Investment Committee

America’s Small Town Capital City Investment Committee Meeting Minutes September 21, 2015 4:00 P.M. City Manager’s Conference Room Members Present: Terry Field, David Brownlee, Tom Golonka, Sandy Gallup Absent: Peter Mancauskas Other Staff attendees: Dan Groberg, Senior Ctr Program Director The third 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 June 10, 2015 meeting were approved. (Tom made the motion, David seconded) The committee reviewed the 6th draft of the City of Montpelier Cash Management Policy. This policy was approved (David made the motion, Tom seconded). It is ready to be recommended to the City Council. The committee reviewed the 1st draft of the Investment Policy. David presented a 2nd draft of the policy with some changes in placement of items 6, 7 and 8. There was a good discussion about revising the policy to rely on clear investment policy statements for the each type of the city’s funds (portfolios). These policy statements should segregate short term and long term funds and identify levels of acceptable risk. Dan Groberg will work on an investment policy statement for the Senior Center’s “endowment fund”. The next draft of the investment policy will establish the role of the investment committee and the city council in the ongoing management of investment funds. Terry will work on a 3rd draft and send it out to committee members. If all goes well, the committee will meet on Monday, Oct 5th at 4:00 PM to finalize the investment policy. The committee will work towards meeting its goal of presenting the Cash Management Policy and the Investment Policy to the City Council at their Oct 14th meeting. The Senior Center will also bring a proposal for their investment policy statement which will include designating some funds for an FY16 capital project. Being no other business, the meeting was adjourned a 5:10 P.M. Respectfully submitted, Sandra Gallup, Finance Director (802)-223-9520 39 Main Street, Suite 6 Montpelier, VT 05602 www.montpelier-vt.org