Attachment 11 of 2
Resolution 2017- March 7, 2017
DRAFT RESOLUTION
RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF LOS GATOS
ESTABLISHING THE TOWN COUNCIL FINANCE COMMITTEE
WHEREAS, the Town Council of the Town of Los Gatos has determined that there is a need
for adult resident input to Council and staff regarding financial policy issues, and to promote
citizens participation and understanding regarding the financial condition of the Town; 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 Town 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 Council 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.
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.
ATTACHMENT 1
2 of 2
Resolution 2017- March 7, 2017
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);
3. Annual review of and potential recommendations to address the Town’s CalPERS
unfunded pension and Other Post-Employment Benefits (OPEB) liabilities;
4. Annual review of proposals and make recommendations regarding new and
increased revenue sources;
5. Special projects as directed by the Town Council, Town Manager, or Finance
Director.
K. It is not the purpose of the Committee to advise on regular or routine financial
administration, nor to become involved in 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 Town Council.
PASSED AND ADOPTED at a regular meeting of the Town Council of the Town of Los Gatos,
California, held on the 7th day of March, 2017, 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: __________________