§ 2-96. Duties.

(a)

There is hereby established a finance committee, composed of up to eight (8) members.

(b)

The committee shall consist of the following:

(1)

Two (2) members of the governing body.

(2)

One (1) to four (4) city residents with investment experience. May consist of up to two (2) city residents of whom one (1) shall be designated as an alternate. All committee members serving must have some experience with financial/investment and/or employee benefits experience. Such members shall be appointed by the mayor and council of the city to serve four-year staggered terms.

(3)

The city's finance manager.

(4)

The city's human resources manager.

These positions permanently serve on the committee.

(c)

Members of the finance committee meet at least quarterly to determine general strategies, and monitor results of both the fund and pension plan. Committee members as outlined in subsection 2-96(b)(2) shall be compensated at twenty-five dollars ($25.00) per meeting, up to a maximum of four (4) meetings per calendar year.

(d)

The finance committee shall include in its deliberations such topics as: Economic outlook, portfolio diversification and maturity structure, potential risks to the city funds, brokers and dealers, and the target rate-of-return on the investment portfolio.

(e)

The finance committee will be responsible for advising the mayor and council and appropriate appointed officials on investment opportunities and actions with respect to the capital reserve funds monies.

(f)

The finance committee will act as the city's audit review panel and perform cost analysis relating to employee benefits when directed, and be responsible for making recommendations before the mayor and council.

(Ord. of 2-26-96; Ord. of 2-25-02; Ord. of 3-25-02; Ord. of 2-10-03; Ord. of 3-8-04; Ord. of 8-8-05; Ord. of 7-24-06; Ord. of 6-11-07; Ord. of 12-17-07; Ord. of 6-8-09; Ord. of 5-10-10; Ord. of 6-11-12; Ord. of 1-11-16 , § 1)