HomeMy WebLinkAbout2006 09-19 FCA•
AGENDA
Brooklyn Center Financial Commission
Tuesday, 19 September 2006 6:30 PM
Palmer Lake Conference Room (Upper Level of City Hall)
I. Call to Order
II. Roll Call
III. Approval of Agenda
IV. Meeting Minutes
0 a. 5 June 2006
V. Review of Proposed Changes in Financial and Investment Policies
VI. Other Business
VII. Adjournment
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SECTION II - GENERAL POLICIES
City Council Code of Policies
• 2.21 Financial Management Policies
1. Purpose
The City of Brooklyn Center has a responsibility to its citizens to carefully account for
public funds, to manage municipal finances wisely, and to plan the adequate funding of
services desired by the public, including the provision and maintenance of public
facilities. The City also has the responsibility to its citizens to provide both short-term
and long-term future financial stability. The City must ensure that it is capable of
adequately funding and providing local government services needed by the community.
Further, the financial policies set forth herein, provide the basic framework for the overall
fiscal management of the City. Operating independently of changing circumstances and
conditions, these policies assist the decision making process of the City Council and
Administration.
Most of the policies represent long-standing principles, traditions and practices which
have guided the City in the past and have helped maintain financial stability over the past
years. The financial policies will be reviewed periodically to ascertain if modifications
are necessary.
2. Objectives
In order to achieve this purpose, this plan has the following objectives for the City's
fiscal performance:
A. To protect the City Council's policy-making ability by ensuring that important
policy decisions are not controlled by financial problems or emergencies and to
prevent financial difficulties.
B. To provide sound principles to guide the important decisions of the City Council
and of management which have significant fiscal impact and to enhance the City
Council's policy-making ability by providing accurate information on program
costs.
C. To set forth operational principles which ~i:Fiinimi~e control the cost of local i Formatted: Strikethrough
government, to the extent consistent with services desired by the public and which
piinimize lower financial risk. i Formatted: Strikethrough
D. To employ revenue policies which,preven mitigate undue or unbalanced reliance Formatted: Strikethrough
on certain revenues, especially property taxes; which distribute the costs of
municipal services fairly; and which provide adequate funds to operate desired
program and assist sound management of the city government by providing
accurate and timely information on financial conditions.
E. To provide essential public facilities and prevent deterioration of the City's public
facilities and its capital plant.
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F. To protect and enhance the City's credit rating and prevent default on any
municipal debts. .
G. To ensure the legal use and protection of all City funds through a quality system
of financial and internal controls.
H. The City will maintain a Risk Management Program that will minimize the
impact of legal liabilities, natural disasters or other emergencies.
3. Financial Management Policies
A. Capital Improvement Budget Policies
The City will make all capital improvements in accordance with an
adopted Capital Improvement Budget.
2. The City will develop a multi-year plan for capital improvements and
update it at least biennially.
3. The City will pi ~r adont the annual Capital_ lmnrovements Budget { Formatted: Strikethrough
based on the multi-year capital improvement plan. Future capital
expenditures necessitated by changes in population, changes in real estate
development, or changes in economic base will be calculated and included
in Capital Budget projections.
4. The City will coordinate development of the Capital Improvement Budget
with the development of the operating budget. Future operating costs
associated with new capital improvements will be projected and included
in operating budget forecasts.
5. The City will use intergovernmental assistance to finance only those
capital improvements which are consistent with the adopted capital { Deleted:,
improvement plan and City priorities and for which operating and
maintenance costs have been included in operating budget forecasts.
6. The City will project its equipment replacement and maintenance needs
for the next several years and will update this projection each year. From
this projection, a maintenance and replacement schedule will be developed
and followed.
7. The City staff will identify the estimated costs and potential funding
sources for each capital project proposal before it is submitted to the City
Council for approval.
8. The City will determine the least costly financing method over the length
of all new projects.
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City Council Code of Policies
• B. Revenue Policies
1. The City will attempt to maintain a diversified and stable revenue system
to shelter it from short-run fluctuations in any one revenue source and to
minimize property taxes.
2. The City will estimate its annual revenue by an objective conservative
analytical process.
3. The City will project revenues for the next three years and will update this
projection annually. Each existing and potential revenue source will be
reexamined annually.
