Finance & Budget Committee

Agendas & Minutes

Agendas are available prior to the meetings. Minutes are available following approval.

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Overview

City Council Resolution #24-42
The the City’s Finance and Budget Committee shall consist of seven (7) members, who shall be: the City Treasurer, the Mayor, the City Manager, the Finance Director, one Councilmember, and two Ojai City residents. Resident members must have primary residence and be domiciled within the City. Applicants for the two Ojai City resident seats shall apply to the City Clerk and will be selected in the same manner as members of the City’s commissions. The nominating committee for purposes of the Finance and Budget Committee shall be the Mayor and the City Treasurer with concurrence of a majority of the City Council.

This Committee is advisory to the City Council. This Committee does not possess independent decision-making authority and cannot independently direct the City Manager on matters or studies requiring additional staff and/or resources. Any final recommendations of this Committee must be approved by the City Council to be adopted and implemented.

The duties of the Committee shall be as follows:

A. To act in an advisory capacity to the City Council regarding the City's financial condition.

B. To review short and long-term financial information of the City and other financial issues as assigned by the City Council, including, but not limited to:

1. Debt issuance for a major project of the City.

2. New programs in excess of $250,000 proposed within the proposed budget for the fiscal year and their funding sources.

3. One-time financial (non-recurring operational) projects and usage of fund balance surplus above the required reserves.

C. To advise on economic development matters, such as, methods to improve the business climate, how to better work with local businesses, and recommend specific areas for review to the City Council.

D. To serve as the Investment Oversight Committee, the duties of which are to:

1. Review the investment practices used by the Investment Officer for compliance with the investment policy.

2. Analyze the monthly Treasurer’s reports for adherence to established guidelines.

3. Advise the City Council of any deviation from guidelines established by the Investment Policy or any other practices that are deemed imprudent for a public agency.

4. Review and propose amendments to the City’s Investment Policy.

E. To meet at least once per year prior to the adoption of the City’s budget and as needed.