City Council

15. TRANSITION PLAN FOR OUTSOURCING THE MANAGEMENT OF CITY\nINVESTMENTS TO MEEDER, INCLUDING MODIFICATIONS TO THE\nROLES, RESPONSIBILITIES AND COMPENSATION OF THE CITY\nTREASURER AND FINANCE DIRECTOR\nRecommendations:\n(1) Approve the transition plan of investment management services to Meeder\nPublic Trust;\n(2) Adopt the Resolution titled "A RESOLUTION OF THE CITY COUNCIL OF\nTHE CITY OF LAGUNA BEACH, CALIFORNIA, RESCINDING\nRESOLUTION 23.077, DELEGATING INVESTMENT AUTHORITY TO THE\nTREASURER (COLLECTIVELY THE CITY TREASURER AND DIRECTOR\nOF FINANCE), AND APPROVING AND ADOPTING AN INVESTMENT\nPOLICY FOR FISCAL YEAR 2024-25 THROUGH DECEMBER 31, 2024,"\nupdating the Investment Policy to reflect outsourcing of the management of\ninvestments to a third party;\n(3)Consider reducing the City Treasurer position-approved hours, effective August\n1, 2024, from 1,416 per year to:\n(a.) 976 hours per year (about 18 hours per week) to adjust for the\nupdated roles and responsibilities relating to surplus investment responsibilities;\nor\n(b.) 865 hours per year (about 16 hours per week) to adjust for updated\nroles and responsibilities relating to both (i) surplus investment and (ii) TOT\naudits and reports.\n(4) Review and adjust the compensation for the position as follows: Make no\nchange to the current salary until such time as the Treasurer's 2024-2028 term\nbegins (December 1, 2024) and then adjust the salary as of that date to:\n(a.) Given the amount of time that a Council member dedicates to the\nCouncil Member's role (generally 20 hours per week), set the Treasurer's wages at\nthe same rate as paid to a Council member ($908/month or $10,896/year); or\n(b.) Basing an updated salary on fewer hours assigned from 1,416 to\n976 or to 865 hours, adjust the base wages to $7,154/month (or $85,850/year) or to\n$6,321/month ($75,750/year); or\n(c.) Some other wage to be determined by Council.\n(5) Direct the City Manager to modify the salary schedule for the Treasurer’s\nposition to reflect the City Council’s action; and\n(6) Provide direction on the FY 2023-24 performance pay for the City Treasurer.