4. The City will maintain sound appraisal procedures to keep property values
correct. Property will be assessed at the legally mandated market value
for each type of property. Reassessments will be made of all property at
least every fiaw 1:1'e_ ears. { Formatted: Strikethrough
5. The City will follow an ~eggtessive assertive policy of collecting property { Formatted: Strikethmugh
tax revenues. The annual level of uncollected property taxes should
generally not exceed two percent.
6. Each year the City will recalculate the full costs of activities supported by
user fees to identify the impact of inflation and other cost increases.
7. The City staff will recommend revised user fees with review by the City
Council on an annual bass, to adjust for 0' °F, .af cost factors and { Deleted:e
inflation on the City's cost of providing services. J Formatted: Strikethrougn
8. The City will set fees and user charges for each Enterprise Fund, such as
Water and Sewer, at a level which fully supports the total direct and
indirect costs of the activity. Indirect costs include the cost of annual
depreciation of capital assets.
9. kexeveF der charges and fees am determined to be appropriate- for City f 'Formatted: Strikethrough
services„ these "arA__ and f _r will generally be established at a level ~ Deleted: e
which will recover the full cost of providing the service, including { Formatted: Strikethrough
administrative costs. j Formatted: strikethrougn
C. Debt Policies
The City will confine long-term borrowing to capital improvements or
projects which cannot be financed from current revenues.
2. When the City finances capital projects by issuing bonds, it will pay back
the bonds within a period not to exceed the expected useful life of the
project.
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SECTION II - GENERAL POLICIES
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3. On all projects, at least 50% of the principal shall be retired within ten
years. •
4. The City will make everv attempt to keep the average maturity of General
Obligation Bonds at or below 20 years.
5. Total debt service navmentsfor General Obligation debt will not exceed
five percent of total annual locally generated operating revenue in the
general, special revenue, and proprietary funds.
6. Total outstandine General Obligation debt will not exceed two percent of
the market valuation of taxable property.
7. Where possible, the City will use special assessment, revenue or other
self-supporting bonds instead of General Obligation Bonds.
8. The City will not incur debt to support current operations.
9. The City will maintain good communications with bond rating agencies
regarding its financial condition. The City will follow a policy of full
disclosure in every financial report. official statement and bond
prospectus.
10. Direct net-debt (gross debt less debt fully supported by non-orooertv tax
revenues) per capita shall not exceed $600 per capita.
11. The City will require Minimum Assessment (Taxable Valuation)
Agreements on all projects in which the City is providing development
assistance through tax increment financing or committing its bonding
authority. This will ensure minimal cash flow (increment) to repay •
obligations, provide another level of review before commitment (by the
City Assessor), and to the minimal value agreed upon, eliminate tax
appeals during the agreement period.
12. For ourooses of this section. tax increment revenues are classified as a
non-oronertv tax revenue source
D. Reserve Policies
1. The City shall manage its cash flow needs by having a target unreserved
and undesignated General Fund balance at the close of each fiscal year
et}tr}1 te-beweett of 50 ate to 52% of the next year's_ General Fund - - { rrormatted:5aikeu,rough
operating budget. { Formatted: Strikethrough
2. Undesignated General Fund monies that are not required for cash flow
purposes may be transferred into other funds as may be appropriate or
needed during the fiscal year. It is specifically anticipated that transfers
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City of Brooklyn Center
City Council Code of Policies
will be made to the Street Reconstruction Fund, Capital Improvements
Fund, and the Technology Fund when operating results generate a surplus
of actual revenues over actual expenditures to serve as a recurring source
of funding for those three funds.
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Investment Policies
1. The City will make cash flow analysis of all funds on a regular basis.
Disbursement, collection and deposit of all funds will be scheduled to
ensure maximum cash availability.
2. When permitted by law, the City will pool cash from several different
funds for investment purposes.
3. The City will invest at least 98% of its idle cash on a continuous basis.
4. The City will analyze market conditions and investment securities to
determine what yield can be obtained, and attempt to secure the best
possible return on all cash investments.
5. The City's accounting system will provide regular information concerning
cash position and investment performance.
