HomeMy WebLinkAbout07-25-05 Fiscal Affairs meeting cancelled - no quorum•
STATE OF TEXAS
)(
COUNTY OF HARRIS )( 2%v~!/ C~I?G'~~~r
CITY OF LA PORTS )(
NOTICE IS HEREBY GIVEN OF A REGULAR MEETING OF FISCAL AFFAIRS COMMITTEE TO BE HELD ON
JULY 25, 2005 AT 5:00 P.M. AT LA PORTS CITY HALL COUNCIL CHAMBERS, 604 WEST FAIRMONT
PARKWAY, LA PORTS, TEXAS, REGARDING THE ITEMS OF BUSINESS ACCORDING TO THE AGENDA
LISTED BELOW:
5:00 P.M. -REGULAR SESSION
1. CALL TO ORDER
2. CONSIDER APPROVAL OF MINUTES OF REGULAR MEETING OF FISCAL AFFAIRS COMMITTEE
HELD APRIL 25, 2005.
3. RECEIVE AND REVIEW THIRD QUARTER (FY 2005) INVESTMENT REPORT - C. ALEXANDER
4. REVIEW FRAUD POLICY - C. ALEXANDER
5. RECEIVE AND REVIEW CREDIT CARD REPORT - C. ALEXANDER
6. COMMITTEE COMMENTS
7. ADJOURNMENT
There may be a possible quorum of City Council present at this meeting and may participate in discussion at this
meeting, however, they will not vote on matters.
THIS FACILITY HAS DISABILITY ACCOMMODATIONS AVAILABLE. REQUESTS FOR
ACCOMMODATIONS OR INTERPRETIVE SERVICES AT MEETINGS SHOULD BE MADE 48 HOURS PRIOR
TO THIS MEETING. PLEASE CONTACT CITY SECRETARY'S OFFICE AT 281-471-5020 OR TDD LINE 281-
471-5030 FOR FURTHER INFORMATION.
~aJl~-~~-'~~ i ~ SAC ~?
Martha A. Gillett, TRMC
City Secretary
Date posted
® •
MINUTES OF THE LA PORTE FISCAL AFFAIRS COMMITTEE
Apri125, 2005
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. Bany 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.
Minutes of the La Porte Audit ittee -January 24, 2005 -Page 2
4. Consent Agenda
C~
a. Tax Resale Property: Recommend Approval of 7 Parcels - K. Powell
b. Tax Resale Property: Recommend Rejection of 1 Parcel - K. Powell
Motion was made by Howard Ebow to approve the Consent Agenda as presented.
Second by Barry Beasley. The motion carried unanimously.
5. Receive and Review Second Quarter (FY 2005) Investment Report - C. Alexander
Ms. Alexander noted Ms. Wolney would be providing the committee with an overview of
the report. Ms. Wolney provided~the overview and answered the committee's questions.
6. Receive and review credit card report. - C. Alexander
Assistant Finance Director Michael Dolby provided the committee with a review of the
credit card report. He noted there were no problems or concerns with any of the
transactions.
7. Committee Comments:
Barry Beasley questioned the process and inventory procedures for inventory of goods
and how we inventory garbage bags. Cynthia Alexander noted she would check on this
and report back at the next meeting.
Chuck Engelken noted concerns with the garbage bag handout. In addition, he noted
concerns with water bills in the Brookglen area and inquired as to whether or not we
should perform an audit. Lastly, Mr. Engelken provided the group with a handout of an
HGAC Fraud Policy.
Tommy Moser noted he had concerns with older citizens paying an increased rate for
garbage bags.
8. Adjournment
There being no further business to come before the Committee, the meeting was
adjourned at 5:45 p.m.
Respectfully submitted,
Martha A. Gillett, TRMC
City Secretary
Approved this day of , 2005.
