Finance Committee Meeting

Finance Committee Meeting Commission Chamber - 2/12/2019 ATTENDANCE: Present: Hons. Fennoy, Chairman; M. Williams and Frantom, members. Absent: Hons. Hardie Davis, Jr., Mayor; D. Williams, Vice Chairman. FINANCE 1. Affirm current authorized bank signatories and authorize the Mayor and Item Clerk to execute documents as required by financial institutions. Action: Rescheduled Motions Motion Motion Motion Text Made By Seconded By Type Result Motion to refer this item to the full Commissioner Commisioner Defer Commission with no William Passes Sean Frantom recommendation. Fennoy Motion Passes 3-0. 2. Request to approve Augusta Commercial Property Insurance coverage for Item 2019 offered through Affiliated FM, current carrier, for a premium of Action: $434,000 for full blanket coverage and limited flood coverage in flood Rescheduled prone areas. Motions Motion Motion Motion Text Made By Seconded By Type Result Motion to refer this item to the full Commissioner Commisioner Defer Commission with no William Passes Sean Frantom recommendation. Fennoy Motion Passes 3-0. 3. Approve funding for the March 19, 2019 Special Election in Commission Item District 5. Action: Rescheduled Motions Motion Motion Motion Text Made By Seconded By Type Result Motion to refer this item to the full Commissioner Commisioner Defer Commission with no William Passes Sean Frantom recommendation. Fennoy Motion Passes 3-0. 4. Request to expand pool of banks as approved depositories. Item Action: Rescheduled Motions Motion Motion Motion Text Made By Seconded By Type Result Motion to refer this item to the full Commissioner Commisioner Defer Commission with no William Passes Sean Frantom recommendation. Fennoy Motion Passes 3-0. 5. Motion to approve the minutes of the Finance Committee held on January 29, Item 2019. Action: Approved Motions Motion Motion Motion Text Made By Seconded By Type Result Motion to approve. Commissioner Commisioner Approve Passes Motion Passes Marion Williams Sean Frantom 3-0. www.augustaga.gov  Finance Committee Meeting 2/12/2019 1:15 PM Attendance 2/12/19 Department: Presenter: Caption: Background: Analysis: Financial Impact: Alternatives: Recommendation: Funds are Available in the Following Accounts: REVIEWED AND APPROVED BY:  Finance Committee Meeting 2/12/2019 1:15 PM Affirm authorized bank signatories Department: Finance Presenter: Donna Williams, Finance Director Caption: Affirm current authorized bank signatories and authorize the Mayor and Clerk to execute documents as required by financial institutions. Background: Current best practices offered by the Georgia Office of the State Treasurer, recommend that at the start of a new term for the Chief Elected Official a new authorizing resolution be approved. Analysis: No new/additional authorized signatories are requested at this time. The current authorized signatories for Augusta Georgia are: Donna B. Williams, CGFM – Finance Director Timothy E. Schroer, CPA, CGMA – Deputy Finance Director Hope Goodwin – Budget Manager Normal business practice is to have more than two authorized signatories on bank accounts that require two signatures for certain transactions. The rational being there should be options if one signatory is unavailable. Financial Impact: N/A Alternatives: N/A Recommendation: approve request to affirm current bank signatories Funds are Available in the N/A Following Accounts: REVIEWED AND APPROVED BY: Finance. Law. Administrator. Clerk of Commission  Finance Committee Meeting 2/12/2019 1:15 PM Approve 2019 Augusta Commercial Property Insurance Renewal Department: Finance - Risk Managment Division Presenter: Joe Crozier Caption: Request to approve Augusta Commercial Property Insurance coverage for 2019 offered through Affiliated FM, current carrier, for a premium of $434,000 for full blanket coverage and limited flood coverage in flood prone areas. Background: Augusta has elected to use Property Insurance Broker Services and carry commercial property insurance on its properties since consolidation. The Risk Management Office staff maintains an inventory of all Augusta properties annually and works with insurance company engineers in helping to reduce risk of property loss to Augusta. Analysis: Dawson & Taylor Insurance Company seek annual quotes from the insurance market for "all risks" coverage on buildings and contents. Please see attachments for quote summary and list of declinations. Insurers providing quotes were Affiliated FM Insurance, Traveler’s Insurance, Zurich Insurance and XL Caitlan Insurance. Several insurers did not qualify or declined to quote coverage. Quotes are obtained from companies with A or better rating. Affiliated FM is the low bidder and is providing the greatest level of coverage for the exposure. Current coverage carries a $50,000 deductible per occurrence except for flood and earthquake. Financial Impact: A premium for blanket coverage is being offered on total property values of $803,638,466 for $434,000 with a $50,000 deductible. The quote from Affiliated FM includes flood coverage. Alternatives: Drop coverage and retain risk, 2. Reduce premiums by only insuring those properties representing the largest losses should an event damage the structures (Municipal Building, Law Enforcement Center, Judicial Center, RCCI, etc.) Recommendation: Approve Commercial Property Insurance coverage renewal for 2019 through Affiliated FM for a premium of $434,000 which includes flood coverage and Boiler & Maintenance coverage. Effective March 1, 2019 - March 1, 2020 Funds are Available in the 611 015212 Risk Management General Insurance Fund Account Following Accounts: REVIEWED AND APPROVED BY: Finance. Law. Administrator. Clerk of Commission  March 19, 2019 Special Election