not limited to, reviewing and monitoring events and issues that may affect the financial <br />status of the City and making recommendations to the City Council regarding <br />amendments to financial and budgetary policies; <br />WHEREAS, the existing Finance Committee is composed of three City Council <br />Members, appointed by the Mayor subject to City Council approval, and four citizen <br />members, appointed by City Council Members not on the Finance Committee subject to <br />City Council approval ("Citizen Appointees"); and <br />WHEREAS, the City Council desires to amend the Finance Committee to: <br />(1) modify the term of its Citizen Appointees to align with the fiscal year; and (2) clarify <br />the duration of a Citizen Appointee's term to be one year or until a Citizen Appointee's <br />successor is appointed and qualified. <br />NOW, THEREFORE, the City Council of the City of Newport Beach resolves as <br />follows: <br />Section 1: The City Council hereby amends the Finance Committee as described <br />in the Finance Committee Description, which is attached hereto and incorporated herein <br />by reference. <br />Section 2: The City Council hereby repeals all resolutions related to the Finance <br />Committee that are in conflict with this resolution. <br />