Town Council Subcommittees
Town Pension and OPEB Trusts Oversight Committee Meeting
On November 7, 2017, the Town Council formerly adopted the creation of the Town Pension and OPEB Trusts Oversight Committee. The Committee is charged with the oversight of a portion of the Town’s pension and healthcare assets. As such, it is a best practice for Trustees of pension-related assets to receive fiduciary training. Enabling Resolution
- To view Agendas & Minutes for the Town Pension and OPEB Trusts Oversight Committee please visit the Agenda Center Page.
Resident applicants shall have the following qualifications to serve on the Council Finance Committee:
1. Resident of the Town of Los Gatos and a registered voter;
2. Five (5) years of experience in at least one of the following:
a. Financial experience in a corporate, business, or government setting;
b. Principal or officer at a financial auditing firm;
c. Investment banking;
d. Finance or budget management;
e. Certified public accountant (CPA)
The function of the Committee shall be to serve in an advisory capacity to the Town Council regarding the following:
1. Annual review of the Town's investment policy;
2. Annual review of the independent financial audit (Comprehensive Annual Financial Report);
3. Annual review of and potential recommendations to address the Town's CalPERS unfunded pension and Other Post-Employment Benefits (OPEB) liabilities;
4. Annual review of proposals and make recommendations regarding new and increased revenue sources;
5. In the event the Town's Sales Tax Oversight Committee does not have the required five (5) members, the Council Finance Committee resident members will serve as members of the Sales Tax Oversight Committee;
6. Special projects as directed by the Town Council, Town Manager, or Finance Director.
It is not the purpose of the Committee to advise on regular or routine financial administration, nor to become involved in other than the financial impact of the projects/programs they are asked to review.