The City’s current Investment Advisory Committee structure is comprised of the City Manager, City Attorney, and Chief Financial Officer. The committee is charged with regularly meeting and reviewing the City’s investment portfolio and Investment Policy (Legislative Policy No. 1) and making recommendations to the City Council regarding changes to the Policy.

In an effort to enhance the City’s transparency, staff recommends modifying the Investment Advisory Committee to include qualified members of the public rather than appointed City employees. Staff will continue to serve in an advisory role to the committee. This will increase external oversight of the City’s financial practices and provide opportunities for the implementation of additional best practices. The recommended form and structure of the Investment Advisory Committee is as follows:

• Purpose: review the practices and procedures of the City Treasurer by reviewing the transactions bi-annually for the preceding six months to determine if the City Treasurer has complied with the City's Investment Policy, as well as to review the policies of the City with respect to investment activities.

• The committee would consist of three representatives from the local financial community. 

• The City Treasurer would be the staff liaison; the City Manager would serve in an advisory capacity to the City Treasurer.

• Qualifications for the three representatives would consist of: (a) Resident of the City of Rocklin; (b) 18 years of age or older; and (c) Qualified by virtue of education, training, experience, or background to serve in the capacity of advising the City on financial investment matters.

Following City Council approval of the resolution, staff will work with the City Clerk's office to prepare a notice inviting applications for appointment to the Investment Advisory Committee. Based on the timely receipt of applications from qualified individuals, it is anticipated that the appointments would be filled by September.