03/02/2000 - Laserfiche WebLink

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• 4.6 Accepted agreement for conservation easement, Lands of Packard, 26580 Taaffe Road—Reso#14-00 4.7 Accepted pathway easement, Lands of Packard, 26580 Taaffe Road- Reso #15-00 4.8 Accepted pathway easement, Lands of Patmore, 27650 Central Drive— Reso#16-00 5. UNFINISHED BUSINESS 5.1 Continuation of Discussion on Alternative Investment Administration for Town Reserve Funds The City Manager referred to his staff report which outlined the discussions to date on the issue of alternative investment options for the Town. In part this report commented on the possible expansion of the current Finance Committee, the establishment of a new Investment Committee and the possible.impact of either decision on the allocation of staff time in particular that of the Finance Director. Finn noted that it was his understanding that Council was going to proceed with the establishment of a separate Investment Committee. The City Manager could be empowered to • make the investments or Casey noted that the committee could make a recommendation to the Council whether the staff should make the decisions or an outside consultant. Dauber asked why establish a separate committee as opposed to adding these charges to the Finance Committee. Finn responded that an understanding was needed of budget and cash flows. Johnson stated that he supported the establishment of an investment committee but was concerned that there would be two committees dealing with the Town's money and there would be no interaction between the two. Casey suggested that the chairmen of the Finance Committee and the Chairman of the Investment Committee be ex officio members of each other's committee. Dauber raised the issue of staff time and Council priorities and asked if, by establishing this committee, Council agreed that the review of the fee structure would be lowered on the priority list. Casey and Finn did not agree stating that the establishment of an Investment Committee need not be complicated and Council could proceed with its other priorities. MOTION SECONDED AND CARRIED: Moved by Finn, seconded by Casey and passed unanimously to create a separate five member Investment Committee to make recommendations to the Council on more aggressive investments of the Town's money; to manage cash resources; and to establish procedures to get a return more in keeping with the current market. PASSED BY CONSENSUS: Mayor Pro Tem Finn agreed to prepare a list of the Investment Committee's charges for approval at the next Council Meeting. 6. NEW BUSINESS March 2, 2000 Regular City Council Meeting 3