Attachment 8 - Updated Resolution Updating the Finance Committee RedlinedDraft Resolution ATTACHMENT 8
Page 1
DRAFT RESOLUTION
RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF LOS GATOS
RESCINDING RESOLUTION 2017-008 AND ADOPTING REVISED ENABLING
RESOLUTION TO 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 operates in the manner
herein after prescribed; and
WHEREAS, on March 7, 2017, the Town Council adopted Resolution 2017-008 to
establish the Council Finance Committee; and
WHEREAS, the Council Finance Committee contains the necessary expertise to
support the Town’s Sales Tax Oversight Committee; and
WHEREAS, the Town needs a viable Committee structure to ensure the Sales Tax
Oversight Committee can meet and fulfill its obligations.
WHEREAS, the Council Finance Committee 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.
Draft Resolution ATTACHMENT 8
Page 2
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 overlapped 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.
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. In the event the Town’s Sales Tax Oversight Committee does not have
the required fiveseven (57) members, the Council Finance Committee
resident members will serve as members of theat Sales Tax Oversight
Committee.
Draft Resolution ATTACHMENT 8
Page 3
5.6. 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 6th day of August, 2019 by the following vote:
COUNCIL MEMBERS:
AYES:
NAYS:
ABSENT:
ABSTAIN:
SIGNED:
MAYOR OF THE TOWN OF LOS GATOS
LOS GATOS, CALIFORNIA
DATE: __________________
ATTEST:
TOWN CLERK OF THE TOWN OF LOS GATOS
LOS GATOS, CALIFORNIA
DATE: __________________