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CC_Minutes_2019_0916
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10/8/2019 12:50:19 PM
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Roseville City Council
Document Type
Council Minutes
Meeting Date
9/16/2019
Meeting Type
Regular
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Regular City Council Meeting <br /> Monday, September 16, 2019 <br /> Page 3 <br /> Chair Hodder reviewed the topic of establishment of the policy guides used to for <br /> cash reserve fund and noted the commission continued to have questions about <br /> what the policy should entail. <br /> Mayor Roe thought there may have been a bit of misinterpretation from the May <br /> 18th discussion. He indicated he was the one that was suggesting a policy and <br /> thought what he was talking about was that the City needed to write down the <br /> mechanism of doing the sweeping of the excess funds and develop a policy that <br /> says the city is going to do that along with the funds being looked at and where <br /> the money would go rather than a policy on how the city will spend the funds. He <br /> agreed with the Commission that how to spend the funds once swept is a broader <br /> discussion and does not need to be put into a policy. <br /> Chair Hodder indicated that explanation provided clarity for the Commission. <br /> Chair Hodder reviewed the topic to modify the cash reserve target level with the <br /> Park and Recreation and operating fund. <br /> Mayor Roe asked if this item was going to the Parks and Recreation Commission <br /> for their consideration as well. <br /> Mr. Trudgeon indicated at some point it was, but he was not sure of the status of <br /> that item at this time. <br /> Mayor Roe thought once it goes through the Parks and Recreation Commission, <br /> the next step would be to bring forward the revised policy language. <br /> Commissioner Murray reviewed the alternative investment options and noted he <br /> and the commission have been working on this for a couple of years. <br /> Councilmember Etten asked based on the two-investments mentioned which <br /> Commissioner Murray felt was safer for these dollars. <br /> Commissioner Murray indicated the FCC does not allow him to answer that ques- <br /> tion. He believed the League of Minnesota Cities is investing in Vanguard's Eq- <br /> uity's index fund. He noted he talked to Vanguard and was told that even in a bad <br /> year the investment has yielded about six percent. He would lean toward the in- <br /> dex fund and did talk to Finance Director Miller about ways to spread it in over <br /> time to lower the risk and is probably the way to go. <br /> Councilmember Willmus indicated he would be willing to look at this further. <br /> This could be an opportunity to diversify the portfolio a little bit greater than the <br /> city currently does. <br />
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