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RESOLUTION NO. 6068
A RESOLUTION OF TIIE CITY COUNCIL OF THE CITY OF
ARCADIA, CALIFORNIA, ESTABLISHING A CITIZEN'S
FINANCIAL ADVISORY COMMITTEE
WHEREAS, on July 21, 1998, the City Council directed the establishment of a
Financial Advisory Committee consistent with the staff report of July 21, 1998; and
WHEREAS, pursuant to that direction each City Council Member appointed one
person to serve on this Committee of five (5) members.
NOW, THEREFORE, TIIE CITY COUNCIL OF TIIE CITY OF ARCADIA,
CALIFORNIA, DOES HEREBY FIND, DETERMINE AND RESOLVE AS FOLLOWS:
SECTION 1. ESTABLISHMENT OF COMMITTEE - OPEN MEETING LAW. A
Citizen's Financial Advisory Committee (Committee) is hereby established. It is subject to
the California Open Meeting Law (Brown Act) and shall conduct all business consistent with
that law.
SECTION 2. PURPOSE. The Committee shall provide input to the City Council on
the City's current financial policies. Specifically, the Committee will review and comment
on the following: (I) City overall financial policies; (2) Reserve funds, including their
purpose and balances; (3) City investment policy; and (4) The cost allocation program.
SECTION 3. LIMITATIONS. The Committee shall not make recommendations on
policy issues or seek public input on programs, policies, and procedures that are within the
power and authority of the City Council. Unless approved by official action of the City
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Council, the Committees role, function, and scope of work shall be as set forth in this
Resolution.
SECTION 4. FUNCTION AND DURATION OF COMMITTEE. The Committee
shall convene and establish a regular meeting schedule and select one of their members as
Chairperson and another as co-chairperson for purposes of presiding at the meetings with the
co-chairperson substituting for the Chair in the absence of the former. The Committee shall
provide the City Council with a report summarizing their activities and rendering their advice
including specific recommendations with supporting rationale.
The Committee final report shall be submitted to the City Council no later than ninety
(90) calendar days following the first meeting of the Committee. Within thirty (30) days of
submittal of the report, the Committee's term shall expire and the Committee shall no longer
be in effect.
SECTION 5. The Mayor or his designee shall serve as an ex-officio member of the
Committee. Ex-officio members shall not have voting rights with regard to the actions and
recommendations of the Committee.
SECTION 6. COMMITIEE SUPPORT. The Committee shall be assisted by the City
Manager who shall assign City staff to provide information to the Committee and serve as
ex-officio members of the Committee. The City Manager or his designee shall provide
background information to the Committee including input regarding municipal [mance, fund
accounting, revenues and expenditures, legal limitations, and other related issues.
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SECTION 7. COMMITTEE MEMBERSHIP. The Committee is made up of the
following members:
Vince Foley
Robert Hoherd
David Olson
John McAlister
Mickey Segal
SECTION 8. That the City Clerk shall certify to the adoption of this Resolution.
Passed, approved and adopted this 4th day of August
,1998.
ATTEST:
a.',J,?,~
. Clerk
APPROVED AS TO FORM:
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STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) SS:
CITY OF ARCADIA )
I, JUNE D. ALFORD, City Clerk of the City of Arcadia, hereby certify that the
foregoing Resolution No. 6068 was passed and adopted by the City Council of the City of
Arcadia, signed by the Mayor and attested to by the City Clerk at a regular meeting of said
Council held on the 4th day of August, 1998 and that said Resolution was adopted by the
following vote, to wit:
A YES: Councilmember Marshall, Roncelli and Kovacic
NOES: Councilmember Chandler and Harbicht
ABSENT: None
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