6. The City will maintain a formal written investment policy which will
contain legal and administrative guidelines necessary to ensure that the
City's available funds will be invested to the maximum extent possible, at
the highest rates obtainable at the time of the investment, consistent with
minimizing credit and market risk and which provides proper safeguards
for the keeping of the City's investments.
Accounting, Auditing and Financial Reporting Policies
1. The City will establish and maintain a high standard of accounting
practices in conformance with eenerally accented accountine principals.
F Deleted- Page Break--
2. The accounting system will maintain records on a basis consistent with
accepted standards for local government accounting using p-„,owed I Formatted: Strikethrough
aeefual GAS13 34 as the basis of accounting for all governmental funds
and an accrual basis of accounting for Enterprise and Internal Service
Funds. Accounting policies will reflect the principle of charging current
taxpayers and/or users for the full cost of providing current services.
3. Regular monthly and annual financial reports will present a summary of
financial activity by major types of funds as determined by the prior veaCs
Comprehensive Annual Financial Report.
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4. Where possible, the reporting system will provide monthly information on
the total cost of specified services by type of expenditure and, if necessary, •
by fund.
5. An independent public accounting firm will perform an annual audit and
will publicly issue an opinion concerning the City's finances.
G. Risk Management Policies j Deleted: ------Page Break
1. The City will maintain a Risk Management Program that will minimize
the impact of legal liabilities, natural disasters or other emergencies
through the following activities:
a. Loss Prevention. Prevent negative occurrences.
b. Loss Control. Reduce or mitigate expenses of a negative
occurrence.
C. Loss Financing. Provide a means to finance losses.
d. Loss Information Management. Collect and analyze relevant data
to make prudent loss prevention, loss control and loss financing
decisions.
2. The City's Risk Management Program will:
a. Analyze all the City's risks.
b. Avoid risks whenever possible.
C. Reduce risks whenever possible.
d. Transfer risks to other entities when possible.
e. Of those risks that must be retained, it shall be the City's policy to
fund risks which the City can afford and transfer all other risks to
insurers.
3. The City will maintain an active Safety Committee comprised of City •
employees.
4. The City will periodically conduct educational safety and risk avoidance
programs, through its Safety Committee and with the participation of its
insurers, within its various departments.
5. The Safety Committee will report to the City Manager, at least annually,
on the results and costs of the City's Risk Management Program for the
preceding year. The City Manager shall report annually to the City
Council.
H. Operating Budget Policies
1. In accordance with Chapter 7, Section 7.06 of the City Charter, the total
sum appropriated in the General Fund annual budget shall be equal to the
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total estimated General Fund revenue andthe anallocated General Fund
balance.
2. The City will pay for all current expenditures with current revenues. The
City will avoid budgetary procedures that balance current expenditures at
the expense of meeting future year's revenues, or rolling over short-term
debt, or that rely on accumulated fund balances to meet current
obligations.
3. The City will annually appropriate a contingency appropriation in the
General Fund budget, not to exceed five percent of the total budget, to
provide for unanticipated expenditure of a non-recurring nature.
Formatted: Strikethrough
4. The City Manager, when submitting the Proposed Budget to the City
Council, shall submit a balanced General Fund budget in which
appropriations shall not exceed the total of the estimated General Fund
revenue and the any, .fund balance { Formatted: Strikethrough
General Fund aoaroaria ed by the City Council. (Formatted: strikethrougn
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5. Prior to adopting the General Fund Annual Budget, the City Council shall
review the Reserve Policy,.
6. In the event that there is a shortfall of revenues in a current year budget,
the City Manager may recommend the use of a portion of the General
Fund balance not to exceed the amount available after deducting amounts
reserved for items not readily convertible to cash or reserved for working
capital
shown en he most r-eeeat AdeElu-ste at-morM
as established by the City Gouneg.
7. The budget will provide for adequate maintenance of the capital plant and
equipment, and for their orderly replacement.
8. The budget will provide for adequate funding of all retirement systems,
9. The City will maintain a budgetary control system to assist in adhering to
the budget.
10. The City administration will prepare regular monthly reports comparing
actual revenues and expenditures to the budgeted amount.
