HomeMy WebLinkAbout05 - Amending the Selection Process and Various Responsibilities of the Finance Committee - PowerPointsAMENDING THE SELECTION PROCESS AND
RESPONSIBILITIES OF THE FINANCE COMMITTEE
March 10, 2026
Update the structure and appointment process of the Finance
Committee to:
• Strengthen fiscal oversight
• Increase transparency in financial discussions
• Incorporate broader financial expertise
• Improve efficiency in the use of staff resources
Recommendations developed by the Fiscal Transparency Ad
Hoc Committee
• Finance Committee established by Resolution No. 94-110 (1994)
• Structure and responsibilities periodically updated
• January 27, 2026:
• City Council created the Fiscal Transparency Ad Hoc
Committee
• Members:
• Mayor Lauren Kleiman
• Councilmember Sara Weber
• Councilmember Joe Stapleton
• Directive: Evaluate ways to enhance transparency, accountability,
public engagement, and efficient use of City resources.
1. Committee Structure
• Reduce membership from 7 members to 5 members
Citizen Member Qualifications
• Require professional financial expertise
3. Appointment Process
Mayor appointment with City Council confirmation
Meeting Structure
• Focus meetings on key fiscal topics
• Major policy discussions brought to the City Council
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3 Council Members
3 Council Members
4 Citizen Members 2 Citizen Members
7 Members in Total 5 Members in Total
• Currently, citizen members are appointed individually by Council Members who
are not serving on the Committee.
• It is proposed that citizen members instead be selected through a Citywide
recruitment process. At the Mayor's discretion, an Ad Hoc Committee may be
established to provide advice; however, regardless of whether such a committee is
formed, the Mayor would make the appointments subject to confirmation by the
City Council.
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Staff Recommendation:
1. Determine the action is exempt from CEQA
2. Adopt Resolution No. 2026-18, amending the structure,
appointment process and responsibilities of the Finance
Committee
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Questions and
Comments
ITEM FOR REVIEW
Financial Statement Auditor's
Communication
Economic Development Update
General Fund and Tidelands
Long Range Financial Forecast
Update
Facilities Financing Plan and
Harbor & Beaches Master Plan
Second Quarter Budget Update
Departmental Overviews
Fee Study Update
Overview of Proposed
Revenues and Expenditures for
Next Year's Budget
Committee Recommendation to
Council for Next Year's Budget
Third Quarter Budget Update
Review of Investment
Performance
Investment Policy Review
Year -End Budget Results and
Surplus Allocation
First Quarter Budget Update
Internal Audit Program Update
OPEB Actuarial Valuation
Report Update
CalPERS & Pension Trust
Update
COMMITTEE CITY COUNCIL
CONSIDERATION REVIEW