HomeMy WebLinkAbout5.8 Establishment of a Standing Finance and Investment Committee of the City Councilr
DUBLIN
CALIFORNIA
STAFF REPORT
CITY COUNCIL
Agenda Item 5.8
DATE: October 15, 2025
TO: Honorable Mayor and City Councilmembers
FROM: Colleen Tribby, City Manager
SU B.ECT: Establishment of a Standing Finance and Investment Committee of the City
Council
Prepared by.• Jay Baksa, Finance Director
EXECUTIVE SUMMARY:
The City Council will consider a resolution establishing a standing Finance and Investment
Committee consisting of two Councilmembers appointed by the Mayor. The Committee will be
responsible for reviewing and making recommendations to the City Council on financial matters
including the City's investment policy and strategy.
STAFF RECOMMENDATION:
Adopt the Resolution Establishing a Standing Finance and Investment Committee.
FINANCIAL IMPACT:
Costs associated with the formation and oversight of the Committee will be absorbed by the
Finance Department's annual operating budget.
DESCRIPTION:
The September 17, 2024, City Council agenda included an item updating the City's Investment
Policy, which incorporated a discussion of the need for a Finance and Investment Committee
consisting of two Councilmembers to be appointed by the Mayor. Staff was directed to bring a
future item to the City Council establishing the Committee.
The proposed Finance and Investment Committee will provide policy guidance and direction to
Staff and will serve as a recommendation body to the entire City Council on financial matters,
including investing of City funds. It will not make legislative decisions on behalf of the City
Council, and it will be subject to Brown Act requirements governing open meetings. Proposed
focus areas of the Committee are discussed below.
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Investments
The City's investment policy and strategy has been an area of interest for the City Council,
particularly as market conditions can shift dramatically. Councilmembers have raised questions
regarding the City's positioning to weather such shifts, which is dictated by the strategy selected
by Staff in consultation with its investment managers, Chandler Asset Management. In addition,
Councilmembers have expressed an interest in specific areas of the City's Investment Policy that
may need updating, particularly related to authorized investment types. The new Committee will
be charged with reviewing this information and making recommendations in these areas.
Finance
In addition to providing investment oversight, the Committee will act in an advisory capacity in
matters pertaining to the City budget, long-term financial planning, funding plans for complex
projects, and other finance matters. The Committee could also provide input on items related to
existing and potential debt issuance, quarterly financial reports, and fee assessments.
If the resolution is approved, appointments to the Committee will be made by the Mayor as part of
the annual item brought to the City Council. The next such item is planned for December 17, 2024,
with the newly seated City Council. It is anticipated that the Committee would meet on a quarterly
basis; that will be confirmed at the first meeting, which would be scheduled for early 2025.
STRATEGIC PLAN INITIATIVE:
None.
NOTICING REQUIREMENTS/PUBLIC OUTREACH:
The City Council Agenda was posted.
ATTACHMENTS:
1) Resolution Establishing a Standing Finance and Investment Committee
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Attachment I
RESOLUTION NO. XX — 24
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
ESTABLISHING A STANDING FINANCE AND INVESTMENT COMMITTEE
WHEREAS, the City's investment policy and strategy continues to be areas of importance
for the City Council; and
WHEREAS, the City's long-term financial stability requires the transparent sharing of
information with the City Council as well as the appropriate level of focus and scrutiny; and
WHEREAS, a standing Finance and Investment Committee of the City Council is needed
in order to review in depth the City's Investment Policy, as well as review and make
recommendations on the City's investment strategy, portfolio composition and quarterly returns;
and
WHEREAS, such standing Finance and Investment Committee will be able to act in an
advisory capacity in matters pertaining to the City budget, long-term financial planning, funding
plans for complex projects, and other finance matters; and
WHEREAS, the standing Finance and Investment Committee will provide policy guidance
and direction to Staff and will serve as a recommendation body to the entire City Council, but will
not make any legislative decisions on behalf of the City Council; and
WHEREAS, the standing Finance and Investment Committee is subject to the Brown Act
and will follow all of the necessary requirements to comply.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Dublin does
hereby establish a standing Finance and Investment Committee.
BE IT FURTHER RESOLVED that members of the Finance and Investment Committee
will be appointed in December of 2024 by the Mayor as part of the annual appointments, with the
Committee becoming effective January 1, 2025.
{Signatures on the following page}
Reso. No. XX-24, Item X.X, Adopted XX/XX/2024 Page 1 of 2 3
PASSED, APPROVED AND ADOPTED this 15th day of October 2024, by the following
vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
Mayor
ATTEST:
City Clerk
Reso. No. XX-24, Item X.X, Adopted XX/XX/2024 Page 2 of 2 4