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HomeMy WebLinkAbout2001 03-22 FCMMINTUES OF THE PROCEEDINGS OF THE FINANCIAL COMMISSION OF THE CITY OF BROOKLYN CENTER MARCH 22, 2001 CITY HALL, CONFERENCE ROOM B Call to Order Chair Donn Escher called the meeting to order at 7:00 p.m. in Conference Room B. Roll Call Present at roll call were Chair Donn Escher, Commissioners: Larry Peterson, Jerry Blamey, Tim Elftmann, Gavin Wilkinson, Jay Hruska, and Mark Nemec. Also present were City Manager Michael McCauley and City Council Candidate Tim Ricker. Chair Escher welcomed Tim Ricker, a candidate for City Council who was attending the Commission meeting. Chair Escher provided an overview of the history of the task force that was later changed into a Commission to provide Mr. Ricker with an overview of the history and duties undertaken by the Financial Commission. Agenda The agenda was approved. • Approval of Minutes Commissioner Blamey moved and Commissioner Hruska seconded a motion to approve the minutes of the January 4, 2001, meeting. All members voted in favor of the motion. Report on Fiscal and Support Services Director Process Chair Escher provided the Commission of an overview of the interview process that occurred on March 9, 2001. Mr. McCauley provided an update to the Commission on the application process and that second interviews would be conducted on March 29 and 30, 2001. The City was fortunate to have a number of well qualified applicants. Commissioner Hruska requested a copy of the job description for the Commission. Discussion of Commercial Paper Investment Mr. McCauley informed the Commission regarding a recent investment made by the former Finance Director in December of 2000 that was in default until the week of March 5, 2001. The investment has now been fully paid with interest. Mr. McCauley suggested that staff would be reviewing the current investment policy regarding the advisability of investment in commercial paper directly, processes that should be used in evaluating investments and potential limitations on the amount of any single, non-secured investment. Mr. McCauley also described the City's use of 4M Fund and yields. Commissioner Hruska suggested that a subcommittee review the current investment policy. Chair Escher appointed Commissioner Hruska as Chair of the sub-committee to include Commissioners Gavin and Nemec. Building Update Mr. McCauley provided an overview to the Commission of the current concept plans being discussed for the Civic Center and City Hall. He also inquired if the Commission would consider potentially using a portion of the Capital Reserve Emergency Fund in excess of the target balance, should additional funding be needed. Chair Escher indicated that the Commission would entertain such a review. The Commission was not being asked to form an opinion at this time. Miscellaneous Chair Escher thanked Commissioner Nemec for presenting the Commissions recommendations a recent City Council meeting. Chair Escher also indicated that he was at the State Senate testifying on a matter and observed that a Bill was being heard that would potentially impact building and development in cities. Chair Escher requested that an updated Commission roster be presented. Next Meeting The Commission selected July 12, 2001, at 7:00 p.m. for the next regularly scheduled Financial Commission meeting. Adi ournment Commissioner Blarney moved and Commissioner Gavin seconded a motion to adjourn the meeting with all voting in favor, the meeting was adjourned. • Chair 0