(1) Consideration of the Formation of a Finance Advisory Committee and (2) Adoption of a Resolution Establishing Such Committee and Approving Its Bylaws. Item Number: A 2 City of Culver City California Agenda Item Report Meeting Date: 10/08/2012 CITY COUNCIL AGENDA ITEM: (1) Consideration of the Formation of a Finance Advisory Committee and (2) Adoption of a Resolution Establishing Such Committee and Approving Its Bylaws. Contact Person/Dept.: Jeff S. Muir/Finance Fiscal Impact: Yes No X Public Hearing: Commission Action Required: Yes No X Date: _______________ Public Notification: (E Mail) Meetings and Agendas City Council (10/04/12) Department Approval: Jeff Muir (10/01/12) Chief Financial Officer Approval: Jeff Muir (10/01/12) City Attorney Approval: Carol Schwab (by H. Baker) (10/02/12) City Manager Approval: John M. Nachbar (10/04/12) Phone Number: 310/253 5865 Action Item: General Fund: Yes No X Attachments: X BACKGROUND: At the City Council meeting of July 16 2012 the necessary actions to place a temporary half cent local sales tax increase (Measure Y) on the November ballot were approved. During the discussion there was consensus for the formation of a FAC. Staff has researched several cities throughout California that have a Finance Advisory Committee or a similar body. Examples include the cities of El Cerrito Eureka Piedmont Oakland and Emeryville. Staff is recommending a structure similar to the City of Emeryville which recently converted its City Council Finance Committee (two Council Members) to an Advisory Committee that includes two Council Members two residents two members of the business community and one labor representative. There are currently three City Council Subcommittees related to financial matters: RECOMMENDATION: Staff recommends that the City Council: 1. Consider the formation and proposed structure and duties of a Finance Advisory 2. If the City Council determines to form an FAC adopt a Resolution approving the Committee (FAC); and FAC...
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