A new Investment Advisory Committee will likely be put in place next year to aid the City Treasurer.
The committee, which will be established as of July 1 if a final ordinance to establish it is approved by the City Council, will provide technical knowledge on investments, banking and city financial policy to help the treasurer make recommendations to the City Council, according to a city staff report.
The City Treasurer is an elected position, currently held by Joseph Sherwood, voted into office in 2009 after a stint as Palos Verdes Estates mayor.
If approved, the committee will be made up of the City Treasurer and two members appointed by the mayor and City Council, according to the report. In addition, the City Manager or a representative for the manager and a representative of an outside auditor will act as non-voting members.
An added benefit of establishing an Investment Advisory Committee would be to provide the residents serving on it with the experience and education to potentially serve as City Treasurer, according to the staff report.
- Cynthia Washicko