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MINUTES <br /> EN HILLS <br /> • FINANCIAL PLANNING &ANALYSIS COMMITTEE <br /> Tuesday,February 10,2008 <br /> 6:00 P.M. <br /> Second Level Conference Room,Arden Hills City Hall <br /> CALL MEETING TO ORDER AND ROLL CALL <br /> The meeting was called to order by Jim Ostlund at 6:00 pm. <br /> MEMBERS PRESENT: Stan Harpstead, Council Liaison; Jeff Johnson;Maurice Gieske; Jim <br /> Ostlund <br /> MEMBERS NOT PRESENT: Scott Bronson <br /> OTHERS PRESENT: Arlene Mitchell,Communication Committee Member; Joe Rueb, <br /> Accounting Analyst; Lynn Cornwell,Wells Fargo <br /> Call to Order <br /> 1. APPROVAL OF THE AGENDA <br /> Motioned: Maurice Gieske <br /> Seconded: Jim Ostlund <br /> 2. APPROVAL OF October 14,2008 MINUTES as amended <br /> Motioned: Maurice Gieske <br /> • Seconded:Jim Ostlund <br /> 3. UNFINISHED AND NEW BUSINESS <br /> A. Review of City Investment Policy <br /> Harpstead brought a printout of a presentation he attended for the Regional Council <br /> of Mayors. The topic of the presenation was"Economic Update: You Ain't Seen <br /> Nothin' Yet"by William C.Melton. Harpstead provided an overview of the <br /> presentation. <br /> Cornwell provided the group with suggestions of changes for the investment <br /> policy. Her recommendations are as follows: <br /> • Section 1. Add"safety"and"liquidity"before"return"not after"return". <br /> Have it read"...invest public funds in a manner which maximizes safety and <br /> liquidity and provides maximum return." <br /> • Section 2.C. Consider removing or re-wording the last sentence regarding <br /> written acknowledgement for each transaction. May want consider a joint <br /> powers agreement with another city as a backup. <br /> • Section 3.B. If cash flow has a definition, state what it is. Keep in <br /> consideration six months of budgeted and CIP expenditures. Add a <br /> maximum term of five-ten years. <br /> • Section 5.4. Remove"form of a discounted security maturing in the"and <br /> add"FDIC"before insurance coverage. <br /> • <br /> City of Arden Hills <br /> 1245 West Highway 96•Arden Hills Minnesota 55112 <br /> Phone 651.792.7800•Fax 651.634.5137 <br /> www.ci.arden-hills.mn.us <br />