Loading...
HomeMy WebLinkAbout2017 03-30 FCM1 Financial Commission Regular Meeting Minutes March 30, 2017 1. Call to Order The meeting was called to order by Chairperson Mr. Newman at 6:37 PM. Members Present: Commissioners Dobbs, Kragness, Burke, Newman Members Absent: Commissioner Van Der Werf (excused) Council Liaison Butler was present. Finance Director Reinhardt was present. 2. Adoption of the Agenda Mr. Newman moved adoption of the March 30th, 2017 agenda. With no objection, the agenda was adopted. 3. Minutes Ms. Burke moved adoption of the minutes from the June 16th, 2016 meeting. The motion was seconded by Ms. Kragness. With all voting in favor, the motion was approved. 4. Election of Commission Chairperson Mrs. Kragness made a motion to nominate Mr. Newman as Chairperson for 2017. With all voting in favor, Mr. Newman was affirmed Chairperson of the Financial Commission for 2017. 5. Election of Commission Vice Chairperson Mr. Reinhardt noted to the Commission that Mr. Van Der Werf has expressed willingness to serve the role as Vice Chairperson. Mr. Newman made a motion to nominate Ms. Burke as Vice Chairperson for 2017. With all voting in favor, Ms. Burke was affirmed Vice Chairperson of the Financial Commission for 2017. 6. Request for Proposal: Insurance Agent of Record Mr. Reinhardt reviewed the City Council policy that every six years the City will request proposals for financial professional services. The insurance agent of record helps advise and facilitate the Cities insurance held with the League of Minnesota Cities Insurance trust. The term of the RFP will be for three years with three additional one-year renewal options. The Commission discussed the request for proposal which included discussion on the services provided, the process, the cost of services, changes from the previous proposal used, and what could be anticipated 2 for proposals being received. Ms. Burke noted a typo in Section II the date May 31, 2016 should be changed to May 31, 2017. Mr. Newman made a motion that the Financial Commission recommend the RFP for Insurance Agent of Record, modified to include the date change to Section II, be forwarded to City Council. That motion was seconded by Ms. Burke and with all voting in favor, the motion was approved. 7. Request for Proposal: Financial Advisory Services Mr. Reinhardt reviewed the request for proposal for Financial Advisory Services. The City expects to retain the services for a period of four to six years. The selection process will include a member of City Council and the Financial Commission. The Commission discussed the request for proposal which included discussion on the services provided, potential competing firms and ensuring the process is fair to all proposers, changes from the previous RFP, the cost and the influence on rates that could be provided by the Financial Advisor and their role in relation to City staff. Mr. Newman made a motion that the Financial Commission recommend the RFP for Financial Advisory Services be forwarded to City Council. That motion was seconded by Ms. Burke and with all voting in favor, the motion was approved. 6. Future Meeting Dates Commissioners were made aware of the all commission meeting on Wednesday, April 5, 2017 at Constitution Hall and the joint work session with the City Council on June 5th, 2017 to review the auditor’s report. A tentative budget schedule with work session dates was also provided. Adjournment With no other business to transact, Mr. Newman adjourned the meeting at 7:20 PM.