Chairperson Chuck Engelken
o •
CITY OF LA PORTE
Interoffice Memorandum
TO: Barry Beasley, Councilman
Howard Ebow, Councilman
Chuck Engelken, Councilman
Tommy Moser, Councilman
Louis Rigby, Councilman
Debra Brooks Feazelle, City Manager
FROM: Cynthia Alexander, Assistant City Manager
Shelley Wolny, Investment Officer
DATE: July 15, 2005
SUBJECT: Quarterly Investment Report
•
For the third quarter of the 2005 fiscal year, the City's investment portfolio yield has been between 2.79%
and 2.93%. The average return on the portfolio for the third quarter of the fiscal year was 2.87%, which is
21 basis points below the average yield of our benchmark, which was 3.14% (see graph below). The
current year to date interest earned for the 2005 fiscal year is $656,336.
City vs. Benchmark
3.50%
3.00%
2.50%
2.00%
1.50%
1.00%
>`}~~ ,~cAb ~QAb `oA c°Ab ~'Ab ~A'~ ~h '~A5 SAh kph .kph
Portfolio Yield Benchmark
At June 30°i the City's portfolio consisted of 55% in Agency Notes, 25% in Texpool, 9% in TexSTAR
and 11% in Logic (see pie chart below).
By Investment Type
55%
25%
9%
11%
~ Texpool ~ TexSTAR D Logic D Agency Notes
The Fed has increased the overnight rate four times since December 2004, and is likely to increase the
rate a few more times. The current overnight rate as of June 30`~ is 3.25. With that said, our main focus
is to continue to ladder the portfolio.
~ i
At the end of the third quarter, the City's portfolio consisted of 45% of the portfolio maturing overnight
(see graph below). 26% of the City's portfolio matures in one year and 29% of the City's portfolio
matures in 12-24 months.
By Investment Maturity
29%
45%
26%
~ Overnight ®1-12 Months ~ 12-24 Months
Currently, the 3-month T-Bill is at 3.04%; 2 year, at 3.64%; 5 year, at 3.77%; and, the 20-year is at 4.35%
(see yield curve below).
Yield Curve
5.50%
4.50%
3.50%
2.50%
1.50%
0.50%
0 5 10 15 20
3 Months Ago ®Current
The overnight rate is currently at 3.25%. We will continue to focus on laddering the portfolio to maintain
a constant cash flow and a liquid position.
2 Year T-Note
12.oo°io
lo.oo°io
s.oo°io
6.oo°io
4.00%
2.00%
0.00%
In summary, we will continue to invest the City's funds in conservative investments, as authorized by the
Public Funds Investment Act, always keeping in mind Safety first, and then Liquidity and lastly Yield.
2
•
Portfolio Composition and Value
as of Jsne 30, 2005 100.00%
80.00%
Par Book Market Days to
Value Value Value Maturity 60.00%
Investmem Pools 15,805,734 15,805,734 15,805,734 1 _ -=
Agencies 18,982,683 18,982,683 18,843,180 353 ~'~
20'00%
Total 34,788,417 34,768,417 34,648,914 193
0.00%
Investment Pools Agencies
~7
~
J
O
S tl•Dec-04 -
un
-04
t~
un-
Investment Maturity Schedule
as of June 30, 2005
Book
Value Percent tdynn
0-3 months 15,805,734 45A3% p,t=
9-12 months 8,992,479 25.85% momb
1-2 year) 9,990,204 28.72%
2 or more yens - 0.00% ~ works
Toni 34,788,417
o 100.00%
® - -
-
Portfolio Performance
for the month otJune 2005
Weighted
Portfolio BmtJunark Average 3.00%
Yield Yield• Maturity
Pooled Funds 2.93% 3.22% 6A months 2.00%
Bond Funds 3.06% 3.04% 1 day
Total ® ® 5.720 1.00%
O.OlK6
•7'be pooled funds benchmark is based on the average monthly yield of a 6-month Treasury. Pooled Fords Bond Funds Toni
The bond funds bmchmaric yield is based on the average monthly yield of a 3-month Treasury.
