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HomeMy WebLinkAbout04-15-09 Chair Scott Bronson 1245 W. Highway 96 Committee Members Arden Hills, MN55112 Maurice Gieske �SR�EN HILLS • (Vacant Seat) Jeff Johnson Arden Hills www.ci.arden-hills.mn.us 651.792.7800 James Ostlund Council Liaison Financial Planning and Stan Harpstead Analysis Committee April 15, 2009 City Vision A strong community that values our unique environment, our fiscal soundness, and our tradition as a desirable city in which to live, work, and play. Agenda Regular Committee Meeting Convenes 6:00 PM Call to Order 1. APPROVAL OF THE AGENDA 2. MINUTES A. March 18, 2009 - Regular Meeting 3. UNFINISHED AND NEW BUSINESS A. Investment Policy B. Arbitrage and Post Issuance Compliance Policies* *Note: Staff will bring sample policies to the meeting. 4. REPORTS A. Report from the City Council B. Financial Planning and Analysis Committee Comments and Requests 5. ADJOURNMENT A quorum of the City Council may be present at this meeting. • MINUTES EN HILLS 0 FINANCIAL PLANNING & ANALYSIS COMMITTEE Wednesday, March 18, 2009 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 Scott Bronson at 6:00 pm. MEMBERS PRESENT: Scott Bronson; Stan Harpstead, Council Liaison; Jeff Johnson; Jim Ostlund MEMBERS NOT PRESENT: Maurice Gieske OTHERS PRESENT: Pat Harris, 4M Fund Representa ve; Sue Iverson, Finance Director; Arlene Mitchell, Communication Committ r ember; Joe Rueb, Accounting Analyst; Gail Robertson, Ehlers & Associates, Inc. Call to Order 1. APPROVAL OF THE AGENDA Motioned: Jeff Johnson Seconded: Jim Ostlund• -', ' 2. APPROVAL OF FEBRUA' 1, 21 • MINUTES Motioned: Jeff Johnson Seconded: Jim Ostlund 3. UNFINISHED AN , S ESS A. Gail Robertson, ` - : ssociates, Inc. —Arbitrage and Post Issuance Compliance Policie `_ - Gail provided handouts for the group. Is Arden Hills in compliance with all reporting for current bonds? Our policies should require a trustee to prepare all reports. The borrowing party should pay all charges accrued by the arbitrage. The City should establish a pre-issuance policy and a post-issuance policy. B. Pat Harris, 4M Fund Reporesentative—Information on 4M. Fund Pat provided handouts for the group. Commercial paper is not a recommended investment. Pat will provide additional information on holding reports. • , 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 Chair Initial F.Director Initial MINUTES GARDEN jfiLLS 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—Wednesday, April 15, 2009 5. ADJOURNMENT Motioned: Jeff Johnson Seconded: Jim Ostlund Scott Bronson, Chair K. Iverson, Finance Director • z • City of Arden Hills 1245 West Highway 96•Arden Hills Minnesota 55112 Phone 651.792.7800•Fax 651.634.5137 www.ci.arden-hi lis.mn.us Chair Initial F.Director Initial EN HILLS • MEMORANDUM DATE: April 10, 2009 TO: Financial Planning and Analysis Committee FROM: Sue Iverson, Finance Director Joe Rueb, Accounting Analyst SUBJECT: Policy Discussions—Investment and Arbitrage/Post Issuance Compliance • Annually, the City Investment Policy should be reviewed. We have provided a copy of the Investment Policy. At the February 4, 2009 meeting, Lynn Cornwell, from Wells Fargo Brokerage Services, LLC, recommended some changes for us to consider. The committee should review the Investment Policy and discuss any changes we wish to make for recommendation to the City Council. At the March 13, 2009 meeting, Gail Robertson from Ehlers &Associates, Inc. presented sample policies to show how our policies should be developed. The City has never had a policy on Arbitrage or Post Issuance Compliance in the past and one needs to be established in order to be compliant. Staff will bring a sample policy to the meeting for discussion.