HomeMy WebLinkAboutReso. 2026-010 - Establishing a Financial Advisory Committeea iin11grem's N lor-joel xly {i 1.111 "my-IJUT 112 110 No]
WHEREAS, The City Council desires to enhance fiscal transparency, community engagement,
and long-term financial sustainability; and
WHEREAS, a Financial Advisory Committee provides informed, community-based perspectives
on economic trends, budget priorities, and financial policy considerations;
NOW, THEREFORE, BE IT RESOLVED by the City Council that a Financial Advisory
Committee is hereby established with the following authority, purpose, composition, and operating
provisions:
1. Authority
The Financial Advisory Committee (FAC) is established by and derives its authority from the City
Council. The FAC serves solely in an advisory capacity and shall provide recommendations and
observations to the City Council. The FAC shall have no independent decision-making authority
and shall not direct City staff. The City Manager and Finance Director shall support the Committee
by providing relevant financial information, analysis, and staff presentations.
2. Purpose
The purpose of the Financial Advisory Committee is to (1) provide advisory input to the City
Council on budget development, financial priorities, and long-term fiscal sustainability, (2) review
major financial assumptions, economic conditions, and community trends that may impact City
revenues and expenditures, (3) offer community -informed perspectives on spending priorities in
relation to adopted Council goals and community needs, (4) review staff -prepared materials
intended for City Council consideration and provide non-binding feedback, and (5) strengthen
transparency and public trust in the City's financial decision-making process.
3. Composition and Membership
The Financial Advisory Committee shall consist of seven (7) members, and all decisions shall be
made by a vote of a majority of the filled positions. Two (2) members of the Committee shall be
members of the Redding City Council, who shall be nominated by the Mayor and appointed by
vote of the Council. To provide for continuity, the Council Members on the Committee shall serve
staggered two (2) year terms. The remaining five (5) members shall be appointed members of the
public appointed by the Council. Following an open public application process, each Council
Member shall suggest one person to the committee, and all appointments shall be made by vote of
the full Council.
To the extent practicable, members of the committee shall reflect a broad cross-section of the local
economy and community perspective. In selecting members of the committee, the Council shall
endeavor to prioritize candidates in roles providing insight into purchasing behavior, spending
trends, and the social and economic pulse of the community, such as major employers or key local
industries, such as healthcare, retail, hospitality, construction, insurance, or financial services.
Candidates should also be considered for their financial background and expertise, such as CPAs,
CFOs, CEOs, or senior financial professionals.
Community members appointed to the committee must comply with applicable ethics laws,
conflict-of-interest requirements, and disclosure obligations and shall not have any financial or
business relationship with the City that would impair independence. All members must be able to
evaluate financial matters objectively and in the public interest,
Community members on the Committee shall serve four (4) year terms, staggered to align with
Council Member terms for continuity and institutional knowledge. Terms of each appointed
member will end one year after the end of the term of each Council Member. Nothing shall
prohibit a community from being reappointed following expiration of their terms, if approved by
Council.
Should either of the two (2) Council Members appointed to the Committee vacate the office of
City Council Member, they shall immediately and automatically vacate their seat on the
Committee. Community Members on the Committee shall serve at the pleasure of the Council
and may be removed by a vote thereof.
4. Staffing
The City Manager and Director of Finance, or their designees, shall attend Committee meetings
and ensure staff availability to support Committee work to provide information regarding audit
results and financial information. The Committee, however, shall not have authority to direct staff,
and any Committee requests that may require the use of City resources shall be referred to the City
Council.
5. Meeting Schedule
The Financial Advisory Committee shall adopt a regular meeting schedule sufficient to meet the
purposes and functions for which it is formed. Meetings may include review of materials and
presentations staff intends to bring forward to the City Council. The Committee shall review
budget priorities, community conditions, and adopted Council goals to inform advisory
recommendations regarding the budget. Meeting schedule should account for increased frequency
during biennial budget development years, including additional meetings aligned with the budget
preparation process. All meetings shall be publicly noticed, open to the public, and include an
opportunity for public comment in accordance with applicable open meeting laws,
6. Sunset Clause
The need for, structure, and functions of the Financial Advisory Committee shall be reviewed by
the City Council after two (2) years of operation. The review shall consider data, outcomes, and
overall effectiveness in meeting the Committee's purpose. Following review, the City Council
may continue, modify, or dissolve the Committee by Council action.
I HEREBY CERTIFY that the foregoing resolution was introduced and adopted at a regular meeting
of the City Council of the City of Redding on the 3rd day of February, 2026, by the following vote:
AYES: COUNCIL MEMBERS: - AUDETTE, DIIANUKA, MUNNS, RESNER, LITTAU
NOES- COUNCIL MEMBERS. - NONE
ABSENT- COUNCIL MEMBERS. - NONE
ABSTAIN: COUNCIL MEMBERS: - NONE
Cd t -
MIKE LITTAU, Mayor
ATTEST: FO APPROVED:
ARLENE TIPTON, City Clerk