{ Formatted: Strikethrough
{ Formatted: Strikethrough
Formatted: Strikethrough
11. Each year the City will update expenditure projections for its Enterprise
Funds for at least the t-4l a ensuinw five years. Projections will ( Formatted: Strikethrough
include estimated operating costs of future capital improvements included
in the Capital Budget.
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SECTION I1- GENERAL POLICIES
City Council Code of Policies
12. The Operating Budget will describe the major goals to be achieved, and
the services and programs to be delivered for the level of funding
provided.
13. Where possible, the City will integrate performance measurement and
productivity indicators with the budget.
14. Enterprise funds shall be budgeted to have positive net income plus a
Deleted: ------Page Break
X
sufficient margin to provide for replacement cost of property, plant, and
equipment.
1. Ethics Policy
The City will maintain, and periodically review, a formal written ethics policy for
all City employees and elected officials.
J. Role of Auditors
The City's independent auditors shall be required, in the course of their audit, in
ort any conditions that appear__
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Reference: City Council Resolution Nos. 2004-189; 99-21; 98-48; City Council Minutes
5/22/95; 6/8/92; 2/26/90; 12/22/80
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SECTION II - GENERAL POLICIES
City Council Code of Policies
• 2.22 Investment Policy
1. Scope
This investment policy applies to all of the investment activities of the City, except for
the proceeds of refunding bond 1 Formatted: Strikethrough
issues where the investment of such proceeds is specifically governed by the bond escrow
agreement.
2. Objective
A. Safety
Safety #nd of principal is the foremost objective of the investment program._ . tFormatted: Strikethrough
Investments shall be;undeftaken in a manner thatpeeks to ensures the preservation lFormatted Strike[hrough
of capital in the overall portfolio {Formatted: Strikethrough
inteFest ,e Fisk.
1 Formatted: Strikethrough
I. Credit Risk
Credit risk is the risk of loss due to failure of the security issuer or backer.
Credit risk may be mitigated by:
a. Limiting investments to the safest types of securities; and
b. Pre-qualifying the financial institution, ' broker/dealer,
intermediaries, and advisors with which an entity will do business;
and
• c. Diversifying the investment portfolio so that potential losses on
individual securities will be minimized.
2. Interest Rate Risk
Interest rate risk is the risk that the market value of securities in the
portfolio will fall due to changes in general interest rate. Interest rate risk
may be mitigated by:
a. Structuring the investment portfolio so that securities mature to
meet cash requirements for ongoing operations, thereby avoiding
the need to sell securities on the open market prior to maturity; and
b. By investing operating funds primarily in shorter-term securities.
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B
C
Liquidity
The investment portfolio shall remain sufficiently liquid to meet all operating
requirements that may be reasonably anticipated. This is accomplished by
structuring the portfolio so that securities mature concurrent with cash needs to
meet anticipated demands. Furthermore, since all possible cash demands cannot
be anticipated, the portfolio should contain a large component of securities with
active secondary or resale markets.
Yield
The investment portfolio shall be designed with the objective of attaining a
market rate of return throughout budgetary and economic cycles, taking into
account the investment risk constraints and liquidity needs. Return on investment
is of least importance compared to the safety and liquidity objectives described
above. The core of investments is limited to relatively low risk-securities -in-
anticipation of earning a fair return relative to the risk being assumed. Securities
shall be held to maturity with the following exceptions:
1. Liquidity needs of the portfolio require that the security be sold.
A security of declining credit could be sold early to minimize loss of
principal.
D.
Stable Earnings
Since investment earnings are included in the budgeted revenues of the City, it is
important that these earnings be stable and predictable through at least the next
budget cycle. This,pe nts to emphasizes the need to purchase securities of various
maturities so that at least half of the portfolio will remain for two or more years
with known interest rates.
3. Standards of Care
A. Prudence
City of Brooklyn Center
The standard of prudence to be used by investment officials shall be the prudent
person standard described in Minnesota Statutes Chaner 1.18A. It will be applied
in the context of managing~en the overall portfolio. Investment officials acting in
accordance with this policy and exercising due diligence shall be relieved of
personal responsibility for an individual security's credit risk or market price
changes, provided deviations from expectations are reported in a timely fashion
and the purchase and sale of securities are carried out in accordance with the
terms of the policy.
