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<br />~ <br />~HILLS <br /> <br />MEMORANDUM <br /> <br />DATE: <br /> <br />July 24, 2007 <br /> <br />4J <br /> <br />TO: Honorable Mayor and City Council <br />Michelle Wolfe, City Administrator <br /> <br />FROM: Sue Iverson, Finance Director <br /> <br />SUBJECT: Designating Wachovia Securities as an Additional Brokerage Firm <br /> <br />BackgroundJDiscussion: <br /> <br />Annually, the City Council designates official depositories and brokerage firms for investment of <br />City funds. During the audit, it was found that one of the City's financial brokerage accounts <br />had a fund that was not rated and compliant with State Statute. This same firm typically had a <br />lower rate of return as other firms, in that they charge a higher commission/fee amount which <br />lowers the yield on accounts. I would like to transfer these accounts to Wachovia Securities, a <br />firm that I have experience with. In my dealings with this company they have always been very <br />professional and acted with the City's best interest in mind. <br /> <br />With the approval of the City's new Investment Policy, I would like to get the portfolio invested <br />at the best return and in the best interests of the City. <br /> <br />Staff Recommendation: <br /> <br />Staff recommends approval of Resolution 07-63, a resolution designating an additional <br />brokerage firm for investment purposes, which includes Wachovia Securities, LLC. <br /> <br />