Finance Highlights 2012 0706 - Laserfiche WebLink

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File Number: 12 -392 The meeting was called to order at 8:32 a.m. Agenda item No. 2 was moved to No. 1 and discussed first. 1. Investment Policy Annual Review continued Finance Director Baum presented the draft of the Investment Policy, as it was presented at the June 1, 2012 Finance Committee meeting. Mr. Baum answered the concerns raised by the Committee in June regarding regulation compliance as well as investments in Corporate Notes. Mr. Baum recommends staying with the current policy as presented and asked that the Finance Committee review the quarterly reports and make recommendations to investments at that time. Mr. Baum stated that the City is working to invest in local companies. Finance Committee Recommendation The Committee recommends Council approval of the Investment Policy. 2. Continued Discussion Regarding Recruitment of Members of the Citizen Oversight Committee Related to Measure Z Mr. Baum provided copies of the 11 qualified applications. Out of the five recommended criteria, four were met. There were no applications received for a member of the Retail Downtown Business Association. Councilmember Cutter stated her concern of having seen the same people sit on several different committees and therefore kept that in mind when selecting her candidates. Councilmember Prola stated that in the future, he would like to see a broader representation pool for candidates. Councilmember Cutter would like there to be guidelines for the Oversight Committee. City Manager Zapata stated that once the Oversight Committee has been selected, the Finance Committee would need to work on the guidelines on responsibilities and requirements of the members, as well as determine how much, if any, staff time will be required. Finance Committee Recommendation The Committee recommends the following candidates: 1. David Grodin, Representing the Chamber of Commerce 2. Geraldine Mellen, Officer of an HOA 3. Esther Collier, City Board or Commission Member 4. Corina Lopez, Owner of a business located in San Leandro The fifth candidate (Retail DBA member) will be selected by the entire City Council. 3. Public Comments Chris Crow inquired how Measure Z works, if it is a General Fund Tax and if the Oversight Committee will influence the expenditures related to the Measure Z tax. City Manager Zapata explained that it is a General Fund Tax and it funds all General Fund supported departments such as Library, Police, and Fire. Assistant City Manager Marshall stated that the Fiscal Year 2011 -12 Budget Message included an addendum, which lists the cuts that would have been made had Measure Z not passed. Councilmember Cutter stated that an Oversight Committee's role is to verify that the City of San Leandro Page 2 Printed on 711012012