Budget Estimate ITEM TOTAL COST Poll Worker Salary 7,000 101-01-4111-51.12210 Cell Phones 175 101-01-4111-52.32112 Testing of Equipment 600 101-01-4111-52.39112 Custodial Pay 175 101-01-4111-52.39112 Advance Voting 0 101-01-4111-52.39112 Temporary Workers 2,000 101-01-4111-52.39112 Security 0 101-01-4111-52.39112 Election Night Workers and Delivery Crews 800 101-01-4111-52.39112 Building Rental 600 101-01-4111-52.24111 Truck Rental 500 101-01-4111-52.24219 Mileage 0 101-01-4110-52.35110 Miscellaneous Supplies 200 101-01-4111-53.11110 Printing – Absentee Ballots 800 101-01-4111-52.34110 Food 150 101-01-4111-53.13110 Board Pay 1,000 101-01-4110-52.11114 Advertising 30 101-01-4110-52.35110 Postage – Absentee/Poll Worker 400 101-01-4110-52.32120 TOTAL ESTIMATED COST 14,430  Finance Committee Meeting 2/12/2019 1:15 PM Approve Funding for the March 19, 2019 Special Election Department: Board of Elections Presenter: Lynn Bailey Caption: Approve funding for the March 19, 2019 Special Election in Commission District 5. Background: The special election is to fill the unexpired term in Augusta Commission District 5. The term for this office will expire on December 31, 2020. A runoff, if necessary, will be held on April 16, 2019. Analysis: Financial Impact: $14,430 Alternatives: None Recommendation: Approve the request. Funds are General Fund Contingency- Special Elections 101-10- Available in the 1110/6011145 (there are funds earmarked for special elections in Following Contingency which are in addition to the regular Contingency Accounts: amount. dbw) REVIEWED AND APPROVED BY: Finance. Law. Administrator. Clerk of Commission  Finance Committee Meeting 2/12/2019 1:15 PM Financial Institutions used for Certificates of Deposit Department: Finance Presenter: Donna Williams Caption: Request to expand pool of banks as approved depositories. Background: Augusta has used the following local banks for Certificates of Deposit. As CD’s mature, banks are contacted and the current investment rates are requested. South State Bank (formerly Georgia Bank and Trust) State Bank and Trust (formerly First Bank) Suntrust Bank East West Bank Bank of America Rates are reviewed and funds invested with the institution that provides the best rate of return and liquidity options for the government. The rate offered by Georgia Fund One is used a as a benchmark. Analysis: As the Federal Reserve Board has increased the Fed Rate, interest rates have rebounded, several financial institution have contacted the Finance Department requesting the opportunity to provide investment options. All deposits must be fully insured by the FDIC or if the amount is greater than $250,000 the financial institution must offer collateralization at 110% as required by O.C.G.A. § 45-8-12. The financial Institution to be added at this time: 1. Fifth Third Bank 2. Queensborough Bank 3. Regions Bank 4. Synovus Bank 5. Wells Fargo 6. Multi-Bank Securities, Inc. Each bank has its own investment agreement that requires approval of the governing body. Approval of this item  would authorize those agreements so that funds could be invested with these additional institutions. Financial Impact: Expanding the pool of financial institutions allow more competition with opportunities to increase interest revenue for the government Alternatives: do not expand pool Recommendation: Expand pool of financial institutions Funds are Available in the The government may benefit from higher interest revenue. Following Accounts: REVIEWED AND APPROVED BY: Finance. Law. Administrator. Clerk of Commission Finance Commiuee Meeting commission chamber - llz9lz0l9 ATTENDANCE: Present: Hons. Hardie Davis, Jr., Mayor; D. williams, vice chairman; M. Williams and Frantom, members. Absent: Hon. Fennoy, Chairman. FINANCE l. Update on 1998 Pension Plan. (Requested by Commissioner Sammie Sias) Item Action: Approved Motions Motion fr'J:" Motion rext Made By seconded By Result Motion to approve ^ receiving this item as Commisioner Commissioner Approve information. Sean Frantom Marion williams Passes Motion Passes 3-0. 2. Approve Excess Worker's Compensation Insurance with Safety National Item Casualty with statutory limits and a $750,000 Self Insured Retention (SIR - Action: otherwise known as the deductible) to cover all positions for a premium of Approved $369,994. Motions Motion Motion Motion Text Made By Seconded By Type Result Motion to approve. Commisioner Commissioner Approve Motion Passes Sean Frantom Dennis williams Passes 3-0. 3.  Motion to approve the minutes of the Finance Committee held on January 8, Item 2019. Action: Approved Motions Motion Motion Motion Text Made By Seconded By Type Result Motion to Approve approve. Commisioner Commissioner Motion Passes Sean Frantom Dennis Williams Passes 3-0. 4. Motion to approve 2 additional positions for the District Attorney's office and Item to approve funding for the full year. Action: Approved Motions Motion Motion Motion Text Made By Seconded By Type Result Motion to Approve approve. Commisioner Commissioner Passes Motion Passes Sean Frantom Dennis Williams 3-0. 5. Motion to approve continued agreement with Brinson Askew Be.ry LLP for Item collection of hotel tax under Rome Class Hotel Incremental Tax Fund. Action: Approved Motions Motion Motion Motion Text Made By Seconded By Type Result Motion to Approve approve. Commisioner Commissioner Motion Passes Sean Frantom Marion Williams Passes 3-0. www.auqustaga.gov  Finance Committee Meeting 2/12/2019 1:15 PM Minutes Department: Presenter: Caption: Motion to approve the minutes of the Finance Committee held on January 29, 2019. Background: Analysis: Financial Impact: Alternatives: Recommendation: Funds are Available in the Following Accounts: REVIEWED AND APPROVED BY: