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-ARTEN HILLS <br /> FPAC group is interested in the future plans for the Briarknoll neighborhood. <br /> V. INVESTMENT POLICY DISCUSSION <br /> A. Review suggested revisions and comments from the City Attorney <br /> B. Refine Policy and Discussion <br /> Concerns on 2.C. Delegation of Authority. Cannot delegate to someone else; no one has that authority. <br /> Remove the word Approved and replace with Acknowledged. Remove FPAC chair and Council Liaison. <br /> Johnson asked if there were a sufficient number of officials to authorize investments. Group decided to <br /> add Acting Mayor after the Mayor; if the Mayor is unavailable, the Acting Mayor is authorized to <br /> acknowledge the investment. Bronson asked if the acknowledgement should be in writing and if that <br /> specification should be written in the policy. Johnson wanted to know why in 5.3.E. "AA" is a required <br /> rating and not required in 5.3.A-D. It is not required due to State Statutes. Johnson thought that the <br /> Section 7 was vague. What is the counter party risk? Any guarantees behind it? Look at further defining <br /> external investment pool. Change to: No more than 5% of the overall portfolio may be invested in the <br /> securities of a single issuer, except for the securities of the U.S. Government, or a maximum of 25% with <br /> any individual counter party in an external investment pool. <br /> • <br /> RBC Dain Rauscher is the trustee, while PMA manages it. Minimize risk with a ten day window. <br /> Make formatting uniform throughout policy. <br /> C. Adopt recommended policy for presentation to City Council <br /> Motioned: Jeff Johnson <br /> Seconded: Maurice Gieske <br /> VI. 2006 Financial Statement review <br /> City Council selects the City's auditors. <br /> Group reviewed the Special Purpose Audit Report (pg 4). Johnson wanted to know of anything specific <br /> with the 2006-1 Segregation of Duties finding. Cash receipting and accounts payable (issuing and <br /> cutting checks) are two main concerns. Currently working on improving cash receipting procedures; <br /> accomplished segregating account payable duties. Currently the City does not have a formal credit card <br /> policy. <br /> • <br /> City of Arden Hills <br />