TO: Honorable Mayor and Members of the City Council
FROM: Tom Kisela, City Manager
1. SUBJECT
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Investment and Audit Committee's separation and related changes to Orange Municipal Code Title 2. Resolution No. 11522 and Ordinance Nos. 01-24, 02-24, and 03-24.
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2. SUMMARY
City Council Resolution No. 11387 merged the previously separated Audit Committee and Investment Advisory Committee. Resolution No. 11522 rescinds Resolution No. 11387 while Ordinance Nos. 01-24, 02-24, and 03-24 make related changes to Orange Municipal Code Title 2. Taken together, the resolution and three ordinances eliminate the Investment and Audit Committee, make necessary changes to the Orange Municipal Code, and create two independent committees - the Investment Advisory Committee and Audit Advisory Committee.
3. RECOMMENDED ACTION
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1. Introduce and conduct First Reading of Ordinance No. 01-24. An Ordinance of the City Council of the City of Orange amending section 2.26.010 of the Orange Municipal Code Related to the Duties of the City Treasurer.
2. Introduce and conduct First Reading of Ordinance No. 02-24. An Ordinance of the City Council of the City of Orange adding Chapter 2.50 to Title 2 of the Orange Municipal Code (Administration and Personnel) establishing the Audit Advisory Committee.
3. Introduce and conduct First Reading of Ordinance No. 03-24. An Ordinance of the City Council of the City of Orange adding Chapter 2.51 to Title 2 of the Orange Municipal Code (Administration and Personnel) establishing the Investment Advisory Committee.
4. Adopt Resolution No. 11522. A Resolution of the City Council of the City of Orange rescinding Resolution No. 11387.
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4. FISCAL IMPACT
None.
5. STRATEGIC PLAN GOALS
Goal 2: Be a fiscally healthy community
a: Expend fiscal resources responsibly.
6. DISCUSSION AND BACKGROUND
On April 12, 2022, the Orange City Council adopted Resolution No. 11387. The resolution combined the Audit Committee and Investment...
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