Investments shall be made with judgment and care, under circumstances then
prevailing, which persons of prudence, discretion and intelligence exercise in the
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Deleted: core of investments are
{ Formatted: Strikethrough
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{.Deleted: and shall
{ Formatted: Strikethrough
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SECTION II - GENERAL POLICIES
City Council Code of Policies
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,~.°:rrcct _ vv. ^ - Forma Strikethrough
management of r-rr the Citv's affairs, not for speculation, but for tted:
investment, considering the probable safety of their capital as well as the probable
income to be derived.
B. Ethics and Conflicts of Interest
Officials involved in the investment process shall refrain from personal business
activity that could conflict with the proper execution and management of the
investment program, or that could impair their ability to make impartial decisions.
Officials shall disclose any material interests in financial institutions with which
they conduct business. They shall further disclose any personal
financial/investment positions that could be related to the performance of the
investment portfolio. Officials shall refrain from undertaking personal investment
transactions with the same individual with whom business in conducted on behalf
of the City.
C. Delegation of Authority
•
Authority to manage the investment program is derived from Minnesota State
Statutes, Chapter i 18A and Brooklyn Center City Charter Chapter 6, Section 6.04
and is granted to the City Manager, City Treasurer, and Assistant.City Treasure
Finance Director. Responsibility for the operation of the investment program may
be delegated by the City Manager to the City Treasurer, who shall carry out the
program consistent with this policy. No person may engage in any investment
transaction except as provided under the terms of this policy. The City Treasurer
shall be responsible to the City Manager for all transactions undertaken and shall
establish a system of controls to regulate the execution of all investment
transactions.
D. Training
To ensure the competence of its investment officials, the City shall provide the
opportunity for the officials to attend such investment training programs as are
available and suitable.
4. Safekeeping and Custody
A. Authorized Financial Dealers and Institutions
A resolution shall be submitted to the City Council at least annually to designate
depositories of City funds. This shall include institutions and dealers/brokers
where accounts are maintained for banking services, purchase and sale of
investment securities, and the custody of securities.
The City Treasurer shall provide to each broker or institution a written statement
of investment restrictions which shall include a provision that all future
investments are to be made in accordance with Minnesota Statutes governing the
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B.
City of Brooklyn Center
An annual review of the depositories shall be conducted by the City Treasurer. { Deleted: ------Page Break------
Requests for Proposals for banking services and custodian for investment
securities shall be conducted on a periodic basis as defined in the Policy and
Procedure on Requests for Proposals for Financial Professional Services.
investment of public funds, prior to completing an initial transaction, and annually
thereafter. 0
Internal Controls
The City Treasurer is responsible for establishing and maintaining an internal
control structure designed to ensure that the assets of the City are protected from
loss, theft, or misuse. The internal control structure shall be designed to provide
reasonable assurance that these objectives are met. The concept of reasonable
assurance recognizes that the cost of a control should not exceed the benefits
likely to be derived and the valuation of costs and benefits requires estimates and
judgments by management. Internal controls shall include the following:
1. Control of Collusion. Collusion is a situation where two or more
employees are working in conjunction to defraud their employer.
2. Custodial safekeepine. Securities purchased from any bank or dealer shall
be placed with an independent third party for custodial safekeeping or held
in an account with the Federal Reserve Bank of Minneapolis.
3. Avoidance of Dhvsical delivery securities. Book entry securities are much
easier to transfer and account for since actual delivery of a document
never takes place. Delivered securities must be properly safeguarded
against loss or destruction. The potential for fraud and loss increases with
physical delivered securities. .
4. Clear delegation of authority to subordinate staff members. Officials must
have a clear understanding of their authority and responsibilities to avoid
improper actions. Clear delegation of authority also preserves the internal
control structure.
5. Written confirmation of telenhone transactions for investments and wire
transfers. Due to the potential for errors and improprieties arising from
telephone transactions, all transactions should be supported by written
communications and approved by the appropriate official. Written
communications may be via fax on letterhead. Institutions and
brokers/dealers shall be provided with a list of authorized signers.
6. Development of a wire transfer agreement with institutions and
brokers/dealers. This agreement should outline the various controls,
security provisions, and delineate responsibilities of each party making
and receiving wire transfers.
