Loading...
Article 38. Financial Oversight Committee
(a) There shall be created a Financial Oversight Committee to advise the Board regarding the oversight of financial reporting, audit, the treasury, budgeting, and tax allocation.
(b) The Committee shall, subject to Board approval, adopt and revise a charter for the Committee setting forth membership criteria and powers consistent with the County Code of Ordinances.
(c) The Committee's charter shall include the following requirements for members of the Committee:
(i) A member shall disclose to the committee at a regular meeting any activities that directly or indirectly raised money for:
a. a candidate for local treasurer; or
b. a member of the governing board of any local agency that has deposited funds in the county treasury while a member of the committee.
For purposes of this subsection, raising money includes soliciting, receiving, or controlling campaign funds of a candidate, but not the member's individual campaign contributions or non-financial support. This section does not apply to a member raising money for his or her own campaign.
(ii) A member shall disclose to the Committee at a regular meeting any contributions, in the previous three years or during the period that the employee is a member of the committee, by an employer to:
a. the campaign of a candidate for the office of local treasurer; or
b. to the campaign of a candidate to be a member of a legislative body of any local agency that has deposited funds in the county treasury.
(iii) A member cannot secure employment with, or be employed by, bond underwriters, bond counsel, security brokerages or dealers, financial services firms, financial institutions, and municipal advisors with whom the County is doing business during the member's Financial Oversight Committee membership period or for one year after leaving the Financial Oversight Committee. This subsection only applies to employment or soliciting employment, and not other relationships with such companies with whom the County is doing business.
(iv) A member shall disclose to the Committee any honoraria, gifts, and gratuities from advisors, brokers, dealers, bankers, or other persons who conduct business with the County Treasurer while a member of the Committee. All members shall also comply with the requirements of the Political Reform Act or any other law or regulation regarding the receipt and disclosure of financial benefits and conflicts.
(§ 4, Ord. 1450, eff. January 5, 2015, as amended by § 2, Ord. 1471, eff. October 13, 2016)
The Financial Oversight Committee shall consist of seven (7) voting members as follows:
(a) Two (2) members of the Committee shall be members of the Board, appointed by the Board.
(b) One (1) member of the Committee shall be the Superintendent of the Office of Education, or his or her designee.
(c) One (1) rotating member of the Committee shall be a City Council member or employee of any City within the County. Prior to each term, each City within the County may nominate one (1) individual to serve on the Committee. The Board shall appoint the member from these nominees.
(d) One (1) rotating member of the Committee shall be a board member or employee of any special district within the County which, in the preceding twelve (12) months, has had funds on deposit with the County treasury. Prior to each term, each special district whose jurisdiction includes any portion of the County may nominate one (1) individual to serve on the Committee. The Board shall appoint the member from these nominees.
(e) Two (2) rotating members of the Committee shall be members of the public residing in the County of Yolo. The member shall not be a board member or employee of the County, any City within the County, or any special district within the County which, in the preceding twelve (12) months, has had funds on deposit with the County treasury. Any qualifying individual may submit an application, and any Board member or current Committee member may nominate a qualifying individual to the Board for consideration. The Board shall appoint the members from these applicants and nominees. At least one (1) public member appointed by the Board must have financial expertise as described in the Committee's charter. (§ 4, Ord. 1450, eff. January 5, 2015)
(a) The Chief Financial Officer and County Administrative Officer, or their designees, shall each be non-voting members of the Committee.
(b) Except for the public members, each member may designate an alternate member to have all the power of a voting member in his or her absence.
(c) Each member shall be financially literate, as described in the Committee Charter. (§ 4, Ord. 1450, eff. January 5, 2015)
(a) The terms of each member shall be three (3) years and shall commence on March 1 and end on February 28 (or February 29 on leap years).
(b) A vacancy shall exist upon the death, resignation, or termination of the member. Vacancies shall be filled for the unexpired term by the Board of Supervisors. In the case of members nominated by a City or special district, the Board of Supervisors shall solicit and receive new nominations prior to making the appointment. Each member shall serve upon the appointment and qualification of a successor.
(c) A member may be terminated for cause by the Board at any time. The Committee may, by two-thirds vote, recommend to the Board that a member be terminated. At a public meeting within 60 days of the Committee's recommendation, the Board shall decide, in its sole discretion, whether or not to terminate the member.
(d) Any member of the Committee may resign at any time by submitting a written resignation to the Clerk of the Board. Any such resignation shall be effective upon submission, or upon such later date as is specified in the resignation if such date is not more than sixty (60) days after the date of submission.
(e) At least one (1) month prior to the Board's appointment of any voting member, whether to a new term or to complete an existing term, the Clerk of the Board or the Chief Financial Officer shall solicit nominations for the positions. For the member nominated by the cities within the County, the solicitation shall be mailed to each of the cities. For the member nominated by the districts, the solicitation shall be mailed to each of the special districts. For the public member, the solicitation shall be published for three (3) consecutive days in a newspaper of general circulation within the County. The preceding does not apply to the appointment of Committee members who are members of the Board or the Superintendent of the Office of Education. (§ 4, Ord. 1450, eff. January 5, 2015, as amended by § 2, Ord. 1471, eff. October 13, 2016)
(a) Meetings of the Committee shall be held at such regular times as determined by the Committee. In no event shall the Committee meet less than once every three (3) months.
(b) The Board of Supervisors shall designate a representative of the County who shall serve as the liaison to the Committee and shall assist in the administration of all meetings.
(c) The Committee shall file a copy of all minutes with the Clerk of the Board of Supervisors.
(d) A quorum for meetings of the Committee shall consist of not less than one-half (1/2) of the currently appointed members. A majority vote of the members present shall be required for any motion, resolution, or other action.
(e) All meetings shall be held and conducted in accordance with the provisions of the Ralph M. Brown Act, Government Code section 54950 et seq. (§ 4, Ord. 1450, eff. January 5, 2015, as amended by § 2, Ord. 1471, eff. October 13, 2016)
(a) The Committee shall provide oversight on treasury operations, leadership and independence over the monitoring, review, and audit of the County's business activities, and ensure accountability and transparency over the budgetary and tax distribution process.
(b) The Committee shall perform all of its duties in an advisory role to the Board of Supervisors, and shall have no direct authority over the Chief Financial Officer or any County officer or staff regarding County financial operations.
(c) The Committee shall not be designated the treasury oversight committee under Government Code section 27131.
(d) The Committee shall advise the Board on the selection of an independent, qualified, and licensed outside auditor to conduct an annual audit of the internal controls of the County. The auditor shall report to the Committee the results of the audit upon completion of the audit report. The Committee shall review the audit report and make recommendations to the Board related to the audit's findings.
(e) The Committee shall advise the Board on the recruitment, hiring, and termination of the Chief Financial Officer. (§ 4, Ord. 1450, eff. January 5, 2015, as amended by § 2, Ord. 1471, eff. October 13, 2016)
Loading...