HomeMy WebLinkAbout02-10-09 MINUTES
--AN HILLS
FINANCIAL PLANNING &ANALYSIS COMMITTEE
Tuesday,February 10,200e 9
6:00 P.M.
Second Level Conference Room,Arden Hills City Hall
CALL MEETING TO ORDER AND ROLL CALL
The meeting was called to order by Jim Ostlund at 6:00 pm.
MEMBERS PRESENT: Stan Harpstead, Council Liaison; Jeff Johnson; Maurice Gieske; Jim
Ostlund
MEMBERS NOT PRESENT: Scott Bronson
OTHERS PRESENT:Arlene Mitchell,Communication Committee Member; Joe Rueb,
Accounting Analyst; Lynn Cornwell,Wells Fargo
Call to Order
1. APPROVAL OF THE AGENDA
Motioned: Maurice Gieske
Seconded: Jim Ostlund
2. APPROVAL OF October 14, 2008 MINUTES as amended
Motioned:Maurice Gieske
• Seconded: Jim Ostlund
3. UNFINISHED AND NEW BUSINESS
A. Review of City Investment Policy
Harpstead brought a printout of a presentation he attended for the Regional Council
of Mayors. The topic of the presenation was"Economic Update: You Ain't Seen
Nothin' Yet"by William C.Melton. Harpstead provided an overview of the
presentation.
Cornwell provided the group with suggestions of changes for the investment
policy. Her recommendations are as follows:
• Section 1. Add"safety"and"liquidity"before"return"not after"return".
Have it read"...invest public funds in a manner which maximizes safety and
liquidity and provides maximum return."
• Section 2.C. Consider removing or re-wording the last sentence regarding
written acknowledgement for each transaction. May want consider a joint
powers agreement with another city as a backup.
• Section 3.B. If cash flow has a definition, state what it is. Keep in
consideration six months of budgeted and CIP expenditures. Add a
maximum term of five-ten years.
• Section 5.4. Remove"form of a discounted security maturing in the"and
add"FDIC"before insurance coverage.
•
City of Arden Hills
1245 West Highway 96•Arden Hills Minnesota 55112
Phone 651.792.7800•Fax 651.634.5137
www.ci.arden-hills.mn.us
MINUTES
EN HILLS
• • Section 5.7. Add"and re-purchase agreements"after"Federal Agency
P �' g Y
Issues"as long as it is rated AAA by two rating agencies. Gives more
flexibility. Make sure there is language about the 4M Fund.
• Section 5.8. Change"step-up notes"to"step-up agency notes".
• Section 6.4.D. Remove"other distinguishing marks"and replace with
"cusips".
• Section 7. Review the 5%figure for investing in securities of a single issuer.
Decrease the 25%figure for external investment pool.
• Section 8. Change"security dealers"to"broker dealers".
B. Discussion on Current Economy and Financial Markets
Cornwell brought handouts for discussion on the economy and markets.
C. Update on City's 2009 Budget for Investment Interest and Current Forecast.
Iverson provided an updated spreadsheet of the City's investments.
4. REPORTS
A. Report from the City Council
Mayor Harpstead updated the committee on previous Council actions and
activities.
• B. Financial Planning and Analysis Committee Comments and Requests
NEXT MEETING—Tuesday,March 10,2009
5. ADJOURNMENT
Motioned: Jeff Johnson
Seconded: Jim Ostlund
Scott Bronson, Chair Susan K. Iverson,Finance Director
•
City of Arden Hills
1245 West Highway 96•Arden Hills Minnesota 55112
Phone 651.792.7800•Fax 651.634.5137
www.ci.arden-hills.mn.us