By Kristina Pritchett
The city of Dana Point’s Financial Review Committee held their first meeting this week and chose their chair and vice chair.
Brian Porter was nominated and selected as chair of the committee, and Buck Hill was elected as the vice chair.
The Financial Review Committee consists of five Dana Point residents, who serve as “financial watchdogs.” At a recent meeting, each Council member chose a person to serve on the committee, and that person may serve until the appointing Council member ends their term.
During the first meeting, the committee agreed to have the chair and vice chair’s terms be set for a year. This recommendation will be sent to the Council for approval.
Toni Nelson, a committee member, said she had a discussion with Mayor Debra Lewis about general ideas of what the committee can do.
The purpose of the committee, according to a draft submitted to the committee by Nelson, is to review matters pertaining to the finances of the city, advise the Council on financial matters and provide recommendations to the Council on city financial policies and actions.
Some of the work on which the committee agreed, which will need to be voted on and approved by the Council, includes providing oversight and advising the Council on matters concerning the general fiscal operations of the city; reviewing monthly, quarterly and annual financial reports; monitoring the city’s reserve policy and practices; the city’s investment policy; and, when applicable, the city’s outstanding debt and debt capacity.
At the beginning of the meeting, each committee member introduced themselves and stated their financial backgrounds.
Larry Rolapp has worked with a municipal financial consulting firm that consulted cities, counties and school districts on matters of public finance, public policy and more. Nelson has experience auditing emerging companies as a financial analysist, has worked in a consulting practice and has worked with charity boards. Porter has experience as vice president of sales with a company he’s worked with for more than 20 years and has served the city of Mission Viejo on various committees and commissions. Hill has worked as a financial officer and a general manager for an aerospace company. Greg Wall owns a small business in the Lantern District.
The committee will meet again on Monday, March 27 at 4 p.m. at City Hall.