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07-76 ORDINANCE NO. 7-76 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF DELRAY BEACH, FLORIDA, ESTABLISHING A FINANCIAL ADVISORY BOARD! DEFINING THE BOARD'S COMPOSITION, DUTIES AND POWERS; STATING THAT THE BOARD'S ACTIONS ARE ADVISORY ONLY. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF DELRAY BEACH, FLORIDA, AS FOLLOWS* SECTION 1. That there is hereby established for the City of Delray Beach, Florida a Financial Advisory Board to have the composition duties and powers as set forth below~ A. ~pmposition. A Firancial Advisory Board is hereby established consisting of five (5) regular members, each of whom shall be appointed by the City Council for a term of two years. In ' addition, there shall be appointed two (2) alternate members to be designated as Alternate No. 1 and Alternate No. 2. Alternates shall be appointed for a term of two years. They shall be called by the Chairman to sit as members of the Board in their designated order whenever any regular member is absent. B. Term of office. Of the members first appointed to the Board, three (3) shall serve for one (1) year, two (2) shall serve for two (2) years. The alternates shall serve-for two (2) years. Thereafter members shall be appointed for two (2) year terms. C. Qualifications for Board Members. Members of the Board shall be appointed from electors of the city and shall be known to have expertise applicable to municipal finance and/or an exten- sive educational and/or occupational background in financial investment fields. Byway of example and not by limitation, members of the Board may be drawn from such occupational areas as financial investment consultants, certified public account- ants, and tax attorneys. D. Quorum. Four (4) members in attendance shall constitute a quorum of the Board. Vacancies. Vacancies on t~e Board shall be filled by appoint- ment of the Council for the unexpired term of the membership vacated.. F. Removal. The city Council shall have the authority to remove any Member of the Board from office whenever a majority of'the Council votes for such a removal, G. ~omDensation. The Members of the Board. shall serve without compensation. H. Meetin~s,_Dates; PrQced~r~, Re~or~s. .The Board shall select its own Chairman, Vice-Chairman, and any other Officers it deems · necessary at an. election held at its first formal meeting and annually thereafter. The Board shall conduct its meetings pur~ suant to the rules and regulations provided for in Robert's Rules of Order. The Board shall establish as many regular meeting dates as it desires which will be adhered to but at least one (1) regular meeting of the Board shall be held each quarter of the fiscal year. Special meetings may be called by the Chaizman or any three (3) Members of the Board. Action by or decision of the Board shall be determined by motions duly moved, sec- onded and carried by not less than three (3) Member of the Board. The Board shall keep a permanent record of its pro- ceedings and shall file approved minutes of its meetings with the City Council and City Manager within thirty (30) days of the date of any such meeting. Ail meetings, records and files of the Board shall be open and available to the publ i c. I. Assistance f~om other Aqencies and Boards. The city Manager is instructed to direct the Director of Finance to advise and assist the Board in all its deliberations on matters of finance. The city Manager shall provide such staff and clerical assistance as the Board may. request in the perform- ance of its 6uties. The Board may call upon any department or agency of the City for information or advice in the pro- motion of its works. The Board, with Council approYal, may accept grants or other monetary or fiscal assistance to aid it in its work. J. Public Communication. The Board shall haYe on its agenda for each regular meeting a time period when the public may make comment. SECTION 2. Duties and Powers. The Financial Ad¥isory Board shall 'have the following duties, powers and responsibilities~ A. Annually study the City Manager's proposed City Budget and any Capital ImproYement Program. They shall then forward 'to Council a report on their study with any comments or rec- ommendations a majority of the Board agrees to. At such time as the ~ity Manager transmits a copy of the proposed Capital' Impro¥.ement Program (s) and the Budget to City Council, he shall also transmit a copy of the same to the Financial Ad-. ¥isory. Board. B. Study each of the City Manager's quarterly financial reports and any capital ImproYement Program status reports and for- ward to Council the findings of their study with comments. The City Manager shall forward adequate copies of the reports to the Board no later than the time Council receiYes their copies. C. Annually study the status of all City Special and Reserve Funds. The Director of Finance shall submit a comprehensive report to the Board on or before July.15th of each year spec- ifying the status of the funds as of June 30th. The Board shall then submit written conm~nts and recommendations on their ~tudy to.the City Council and the City Manager for their consideration on or before August 15th. D. Review the annual financial audit report of the City's fiscal status, practices and procedures including a review of the competency, of the audit company ahd fairness of price of the audit. · Copies of the report shall be forwarded by the City Manager to the Board promptly after receipt from the auditor. The Board shall provide its comments and recommendations to the City Council and city Manager within ten (10) days after receipt, of the audit report from the city Manaler. E. Submit n written recommendation to City Council for all pro- posed bond issues and refunding agreements. The city Admin- - 2 - Ord. No. 7-76 istration will provide the Board with any necessary materials ~hey will need to study the subject. Have the right to review existing or proposed long term con- tracts and convey to the City Council any recommendations they deem advisable. G. Review when the city Council or City Manager deems it 'advis- able, the fiscal impact created by any proposed ordinances, resolutions, or actions. The Board shall respond to such requests with written comments and recommendations within ten (10) days of receipt of such requests. H. Study and giYe recommendations to the city Council and city Administration on the investment of.any public funds except pension plan funds for a temporary period. The Financial Advisory Board may also to the extent that it is not incon- sistant with other Ordinances now in existence in the City, study and give recommendations to the appropriate Pension Fund Board as to the investment of pension plan funds. The investment of pension plan funds is provided for in other City Ordinances and it is not intended that this Ordinance shall in any way modify or repeal such pension plan Ordin- ances. I. The foregoing statement of duties and powers of the Financial Advisory Board shail be exclusive. The Financial Advisory Board herein created shall have no other powers than those specifically set forth above. SECTION 3. Power of Board. The Board action will only be advisory. The.actions, decisions and recommendations of the Financial Advis- ory Board shall not be final or binding on the City Council, City Manager or .city Departments. SECTION 4..Specific authority to codify this Ordinance in the city Code of Ordinances is hereby granted. PASSED and ADOPTED in regular session on second and final reading on this the 8th day of March , 1976. ATTEST &~ . City Clerk ' First Reading February 10, 1976 Second Readi. ng. March 8,-1976 - 3 - Ord. No. 7-76