Attachment 31 of 3
Resolution 2019- January 15, 2019
DRAFT RESOLUTION
RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF LOS GATOS
AMENDING THE ENABLING RESOLUTION OF THE TOWN COUNCIL FINANCE
COMMITTEE AND RESCINDING RESOLUTION 2017-008
WHEREAS, the Town Council of the Town of Los Gatos has determined that there is a
need for an advisory Finance Committee to the Town Council; and
WHEREAS, the Town Council of the Town of Los Gatos does hereby establish the terms
and conditions for citizen appointment to and conduct of the Town Council Finance Committee.
The Committee is advisory to the Town Council and shall be formed, convened and governed by
the following bylaws as adopted by the City Council:
A.The Town Council Finance Committee shall consist of five (5) members – two (2) Town
Council Members as voting members appointed annually by the Mayor, and three (3)
adult residents as non-voting members, appointed by the Town Council, whose term
of office shall be for three (3) years with no limitations on reappointments.
B.A quorum shall consist of the two voting Council Members. The resident members of
the Finance Committee shall participate in all meetings.
C.Resident applicants shall follow the Town’s standard recruitment and selection process
and shall have the following qualifications to serve on the Finance Committee:
1.Resident of Los Gatos and a registered voter;
2.Five years of experience in at least one of the following:
a.Financial experience in a corporate, business, or government setting;
b.Principal or officer at a financial auditing firm;
c.Investment banking;
d.Finance or budget management;
e.Certified public accountant (CPA)
D.The terms of office of the resident members shall be staggered and over lapped in
such a manner that the terms of no more than one-third of the members expire each
year.
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Resolution 2019- January 15, 2019
E.Resident members shall conform with all current Town Resolutions and Policies.
F.The Town Council shall fill any resident member vacancies occurring during the term of
the Committee.
G.The members of the Committee shall serve without compensation, provided that with
advance budgetary approval of the Town Council, the actual and necessary expenses (if
any) incurred by the members in the conduct of Town business shall be reimbursable
pursuant to the provisions of the current Administrative Policy.
H.The Committee shall establish a regular time and location for its meetings and shall
conduct its meetings in compliance with the provisions of the Ralph M. Brown Act
(Government Code Sections 54950).
I.Minutes of the actions taken during the Committee’s meetings shall be kept and shall be
a public record.
J.The function of the Committee shall be to serve in an advisory capacity to the Town
Council regarding the following:
1. Annual review of the Town’s Investment Policy;
2. Annual review of the independent financial audit (Comprehensive Annual
Financial Report); and
3.Review and recommendations regarding new and increased revenue sources.
K.It is not the purpose of the Committee to advise on regular or routine financial
administration, the Town’s budget or spending priorities, nor to become involved in
matters other than the financial impact of the projects/programs they are asked to
review.
NOW, THEREFORE, BE IT RESOLVED, that the Town Council Finance Committee is hereby
established as an advisory committee to the Los Gatos City Council.
BE IT FURTHER RESOLVED that Resolution 2017-008 is hereby rescinded.
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Resolution 2019- January 15, 2019
PASSED AND ADOPTED at a regular meeting of the Town Council of the Town of Los
Gatos, California, held on the 15th day of January 2019, by the following vote:
COUNCIL MEMBERS:
AYES:
NAYS:
ABSENT:
ABSTAIN:
SIGNED:
MAYOR OF THE TOWN OF LOS GATOS
LOS GATOS, CALIFORNIA
DATE: ___________________
ATTEST:
CLERK ADMINISTRATOR OF THE TOWN OF LOS GATOS
LOS GATOS, CALIFORNIA
DATE: __________________