The total is based on weighted average monthly benchmark yields. O Porttirlio Yield ^ Benchmark Yuld•
Portfolio Earnings
for months ended June 30, 2005
zs0.two
Budaet Actual Percent 200.000
General 236,410 226,725 95.90%
Enterprise 41,540 33,368 80.33% 150.000
lntemalService 64,200 66,045 102.87% r00.000
Total 342,150 326,138 95.32% ~~
Gaival P.ntaprise lOtenal Service
OBudget ^Aemd
Yleld Curve
trox
sox
00%
50%
otn6
sox
00%
am6
0096
50%
00%
3 mo 8 mo t yr 2yr Syr
~Apr-05 -~-May~05 -pt-JurM5
WAM • Pooled Funds
10
9
8
7
8
5
4
3
2
1
Apr-05 AAay-05 Jun-05
Average for June
% of fiords invested in: 2005 2004
Securities & Paola 9728% 98A3%
Bank Depository 2.72% 1.57%
Total%offimdsinvested 100.00% 100.00%
Gperating Accowt Balance S 973,905 S 548,252
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4
POLICY ON SUSPECTED MISCONDUCT
AND DISHONESTY POLICY
Introduction
Like all organizations, The City of La Porte is faced with risks from wrongdoing,
misconduct, dishonesty and fraud. As with all Municipal business exposures, we must
be prepared to manage these risks and their potential impact in a professional manner.
The impact of misconduct and dishonesty may include:
• The actual financial loss incurred
• Damage to the reputation of our organization and our employees
• Negative publicity
• The cost of investigation
• Loss of employees
• Loss of costumers
• Damaged relationships with our contractors and suppliers
• Litigation
• Damaged employees morale
Our goal is to establish and maintain an environment of fairness, ethics and honesty for
our employees, our citizens, our suppliers and anyone else with whom we have a
relationship. To maintain such an environment requires the active assistance of every
employee and manager every day.
The City of La Porte is committed to the deterrence, detection and correction of
misconduct and dishonesty. The discovery, reporting and documentation of such acts
provides a sound foundation for the protection of innocent parties, the taking of
disciplinary action against offenders up to and including dismissal where appropriate,
the referral to law enforcement agencies when warranted by the facts, and the recovery
of assets.
Page 1
7/18/2005-
•
Purpose
C~
The purpose of this document is to communicate city policy regarding the deterrence
and investigation of suspected misconduct and dishonesty by employee and others, to
provide specific instructions regarding appropriate action in case of suspected
violations.
Definition of Misconduct and Dishonesty
For purpose of this policy, misconduct and dishonesty include but are not limited to:
• Acts which violate the City of La Porte's Code of Conduct
• Theft or other misappropriation of assets, including assets of the city, our
citizens, supplier or other with whom we have a business relationship
• Misstatement and other irregularities in the City of La Porte records, including the
intentional misstatement of the results of operations
• Wrongdoing
• Forgery or other alteration of documents
• Fraud and other unlawful acts
• Any similar acts.
The City of La Porte specifically prohibits these and any other illegal activities in the
actions of its employees, managers, executives and other responsible for carrying out
the organization's activities.
Policy and Responsibilities
Reporting
It is the responsibility of every employee, supervisor, manager and executive to
immediately report suspected misconduct or dishonesty to their supervisor.
Supervisors, when made aware of such potential acts by subordinates, must
immediately report such acts to their supervisor. Any reprisal against any employee or
other reporting individual because the individual, in good faith, reported a violation is
strictly forbidden.
Due to the important yet sensitive nature of the suspected violations, effective
professional follow up is critical. Managers, while appropriately concerned about
"getting to the bottom" should not in any circumstances perform any investigative or
other follow up steps on their own. Concerned but uninformed managers represent
one of the greatest threats to proper incident handing. All relevant matters,
including suspected but unproved matters, should be referred immediately to those with
follow up responsibility.
