The Town Attorney has prepared the following title and summary of the chief purpose and points of the proposed measure:
A CITIZEN’S INITIATIVE MEASURE AMENDING THE TOWN CODE
TO ESTABLISH A TOWN FINANCE COMMISSION
The Town of Los Gatos currently has a Council Finance Committee consisting of five (5) members – two (2) Town Council Members as voting members and three (3) citizen members as non – voting members, appointed by the Town Council. The function of the Finance Committee is to serve as an advisory committee to the Town Council regarding the Town’s investment policy, the Comprehensive Annual Financial Report, the unfunded pension employment benefits and new and increased revenue sources. The purpose of the Finance Committee is not to advise on regular or routine financial administration, the Town’s budget or spending priorities, nor to become involved in other than the financial impact of the projects /programs they are asked to review.
This initiative would amend the Los Gatos Town Code to disband both the Finance Committee and Sales Tax Oversight Committee and establish instead a Finance Commission consisting of seven (7) members – five (5) voting citizen members and two (2) non-voting Council Members, ( one of which would be either the Mayor or Vice-Mayor), with each Council Member appointing one Citizen Appointee. The function of the Finance Commission would be to serve in an advisory capacity to the Town Council and increase their duties and responsibilities in regard to the review of Town finances, including but not limited to: the Annual Budget, the Comprehensive Annual Financial Report, capital expenditures, the revenue and expenditure of Measure G Sales Tax, and making recommendations about the Town’s financial budgetary and investment matters and operations related thereto to the Town Council and any other Town department, agency, committee, commission or other body as the Town Council directs.
This ballot title and summary are hereby submitted to the elections official in conformance with California Elections Code Section 9203.
Dated: October 22, 2019