The City’s Finance and Budget Committee will serve as the Investment Oversight Committee and act as an advisory committee to the City Council. The committee shall consist of one City Council member, the City Manager, the City Treasurer, the Director of Finance, and one public member who is a resident of the City of Ojai. The public member shall be appointed by City Council for a term not to exceed four years; however, public members may request an appointment for additional terms. Applicants shall apply for this position and will be selected in the same manner as the City’s various commissions. The committee meets at least annually.
The purpose of the Investment Oversight Committee is to:
Review the investment practices used by the Investment Officer for compliance with the investment policy.
Analyze the monthly Treasurer’s reports for adherence to established guidelines.
Advise the City Council of any deviation from guidelines established by this policy or any other practices that are deemed imprudent for a public agency.
The committee reviews the Investment Policy and proposes modifications and amendments to the policy.