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. 7. Independent Audit. The City's independent auditors shall conduct a
thorough review of the City's investment portfolio and transactions as part
of their engagement.
C. Delivery Verses Payment
All trades where applicable will be executed by delivery verses payment (DVP).
This ensures that securities are deposited in the eligible financial institution prior
to the release of funds. Securities will be held by a third party custodian.
5. Suitable and Authorized Investments
A. Investment Types
Consistent with Minnesota Statutes Chapter 118A, the following investments will
be permitted by this policy:
1. Securities that are the direct obligations or are guaranteed or insured issues
of the United States, its agencies, its instrumentalities, or organizations
created by an act of Congress; including governmental bills, notes, bonds,
and other securities.
2. Commercial paper issued by U.S. corporations or their Canadian
subsidiaries that is rated in the highest quality by at least two nationally
recognized rating agencies and matures in 270 days or less.
3. Time deposits that are fully insured by the Federal Deposit Insurance
Corporation or bankers acceptances of U.S. banks.
4. Repurchase agreements and reverse repurchase agreements may be
entered into with financial institutions identified by Minnesota Statutes
Chapter 118A.
5. Securities lending agreements may be entered into with financial
institutions identified by Minnesota Statutes Chapter 118A.
6. Minnesota joint powers investment trusts may be entered into with trusts
identified by Minnesota Statutes Chapter 118A.
7. Money market mutual funds regulated by the Securities and Exchange
Commission and whose portfolios consist only of short term securities
permitted by Minnesota Statutes Chapter I I8A.
8. Bonds of the City of Brooklyn Center issued in prior years, may be
redeemed at current market price, which may include a premium, prior to
maturity using surplus funds of the debt service fund set up for that issue.
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Such repurchased bonds shall be canceled and removed form the
obligation of the fund. 0
B. Securities Not Purchased
Derivative securities, which obtain their value by the calculation of some portion
-
of the value of another security, shall not be purchased. .^a_ Formatted: Strikethrough
Securities, which represent the principal or interest payments stripped off from an
original issue security, shall not be purchased.
C. Collateral ization
To the extent that deposits in bank accounts, certificates of deposit, and
repurchase agreements exceed the available federal deposit insurance, collateral
shall be furnished by the financial institution in accordance with Minnesota
Statutes Chapter 118A.
D. Maximum Maturities
When purchasing investments, the Treasurer will attempt to match the maturity to
future cash flow requirements. The City will not invest in securities maturing
more than,ten five vears from the date of purchase. No more than ten percent of { Formatted: Strikethrough
. .
the City's portfolio at any time shall be invested in securities with maturities of
more than, e three vears----------------------- i Formatted: Strikethrough
6. Reporting
A. The City Treasurer shall prepare a monthly investment report to the City Manager
which shall include a succinct management summary; a list of significant
transactions such as purchases, sales, and maturities of investments; a list of
investments by type, a list of investments by maturity, a calculation of average
yield on the portfolio, and a statement of interest earned. This report will be
prepared in a manner which will allow the City Manager to ascertain whether
investment activities during the month have conformed to the investment policy.
B. A statement of the market value of the portfolio shall be issued at least annually.
This will review the investment portfolio in terms of value and subsequent price
volatility.
Reference: City Council Resolution Nos. 97-60; 90-105
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SCHEDULE FOR PROFESSIONAL SERVICES POLICIES
2.80 Policy and Procedure on Requests for Proposals for Financial Professional Services
1. Need for Policy
The City needs a policy and procedure to provide for the orderly conduct of requesting
proposals for professional services for handling financial affairs, to ensure that all
services will be periodically reviewed, and that the proper balance will be maintained.
between cost and quality of services.
2. Policy
A. All professional services agreements in the area of City finances-will Formatted: Strikethrough
periodically be subiect toga ,leE ec-€el request for proposals (RFPs) process.Formatted: d: Strikethrough
Sari t
according to an established schedule. { Formatted: strikethrough
B. Service levels will be monitored by the City Council and Staff and if
unsatisfactory service is received, that contract;wi-ll may be re-advertised prior to { Formatted: Strikethrough
the year set in the schedule.
C. Quality of service will be the primary factor in awarding a contract for
professional service, but cost will also be a determinant.
