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HomeMy WebLinkAboutFC_2010-05-11_MinutesFinance Committee Notes Tuesday, May 11, 2010 5:00 p.m. Atascadero City Hall Council Chambers 6907 El Camino Real, Atascadero, California Call to order: 5:00 p.m. by Mayor Fonzi ROLL CALL: Present: Council Members Béraud Clay, Kelley, O’Malley, and Mayor Fonzi Absent: None Others Present: City Treasurer Joe Modica Staff Present: City Manager Wade McKinney, Assistant City Manager Jim Lewis, Administrative Services Director Rachelle Rickard, Assistant to the City Manager/City Clerk Marcia Torgerson, Administrative Assistant Victoria Randall PUBLIC COMMENT: None. Mayor Fonzi closed the Public Comment period. BUSINESS: 1. March 2010 Investment Report Administrative Services Director Rachelle Rickard presented highlights from the Investment Report, which was distributed earlier with the agenda packet. Ms. Rickard explained that there are minimal changes month-to-month or quarter-to-quarter, which is due to the City’s long-term strategy. She noted that the City’s investment return is 1.38% on the total investments, which is better than the two-year Treasury weighted average. MOTION: By Council Member Beraud and seconded by Council Member Kelley to approve the City Treasurer’s Report for the Quarter ending March 2010. Motion passed 5:0 by a roll-call vote. Finance Committee Page 2 of 2 2. Discussion of San Luis Obispo County Grand Jury Report titled “Electing City Treasurers and Clerks.” Administrative Services Director Rachelle Rickard distributed copies of Staff’s draft response to the Grand Jury recommendations on this item. She stated that Staff is seeking input from Council on the response. Ms. Rickard discussed the Report Recommendations and draft response and answered questions from Council. Ms. Rickard stated that within the next couple of months, the investment reports will be posted in one area on the City’s website, for ease of reference. City Manager McKinney said that Staff will put the response in final format and bring it back to Council in June, at which time Council may make desired modifications. The City’s response is due July 29th. Council Member Clay that Mr. McKinney check with the former City Attorney as to whether or not the City Treasurer position was appointed in the past. Mayor Fonzi voiced objection to the Grand Jury’s recommendation that the City try to convince the electorate to make at least the position of treasurer appointive. She expressed support for City Treasurer Modica’s service and confidence that the public would elect qualified individuals. Council Member O’Malley concurred and stated that the City Attorney has clarified that such a use of public funds would not be legal; he also voiced support for Mr. Modica’s performance. Public Comment: Joan O’Keefe stated that the public never has a choice of candidates for either the City Clerk or City Treasurer positions, as only one individual has run for the respective offices. She said that since the city employee does most of the work anyway, she supports having city staff perform the tasks, as they are more qualified. She said the additional layer of people who are supposed to be doing the job is not needed, since the tasks often fall on staff. Ms. O’Keefe asked for clarification of monthly vs. quarterly reports. Administrative Services Director Rickard responded and invited anyone who had questions on the summary to contact her or the City Treasurer. Mr. McKinney said staff would provide support to any elected official, and he has confidence voters would elect a qualified person. He also clarified that since the voters decided on an elected Treasurer, the Council could not change that on their own. MOTION: By Council Member O’Malley and seconded by Mayor Fonzi to support Staff’s recommendation and have Staff draft a response in the proper format for the Grand Jury, incorporating the thoughts expressed here tonight. Motion passed 5:0 by a roll-call vote. 3. Adjournment Mayor Fonzi adjourned the meeting at 5:21 p.m.