Council debates creating an investment advisory committee to review city portfolio

Council considered a first reading of ordinance 2025-22 to establish an investment advisory committee charged with an annual review of the city's investment performance, the investment adviser, and the city's investment policy statement.

Sponsor Gentile said the committee would be narrow, consultative and meet roughly once a year to provide expertise on bonds and fixed-income investments. "We have $38,000,000 of cash now that's a big chunk of money that we need to make sure we're maximizing the return," said a council member during the discussion about the portfolio size and need for outside expertise.

Several members supported a small group of residents with investment experience as a useful annual check; others worried the proposal could create duplication or suggest oversight that undermines the finance director's authority. The sponsor and supporters said the committee would be a complement to, not a replacement for, the finance director and existing advisers.

Council treated the item as a first reading and asked staff (including the finance director) to consider alternative structures such as an adjunct consulting role to the finance committee and return with drafting edits.

Why it matters: the city manages a sizable pool of cash; an external, expert review could inform benchmarks and adviser performance without changing investment policy in the short term.

What's next: staff and the finance director will review the draft language and the council will revisit whether to create a standalone committee or a consultative adjunct to the finance committee.