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O <br /> DEN HILLS <br /> MEMORANDUM <br /> DATE: February 4, 2009 <br /> TO: Financial Planning and Analysis Committee <br /> FROM: Sue Iverson, Finance Director <br /> SUBJECT: February Meeting Items <br /> BACKGROUND <br /> Lynn Cornwell, Wells Fargo Brokerage Services, LLC, will be present at Tuesday's meeting to discuss <br /> our investment policy. She has done a number of trainings for the Minnesota Government Finance <br /> Officer's Association on Investment Policies and has recommended some changes for us to consider. <br /> Lynn will also give us information on the current economy and answer any questions we may have, as <br /> well as give us forecasts on expected interest income for 2009 based on the current forecasts. <br /> [ will not be able to attend Tuesday's meeting because of a personal commitment, Joe Rueb will handle <br /> the meeting for me. As part of the March agenda, I am trying to get a representative from the 4M Fund to <br /> attend and give you an overview of how this fund works and to answer any questions that you may have. <br /> [have included the current investment portfolio for your review in these discussions. <br /> DISCUSSION <br /> The committee should review the Investment Policy and have a discussion on the recommendations from <br /> Lynn Cornwell. We will then come back at the March meeting and discuss any changes we wish to make <br /> for recommendation to the City Council. <br /> The interest income budgeted for 2009 across all funds is $370,300. This number was developed from <br /> looking at the 2007 actual interest and then decreased to be conservative at the time the budget was <br /> prepared and adopted. <br /> ACTION <br /> No action is requested at this meeting. <br /> 110 <br /> \'\Metro-inet\ArdenHills\Admin\Committees&Commissions\FPAC\2-10-09 Meeting Memo.doc <br />