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F <br /> CHUCK ENGELKEN,CHAIR , THOMAS GARZA <br /> Councilmember District 2Councilmember District 4 <br /> ca <br /> r ^. Alternate <br /> JAY MARTIN <br /> Councilmember, District 5 <br /> MINUTES OF MEETING OF FISCAL AFFAIRS COMMITTEE <br /> AUGUST 26, 2019 <br /> The Fiscal Affairs Committee of the City of La Porte met on August 26, 2019, at the City Hall Council Chambers, <br /> 604 West Fairmont Parkway, La Porte,Texas, at 4:30 p.m.,with the following in attendance: <br /> Committee members present: Chuck Engelken, Jay Martin, Thomas Garza <br /> Committee members absent: None <br /> Council-appointed officers present: Corby Alexander, City Manager; Lee Woodward, City Secretary <br /> 1. Call to Order—Chairperson Engelken called the meeting to order at 4:30 p.m. <br /> 2. Approve minutes of the meeting held on May 13, 2019. [Chuck Engelken,Chairman] <br /> Committee member Martin moved to approve the minutes: the motion was adopted 3-0. <br /> 3. Receive and review months of March, April, and May (FY2019) Purchasing Card Expenditures. [Cherell <br /> Daeumer, Purchasing Manager] <br /> Sandy Scarborough confirmed the City had a good review process in place. <br /> 4. Receive and review Third Quarter(FY2019) Investment Report. [Shelley Wolny, Treasurer] <br /> Shelley Wolny, Treasurer, provided the report and noted the excellent condition of the City's finances, including that <br /> the total interest earned through June 2019 on the investment portfolio is at 286% of the budgeted amount for all <br /> funds ($1,850,655 as compared to $647,700). The report stated that "Staff continues to monitor rates and economic <br /> conditions, and the strategy for the portfolio will, as always, focus on laddering to pick up yield along the curve and <br /> maintaining a constant cash flow and liquid position." and that Finance "...will continue to invest the City's fund in <br /> conservative investments, as authorized by the Public Funds Investment Act, always keeping in mind Safety first, <br /> and then Liquidity and lastly Yield." <br /> 5. Set date for next meeting. [Michael Dolby, Finance Director] <br /> Committee members set December 9, 2019, as the next meeting date. <br /> 6. Administrative Reports. [Corby Alexander, City Manager] <br /> There was no r- <br /> 7. Adj/J rnmen •out objection, Ch ••elken adjourned the meeting at 4:43 p.m. <br /> . <br /> Le= oo•war• _ -• <br />