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Attachment E 1 Finance Commission 2 Meeting Minutes Î Excerpt on Investment Policy Discussion 3 March 15, 2022 4 5 6 7 Review Draft Revision to Investment Policy 8 9 Finance Director Pietrick stated the purpose of the Investment Policy is to ensure the most 10 efficient use of the CityÓs idle funds, and to ensure the best return on these funds while making 11 only those investments allowed by law. 12 13 Chair Davies indicated the City Council seemed receptive to the Finance Commission reviewing 14 the Investment Policy for possible changes. 15 16 Ms. Pietrick indicated the Council minutes are included in the packet and she has also drafted a 17 revised policy with the inclusion of Equity Investment option. She noted she also included the 18 Minnesota State Statute 118A.09. She explained she did reach out to the City of Woodbury for 19 information on their program. She reviewed the City of WoodburyÓs investment summary with 20 the Commission. She thought this could be a good tool for the City because it is focused on the 21 capital dollars side. 22 23 Chair Davies asked what time period Ms. Pietrick would see moving the money into the market. 24 25 Ms. Pietrick thought over the course of two years to three years. 26 27 Commissioner Murray indicated the City Council had asked for a ten-year track record and he 28 wondered if staff could get that out of the State Investment Board. 29 30 Ms. Pietrick explained the State Investment Board has different reports out there and she has 31 reached out to the Board to see if more data could be provided than the very high-level 32 summaries. 33 34 Commissioner Murray thought that might make the City Council more comfortable. 35 36 Ms. Pietrick thought the Council was receptive to the presentation and she thought the City is in 37 a much different point in time than the City was back in April 2020. 38 39 Chair Davies thought the timing of the first presentation could not have been worse. 40 41 Ms. Pietrick indicated that was correct. She indicated she does have information from the City of 42 Woodbury but that city has only been with the State Investment Board for three years and 43 remains the only city utilizing this investment option. 44 45 Commissioner Murray made a motion, seconded by Commissioner Davies to recommend the 46 draft Investment Policy to the City Council. The motion passed unanimously.