Investment Committee

America’s Small Town Capital Minutes of the City Investment Committee Meeting Minutes April 8, 2015 3:30 P.M. City Manager’s Conference Room Present: Terry Field, David Brownlee, Peter Mancauskas, Tom Golonka, Sandy Gallup The first meeting of the City Investment Committee was called to order at 3:35 P.M. Members introduced themselves and gave background information. Terry Field offered to be the chairperson for this committee. The committee members accepted his offer. The proposed agenda was approved. (Tom made the motion, David seconded) Background information on the establishment and charge of this city council committee was discussed. The current investment policy (last amended in 1997) was reviewed. It is more of a cash management policy than an investment policy and it addresses only “Public Funds”. There is a need to develop an investment policy for “Public Fiduciary Funds” that are held by the city in trust for any purpose. Once established, this policy could be used by other public organizations such as the school system, recreation department, parks commission, library board and cemetery commission. If these organizations work together there may be opportunities to increase investment earnings and reduce management costs. Currently the city has approximately $546,500 in public fiduciary funds. The majority of this is the Senior Activity Center funds. The plan of action for this committee will be to update the City’s current (cash management) policy and establish a new investment policy for public fiduciary funds. If possible, these policies will be recommended to the City Council by the end of May. Sandy will send committee members information (via email) (802)-223-9520 39 Main Street, Suite 6 Montpelier, VT 05602 www.montpelier-vt.org   the Vermont State Standard of care: portfolio strategy: risk and return  investment policies from the State’s pension fund  sample policies from VLCT and other municipalities  a letter from Paul Giuliani, city counselor regarding investment of funds  the City’s current “Investment Policy” Committee members will review the information and consider changes to the current policy and language/structure for the new investment policy for public fiduciary funds. Communications via email is encouraged. The agenda item for consideration of an RFP for management of investments services was tabled until a future meeting. There was no other business. The committee may schedule its next meeting in the last week of April. The meeting was adjourned at 4:45 P.M. Respectfully submitted, Sandra Gallup, Finance Director (802)-223-9520 39 Main Street, Suite 6 Montpelier, VT 05602 www.montpelier-vt.org