04-25-05 Regular Meeting of Fiscal Affairs Committee Minutes

Browse Search

• • MINUTES OF THE LA FORTE FISCAL AFFAIRS COMMITTEE Apri125, 2005 1. Call to Order The meeting was called to order by Chairperson Chuck Engelken at 5:03 p.m. Members of Committee Present: Chairperson Chuck Engelken, Mayor Pro Tem Barry Beasley, Councilmember Howard Ebow and Councilmember Tommy Moser Members of Committee Absent: None Members of City Executive Staff and City Employees Present: City Manager Debra Feazelle, Assistant City Manager Cynthia Alexander, Assistant Finance Director Michael Dolby, City Secretary Martha Gillett, Budget Investment Officer Shelley Wolny, Assistant City Manager John Joerns, Secretary Shannon Green, Assistant City Secretary Sharon Harris. Other citizens: Sue Gail Kooken 2. Consider approval of Minutes of Regular Meeting of La Porte Fiscal Affairs Committee Minutes held on January 25, 2005. Motion was made by Committee Howard Ebow to approve the minutes as presented. A second by Committee Member Mayor Pro Tem Barry Beasley. The motion carried unanimously. 3. Discussion Items a. The September 30, 2004 Annual Financial Report was discussed. Assistant City Manager Cynthia Alexander informed the committee the City received the final report late from the auditor. The auditors noted the reason for the delay was due to computer problems. Ms. Alexander noted concerns in bond rating and loss of financial award the City has received for numerous years. b. Financial Advisors was discussed. Ms. Alexander noted the City received six proposals. Staff reviewed the proposals and selected the top two firms. Mr. Engelken and Mr. Beasley joined staff in reviewing the top two firms. The committee was more impressed with RBC Dain Rauscher, Inc. Ms. Alexander further noted legal was reviewing the contract and it would be brought to Council for approval at a future meeting. c. Bond Counsel was discussed. Ms. Alexander informed the group the RFP was out for Bond Council and the proposals closes in the next two weeks. She noted they would be looking for volunteers from the Fiscal Affairs Committee to assist staff in reviewing the proposals. Barry Beasley and Howard Ebow volunteered to serve on the committee. d. Legislative Update Report - Ms. Alexander informed the committee staff was continuing to track the legislative bills and would provide them with report on the final results.