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Council creates investment advisory committee with annual meeting requirement
Summary
On third reading the council adopted Ordinance 2025-22 to establish an investment advisory committee that will meet at least annually and as needed; council members said the committee could deliver low-cost, valuable advice to staff on reserve and investment matters.
Council approved Ordinance 2025-22 on third reading to establish an investment advisory committee charged with providing investment advice and monitoring performance. The amended language requires the committee to meet at least once annually and permits the mayor or council to request additional meetings as necessary.
Proponents described the committee as a low-cost administrative resource that could bring resident expertise to long-term reserve management and provide value without heavyweight staffing. One councilmember said the experiment could be discontinued if it failed to add value; another welcomed residents with investment experience and business ties.
A recorded roll call followed the motion; the ordinance passed with a majority vote and will be implemented according to the charter and ordinance language. Staff will proceed with membership recruitment and adopt administrative rules for the committee’s operations.
Next steps: recruitment of resident members with investment experience and an initial meeting to be scheduled after members are appointed.
