In May, the City Commission directed staff to undertake a review of the City Commission’s advisory boards and committees and to report back with any proposed recommendations.

Following this review of the City's current advisory boards and committees, staff recommends the elimination of the City's Investment Advisory Board.

The IAB, established in 1980, consists of the City CFO, City Treasurer, and three members appointed by the City Commission. Its primary function has been to review investments and make recommendations regarding City funds.

Historically, while City administration has met with the IAB, staff has been ultimately responsible for all municipal investment decisions. Moreover, in recent years, there have been no applicants for the vacant seats on the IAB.

Given these factors, staff has determined the elimination of the IAB would streamline the City's advisory structure without compromising the effective management of City investments.