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Council passes second reading on Office of Finance ordinance; risk management remains with CAO for now
Summary
On second reading the council passed an ordinance defining functions for the city administrative office (including revenue projection, debt management and risk management); a council motion to move risk management to the new Office of Finance was sent to committee, so risk management stays with the CAO while the committee considers a transfer.
The Los Angeles City Council passed second reading of an ordinance specifying organizational duties for a city administrative office created under the new charter, including revenue projection, debt management and risk management functions.
During the special meeting, clerks recorded a 9‑to‑1 vote on second reading. Council discussion clarified that a separate motion seeking to transfer risk management out of the City Administrative Officer’s (CAO) responsibilities and into the new Office of Finance had been referred to a committee, so the ordinance as passed leaves risk management with the CAO for now.
Councilmembers on both sides said the referral to committee does not prevent a future action to move risk management to the Office of Finance once the new general manager or the relevant committee brings forward a specific plan. Councilmember Laura Chick explained that the committee referral requires a strategic plan and work by the incoming Office of Finance general manager before any transfer would be considered.
Because the second reading passed with fewer than the 10 votes required to send the ordinance forthwith to the mayor, councilmembers discussed next steps; the ordinance was transmitted according to the council calendar and committee process noted in the chamber.
What this means: The ordinance clarifies several administrative functions and keeps risk management within the CAO pending further committee review. A separate committee process has been set up to consider any transfer of risk management responsibilities to the Office of Finance.
