Review and Approve the Release of a Request for Proposal for Professional Review of the City s Investment Policy Practices and Procedures. City of Culver City California City Council Agenda Item Report Meeting Date: 12/17/07 AGENDA ITEM: JOINT ITEM before the City Council and Redevelopment Agency: Review and Approve the Release of a Request for Proposal for Professional Review of the City s Investment Policy Practices and Procedures. Contact Person/Dept.: Mary V. Noller Phone Number: (310) 253 6012 Item Number: J 4 Fiscal Impact: Yes No X General Fund: Yes No X Budget & Finance Public Hearing: Public Notification: Master Notification List 12/12/07; Action Item: X Attachments: X Department Approval: Jeff Muir (12/10/07) Fiscal Impact Review: Jeff Muir (by M. Noller) (12/11/07) City Attorney Approval: Carol Schwab (by H. Baker) (12/11/07) City Manager Approval: Jerry B. Fulwood (12/12/07) RECOMMENDATION: Staff recommends the City Council and Redevelopment Agency review and approve the release of a Request for Proposal (RFP) for Professional Review of the City s Investment Policy Practices and Procedures. BACKGROUND: During the April 2006 election Culver City voters approved a change in the City Charter whereby both the City Treasurer s and City Clerk s elected status will cease as of April 9 2008. Under the provisions of the current City Charter the elected City Treasurer s responsibilities remain those in effect under the prior Charter which includes the responsibility for the investment of the City and Redevelopment Agency s funds. The City Council approved the creation of a Finance Department with a Chief Financial Officer (CFO) as head of the department to combine the functions currently performed in the City Treasurer s Office and the City Controller s Office. The Chief Financial Officer will assume the duties of the City Treasurer on April 9 2008 which will the City and Redevelopment Agency. In preparation of this transition the City is seeking proposals from qu...
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