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HomeMy WebLinkAbout2018 02-15 FCM 1 Financial Commission Regular Meeting Minutes February 15, 2018 1. Call to Order The meeting was called to order by Vice Chairperson Ms. Burke at 6:32 PM. Members Present: Commissioners Burke, Kragness, Terefe, Van Der Werf, Dwapu, Hedenland Members Absent: Commissioner Dobbs (excused) Council Liaison Lawrence-Anderson was present. Finance Director Reinhardt was present. 2. Adoption of the Agenda Ms. Burke moved adoption of the February 15th, 2018 agenda. The motion was seconded by Ms. Kragness. With all voting in favor, the agenda was adopted. 3. Financial Commission Background Mr. Reinhardt provided a brief background on the history of the Financial Commission and their recent assignments and activities. 4. Minutes Ms. Kragness moved adoption of the minutes from the March 30th, 2017 meeting, with an amendment to correct a typo in Section 4. The motion was seconded by Ms. Hedenland. With all voting in favor, the motion was approved. 5. Election of Commission Chairperson Ms. Kragness expressed her willingness to serve as the Chairperson for 2018. Mr. Van Der Werf made the motion to nominate Ms. Kragness as Chairperson for 2018. With all voting in favor, Ms. Kragness was affirmed Chairperson of the Financial Commission for 2018. 6. Election of Commission Vice Chairperson Financial Commission discussed the potential of Mr. Van Der Werf or Ms. Burke serving in the role of Vice Chairperson. Ms. Kragness appointed Ms. Burke to Vice Chairperson of the Financial Commission for 2018. 2 7. Request for Proposal: Custody/Trust Banking Services Mr. Reinhardt reviewed the City Council policy that every six years the City will request proposals for financial professional services. The adopted schedule indicates that custody/trust banking services should be reviewed through the Request for Proposals (RFP) process. The City’s custody/trust banking services are currently being provided by Wells Fargo. The goal of the process is to maintain a proper balance between cost and quality of service. The City currently utilizes a custody account to hold City investments in one single location which simplifies the reporting, tracking and buying/selling of these investments. Policy states that the RFP is to be “prepared by staff, reviewed by the Financial Commission, and approved by the City Council”. The average annual cost for these services over the past three year is $7,653. The Financial Commission discussed the RFP and Mr. Reinhardt responded to questions about the timing of the RFP, how fees are charged, general questions about the investments of the City, and whether we anticipate additional firms responding to the proposal. Ms. Burke made a motion that the Financial Commission to recommend the RFP for Custody/Trust Banking Services be forwarded to City Council. That motion was seconded by Ms. Hedenland and with all voting in favor, the motion was approved. 8. Future Meeting Dates Commissioners were made aware of the all commission meeting on Wednesday, April 5, 2018 at Constitution Hall and the joint work session with the City Council on June 4th, 2018 to review the auditor’s report. Adjournment With no other business to transact, Ms. Kragness adjourned the meeting at 7:12 PM.