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 Clovis
 Code of Ordinances
 Title 3. REVENUE AND FINANCE
 Chapter 3.24. CITY INVESTMENT POLICY

  § 3.24.120. Finance committee.

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  • A finance committee shall be created with the specific purpose and responsibility of establishing and maintaining an investment policy and to monitor budgetary compliance.

    A.

    Membership. The finance committee shall consist of five voting members, the mayor, who will be chairman, the mayor pro-tem, who will be vice-chairman, director of budget and internal operations, and two other city commissioners appointed by the mayor with the approval of the city commission. The two commission members shall be appointed in staggered terms for terms of two years. The city manager and finance director shall serve as ex-officio, non-voting members.

    B.

    Responsibilities. The finance committee will be charged with the following responsibilities:

    1.

    Establish and continually update the investment policy;

    2.

    Monitor investment activities to ensure that proper controls are in place to guarantee the integrity and security of the city of Clovis' investment portfolio, including the inspection of each and every investment portfolio at each committee meeting;

    3.

    At least two members of the committee, one of whom must be either the mayor or a commissioner, shall be required to sign and approve all investment transfer authorizations involving investments in excess of one hundred thousand dollars;

    4.

    To establish procedures and requirements for the withdrawal of funds from the state investment pool;

    5.

    Assure that current state laws and policies of the city commission are being adhered to by the investment officers;

    6.

    Review monthly investment transactions made during the previous quarter by the chief investment officer;

    7.

    Approve written investment procedures;

    8.

    Meet to deliberate on such topics as economic outlook, portfolio diversification and maturity structure, potential risks and the target rate of return on the investment portfolio;

    9.

    Authorize and approve depositories, brokers and dealers;

    10.

    Review and provide comments to the city commission on the budget and budget procedures.

    C.

    Meetings. The finance committee will meet quarterly at two p.m. on the Wednesday before the second commission meeting of the month, and at such other times as are necessary from time to time to approve investments and to carry out the responsibilities of the committee listed above, and to review reports to be presented to the city commission. The city manager shall be responsible to schedule all meetings as prescribed herein and to insure notification of all voting committee members.

(Ord. 1840-2006 § 2, 2006; Ord. 1748-2003 § 2, 2003: Ord. 1578-98 § 2(part), 1998; Ord. 1546-97 § 2(B), 1997: Ord. 1484-95 § 2(part), 1995; Ord. 1339-88 § 12, 1988).