Investment Committee

America’s Small Town Capital City Investment Committee Proposed Agenda June 10, 2015 4:00 PM City Council Chambers 1) Call Meeting to Order 2) Approve Agenda 3) Approve Minutes of the April 8, 2015 meeting 4) Review proposed draft of City of Montpelier Cash Management Policy 5) Begin discussion on Investment Policy for both “public funds: and “public fiduciary funds” 6) Other business 8) Set time for next meeting Adjourn (802)-223-9520 39 Main Street, Suite 6 Montpelier, VT 05602 www.montpelier-vt.org  America’s Small Town Capital City Investment Committee Meeting Minutes June 10, 2015 4:00 P.M. City Manager’s Conference Room Present: Members: Terry Field, David Brownlee, Peter Mancauskas, Tom Golonka, Sandy Gallup Public attendees: Witt Dall, Justin Turcotte, Phil Dodd The second meeting of the City Investment Committee was called to order at 4:05 P.M. by Chairperson Terry Field. The proposed agenda was approved. The minutes of the April 8, 2015 meeting were approved. (David made the motion, Peter seconded) The committee reviewed the 1st draft of the City of Montpelier Cash Management Policy. After members input and discussion it was decided that Sandy will make changes to acknowledge that the Treasurer, by state statute and city charter has responsibilities in the cash management operations and there will be a few other (minor) revisions. She will send the revised draft Version 2 to Terry. Terry will make additional revisions to prioritize best practices with safety, first, followed by liquidity, then yield. He will include definitions (similar to the city’s current policy) and look to shorten some paragraphs. Terry will then send a new draft out to all members. Once this 3rd draft is agreed upon, Sandy will send it to the city attorney for his review and comments. The committee discussed the difference in investing short term and long term funds. The City Council will identify what funds need to be liquid and what funds can be invested for a longer period of time. Terry will begin work on a first draft of an Investment Policy once he has completed the 3 rd draft of the Cash Management Policy. He will use the State’s newly completed investment policy as a starting point. The committee hopes to meet again in July but will wait until feedback is obtained from the city’s attorney on the Cash Management Policy and we have a first draft of an Investment Policy to review. Being no other business, the meeting was adjourned a 5:00 P.M. Respectfully submitted, Sandra Gallup, Finance Director (802)-223-9520 39 Main Street, Suite 6 Montpelier, VT 05602 www.montpelier-vt.org