3. Procedure
A. A schedule shall be established for the conduct of RFPs. The schedule should be
adhered to unless there is a performance problem or other justification for an
earlier RFP. Going to the market too frequently with RFPs expends Staff time,
requires extensive orientation of new professionals, and discourages quality firms
from submitting proposals at their most attractive price, iftee if they, wi~l expect to
efi4y have the contract for only, a short time.
B. Specifications tailored to the professional service to be advertised will be
prepared by aff_ _reviewed by_ the Financial Commission,_ and approved_by_ the .
City Council.
C. A review committee made up of the City Manager and Finance Director shall
review proposals for Banking Services, Insurance Agent, Risk Management
Consultant, and Custodian for Investment Securities. Proposals for Auditor and
Financial Advisor shall be initially screened by -4aff, and then reviewed_ by -a
- - - - -n ------e--
committee of City Council Members and Financial Commissio Mmb- ers
appointed by the Mayor in consultation with the Chair of the Financial
Commission, with the approval of the City Council, which committee shall also
include the City Manager and Finance Director.
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Deleted: S
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D. The specifications will emphasize the abilities, qualifications, and experience of
the applicant fines to provide high quality service to the City. Price will be •
considered after one or more applicants have been identified as providing the
desired quality of service. When appropriate, the specification shall require prices
to be submitted in a separate, sealed envelope to be opened after applicants have
been ranked according to quality.
E. The City Manager shall make a recommendation to the City Council of a provider
to be appointed to a multi-year engagement. It shall be written in the engagement
that the appointment may be terminated earlier.
Deleted:
Reference: City Council Resolution Nos. 2000-120; 99-20; City Council Minutes 5/28/96 { Formatted: Double strikethrough
m Schedule for Reauests for Pror)osals i Formatted Table
Financial Services
Tv:,e of Friic e Financial Bankino Insurance Risk Custodian for Auditor
Advisor for Services Agent Management Investment
Bond Sales Consultant Securities
;ISiial'ntc'rval
bF,tvBen R ''S 6 vears 6 vears 6 vears tears 6 vears Years
P,1us; cen'_RF? 2004 2002 2003 2003 I 1998 2002
- I I I I RFP
2007 ? I I I I RFP
2008 I RFP
200,9 I I RFP I
2f~ RFP Formatted Table
2^,' RFP I I I l I I
12 I I I ( R_FP
'M3 - I I I I I RFP
2014 1 RFP
2015 ( I RFP
2016 I I ( RFP
2017 1 RFP {
Awarded to Deloite Touche who subseguentiv withdrew after the FY 2001
audit.
Balance of engaaement awarded to HLB Tautaes Redgath for FY 2002 - FY
2006.
I = Scheduled RFP in former calendar
= Recommended New Schedule to arrange RFP's for one oer
RFP Year
City of Brooklyn Center
08/14/06
Page 263
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19
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BROOKLYN CENTER FINANCIAL COMMISSION
Chairperson and six members
(revised September 2006)
Mark Nemec (Chairperson)
5538 Camden Avenue North
Brooklyn Center, MN 55430
Mark. Nemec(@State. MN. US
(763) 566-1415 (h); (651) 556-6788 (w)
Appointed: 6/14/1999
Term expires: 12/31/2006
Susan Shogren Smith
600 62nd Avenue North
Brooklyn Center, MN 55430
sssmith2(a-)stthomas.edu
(612) 812-8160
Appointed: 1/26/2004
Term expires: 12/31/2006
2006 City Council Liaison:
Interim City Manager:
Gene Maze
3000 Thurber Road
Brooklyn Center, MN 55429
sandamazCftewleoc.com
(763) 503-7194 (h); (612) 669-3555 (w)
Appointed: 5/22/2006
Term expires: 12/31/2008
4 vacancies
Kay Lasman
(h) (763) 560-6689
councilmemberiasmaneci.brooklvn-center.mn.us
Curt Boganey
(w) (763) 569-3303
cboaanevCa)ci.brooklvn-center.mn.us
Director of Fiscal & Support Services: Daniel Jordet
(w) (763) 569-3345
diordetCa ci.brooklvn-center.mn.us
[September 5, 2006]