06-13-11 Fiscal Affairs Committee Meeting

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5. Review and discuss proposed changes to the Investment Policy of the City of La Porte — S. Wolny Finance Department Treasurer Shelley Wolny presented a summary of the proposed changes to the Investment Policy and stated they will present the proposed changes to City Council at the May 23, 2011, Council Meeting. The four proposed changes which were discussed are as follows: 1) Address requirements or acceptance, substitution and release of collateral; 2) Reference of independent third -party safekeeping for investment securities; 3) Outline reporting requirements for the quarterly investment securities; and 4) Guaranteed Investments (GIC's) as an authorized investment. 6. Consider approval or other action regarding March 2011 mileage reimbursement for Mayor Rigby — Chairman Engelken Committee member Leonard moved to approve the March and April 2011 mileage reimbursement for Mayor Rigby as presented. Committee member Zemanek seconded. MOTION PASSED. Ayes: Chairman Engelken, Committee Members Moser, Leonard, Martin and Zemanek Nays: None 7. Administrative Reports — R. Bottoms City Manager Ron Bottoms said it is timely to put out an RFP for independent auditors, and that the Fiscal Affairs Committee should begin the interviewing process as soon as possible. 8. Committee Comments Matters appearing on agenda; Recognition of community members, city employees, and upcoming events; Inquiry of staff regarding specific factual information or existing policy. There were no Committee comments. 9. Adjourn There being no further business, Committee Member Leonard moved to adjourn the meeting. Seconded by Committee Member Moser. The meeting was adjourned at 5:28 p.m. Respectfully submitted, Patrice Fogarty, City Secretary Passed and approved on the 13 day of June, 2011. Chairman Chuck Engelken Page 2 of 2 May 9, 2011, Fiscal Affairs Committee Minutes