2016_1116_FC_Packet - Laserfiche WebLink

Home

Finance Commission Minutes October 11, 2016 – Draft Minutes Page 7 of 8 268 Commissioner Zeller stated it would take a significant amount of time to transfer a significant 269 amount of the City’s portfolio to an outside investment firm. 270 271 Chair Schroeder asked if there was anything the Commission could do to assist Finance Director 272 Miller with the City’s investment portfolio. 273 274 Finance Director Miller stated he could look into investment firms but he also feels there are 275 other areas that he could be looking at into that would create greater value for the City. 276 277 Commissioner Bachhuber stated with Finance Director Miller’s background being in finance and 278 investment he is more comfortable with the City’s portfolio than he would be with someone who 279 does not have this type of background managing the City’s investments. 280 281 Finance Director Miller stated he would reach out to his colleagues to see what they have found 282 with their research into moving to an outside investment firm. 283 284 Chair Schroeder stated the current return is meeting the goal set in the Investment Policy. 285 286 287 Consider Revisions to the Finance Commission’s Role & Responsibilities 288 289 Chair Schroeder stated she would recommend removing “Item F: Review the annual financial 290 information, the annual audit report and management letter, the adequacy and effectiveness of 291 financial controls, and the City’s Investment Policy and portfolio.” and replace it with “Item F: 292 Review City’s financial affairs and bring to the City Council any items of concern or 293 improvements and Item G: Perform other duties the City Council assigns.” 294 295 Commissioner Zeller recommended leaving the first line of Item F “Review the annual financial 296 information, the annual audit report and management letter.” 297 298 Finance Director Miller stated the Auditor presents the annual report to the City Council as soon 299 as it is done. He asked if the Commission would be reviewing this after it had been presented to 300 the City Council to see if there was anything that should be reviewed and brought to the City 301 Council. 302 303 Chair Schroeder stated this would be something used to educate the Commission and the 304 Commission should be familiar with this information. 305 306 Finance Director Miller clarified Item F would read: “Review the annual financial information, 307 the annual audit report and management letter and the City’s Investment Policy and portfolio.” 308 And add Item G: Review City’s financial affairs and bring to the City Council any items of 309 concern or improvements and Item H: Perform other duties the City Council assigns. 310 311 Item 3: Attachment A