HomeMy WebLinkAbout11-11-2024 Fiscal AffairsMINUTES OF THE MEETING OF THE
FISCAL AFFAIRS COMMITTEE OF THE CITY OF LA PORTE
Members Present: Chuck Engelken, Jay Martin, Brandon Lunsford
Members Attending Remotely: None
Members Absent: Rick Helton (alternate)
Council -appointed Officers Present: Corby Alexander, City Manager; Lee Woodward,
City Secretary
The Fiscal Affairs Committee met on November 11, 2024,
at the City Hall Council Chambers, 604 West Fairmont Parkway,
La Porte, Texas, at 4:30 p.m.
1. CALL TO ORDER - Chair Engelken called the meeting to order at 4:32 p.m.
2. CITIZEN COMMENT (Generally limited to five minutes per person; in accordance with
state law, the time may be reduced if there is a high number of speakers or other
considerations.)
There were no comments.
3. STATUTORY AGENDA
a. Presentation, discussion, and possible action to approve the minutes of the
July 22, 2024, meeting. [Lee Woodward, City Secretary]
Member Martin moved to approve the minutes of the July 22 2024 meetinq
Member Lunsford seconded the motion; the motion was adopted. 3-0.
b. Fourth Quarter (FY2024) Investment Report - Presentation, discussion, and
possible action to receive and review the Fourth Quarter FY2024 Investment
Report. [Shelley Wolny, Asst. Finance Director]
Shelley Wolny, Assistant Finance Director, provided the report, noting the City
completed the fiscal year having accrued $11.2 million in interest, far above what
was conservatively budgeted at $3 million, and an overall portfolio balance of just
over $218 million.
c. Investment Policy - Presentation, discussion, and possible action to receive
and review the City of La Porte's Investment Policy. [Shelley Wolny, Asst.
Finance Director]
Shelley Wolny, Assistant Finance Director, noted no changes were recommended.
Member Martin moved to accept the investment policy as presented: the motion
was seconded by Member Lunsford: the motion was adopted. 3-0.
d. Purchasing Card Expenditures - Presentation, discussion and possible
action to receive and review the Purchasing Card expenditures for June -July
2024. [Cherell Daeumer, Purchasing Manager]
The Committee had no questions and asked that the report continue to be
presented.
4. SET DATE FOR NEXT MEETING
Without objection, the next meeting was set for January 27, 2025.
5. ADMINISTRATIVE REPORTS
There were no reports.
6. COMMITTEE MEMBER COMMENTS Hear announcements concerning matters
appearing on the agenda; items of community interest; and/or inquiries of staff
regarding specific factual information or existing policy from the Mayor,
Councilpersons, and City staff, for which no formal action will be discussed.
The Committee thanked the Finance Department for their good work and preparation.
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