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Financial Commission
Regular Meeting Minutes
19 September 2006
1. Call to Order
The meeting was called to order by Mr. Nemec at 6:34 PM
2. Roll Call
Members Present: Commissioners Nemec, Shogren-Smith and Maze and Council Member
Lasman. Staff present was Director of Fiscal & Support Services Jordet.
3. Adoration of the Aaenda
Ms. Shogren-Smith proposed and Mr. Nemec seconded a motion to adopt the agenda as
presented. With all voting in favor, the motion was adopted.
4. Minutes
Ms. Shogren-Smith proposed and Mr. Nemec seconded a motion to adopt the minutes of the
5 June 2006 meeting as presented. With all voting in favor, the motion was adopted.
5. Review of Prooosed Chanaes in Financial Policies
Changes proposed to the Financial Policies and Investment Policies of the City Council were
reviewed and discussed. Mr. Jordet reviewed the major changes and indicated that the
balance were changes in wording that did not affect the intent of the policy. Discussion also
included the GNMA and FNMA type investments that would be allowed by the new Policy, in
accordance with Minnesota Statutes 118A. Mr. Jordet explained the nature of the
investment, its backing and its risk factors. The dollar increase in yield based on the new
policy was estimated in the range of $ 85,000 to $ 184,000 per year, depending on the
size of the investment pool and the spread in interest rates between money market funds
and Agency investments.
Ms. Shogren-Smith proposed and Mr. Maze seconded a motion to recommend the policies as
presented to the City Council for adoption. With all voting in favor, the motion was adopted.
6. Other Business
No other business was brought before the Commission.
10. Adiournment
With no other business to transact, the meeting was adjourned at 8:21 PM.
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