Page 2 7/18/2005-
•
Additional responsibilities of Supervisors
All employees have a responsibility to report suspected violations. However, employees
with supervisory and review responsibilities at any level have additional deterrence and
detection duties. Specifically, personnel with supervisory or review authority have three
additional responsibilities
First, you must become aware of what can go wrong on your area of authority.
Second, you must put into place and maintain effective monitoring, review and
control procedures that will prevent acts of wrongdoing.
Third, you must put into place and maintain effective monitoring, review and
control procedures that will detect acts of wrongdoing promptly should prevention
efforts fail.
Authority to carry out these three additional responsibilities is often delegated to
subordinates. However, accountability for their effectiveness cannot be delegated and
will remain with supervisors and manager.
Assistance in effectively carrying out these responsibilities is available upon request
through the City Manager's Office.
Responsibility and Authority for Follow Up and Investigation
The City Manager, Human Resources, Finance and Police have the primary
responsibility for all investigations involving all acts of fraud by a city employee. The
assistance of the Police Department may be required in any investigation.
Properly designated members of the investigators will have:
• Free and unrestricted access to all city records.
• The authority to examine, copy and/or remove all or any portion of the contents
of files, desks, cabinets, and other storage facilities (whether on electronic or
other form) without the prior knowledge or consent of any individual who might
use or have custody of any such items or facilities when it is within scope of
investigative or related follow up procedures.
All investigations of alleged wrongdoing will be conducted in accordance with applicable
City of La Porte procedures.
Page 3 7/18/2005-
•
Reported Incident Follow Up Procedure
Care must be taken in the follow up of suspected misconduct and dishonesty to avoid
acting on incorrect or unsupported accusations, to avoid alerting suspected individuals
that follow up and investigation is underway, and to avoid making statements which
could adversely affect the city, an employee, or other parties.
Accordingly, the general procedures for follow up and investigation of reported incidents
are as follows:
1. Employees and others must immediately report all factual details as
indicated above under Policy.
2. The City Manager, Human Resources, Finance, and Police have the
responsibility for follow up and, if appropriate, investigation of all reported
incidents.
3. All records related to the reported incidents will be retained wherever they
reside.
4. Do not communicate with the suspected individuals or organizations about
the matter under investigation.
5. In appropriate circumstances and at the appropriate time, Human
Resources Department will notify the employee's Director and the Director
of Finance.
6. The Director of Finance will notify the City Manager of all reported
incidents so that it may be determined whether this matter should be
brought to the attention of the Fiscal Affairs Committee.
7. City Manager, Human Resources, and the Director of Finance may also
obtain the advice of Legal at any time throughout the course of an
investigation or other follow up activity on any matter related to the report,
investigation steps, proposed disciplinary action or any anticipated
litigation.
8. Neither the existence nor the results of investigations or other follow up
activity will be disclosed or discussed with anyone other than those
persons who have a legitimate need to know in order to perform their
duties and responsibilities effectively.
9. All inquiries from an attorney or any other contacts from outside of the
company, including those form law enforcement agencies or from the
employee under investigation, should be referred to Legal.
Investigative or other follow up activity will be carried out without regard to the
suspected individual's position, level or relationship with the City of La Porte.
Page 4 7/18/2005-
• •
Questions or Clarifications related to This Policy
All questions or other clarifications of this policy and its related responsibilities should be
addressed to the Finance Department, who shall be responsible for the administration,
revision, interpretation, and application of this policy.
Approval
(City Manager) Date
Acknowledgment
My signature signifies that I have read this policy and that I understand my
responsibilities related to the prevention, detection and reporting of suspected
misconduct and dishonesty.
I further acknowledge that I am not aware of any activity that would require disclosure
under this or other existing company policy or procedure statement.
Signature:
Print Name:
Date signed:
Page S 7/18/2005-
•
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