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Carlsbad council pauses Investment Review Committee changes until elected treasurer is seated
Summary
Finance staff outlined options to alter the volunteer Investment Review Committee to increase transparency and avoid Brown Act concerns; councilmembers voted to defer structural changes until a newly elected treasurer takes office after November.
Finance Director Zach Horash told the Carlsbad City Council that staff is proposing changes to the city's Investment Review Committee to strengthen transparency and reduce potential Brown Act conflicts. Horash said the committee currently includes five voting city officials and three nonvoting resident advisors and that staff were considering removing city staff from the committee and adjusting appointment and qualification rules.
Horash walked the council through three options: maintain the current committee structure, defer changes until an elected city treasurer is seated after the November election, or give alternative direction. He noted the council could set qualifications for resident advisors similar to the treasurer's requirements (a four-year degree or equivalent experience).
Councilmembers expressed concern about changing the committee's composition during an active treasurer election. Councilmember Melanie Burkholder said she favored waiting for the election so the incoming treasurer can participate in selection and recommend qualifications. Mayor Pro Tem Temba Patel echoed that position. Councilmember Teresa Acosta emphasized that resident advisors provide advisory counsel only and do not make investment decisions for the city.
Burkholder moved to adopt option 2 (defer changes until the elected treasurer is in office). The motion was seconded and the council approved the direction to defer. No public speakers addressed this item.
The council did not make immediate changes to the committee's duties, naming conventions, or qualifications; staff will return with any recommended amendments after the treasurer is seated and with further direction as requested by council.
