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HomeMy WebLinkAboutOctober 3 MINUTES OF FINANCE AND INVESTMENT COMMITTEE Wednesday, October 3, 2005 Town Hall Breakout Room Follow up highlighted in blue The meeting convened at 6:00. Members present: Craig Jones, Jean Mordo, Karl Kneip, Jim Lai, Frank Lloyd, Stan Mok, Lalla Stark Members absent: Wilf Corrigan, Doug Norby Staff Present: Sarah Ragsdale Approval of Minutes for September Meeting Frank suggested use of full names. Minutes were approved unanimously with this change. Charter City Jim Lai reviewed his updates presentation. We agreed to change the focus from Charter City to New Source of Revenue. Jim will recast the presentation. Prevailing wage is a minor point. Need to add 2004/2005 estimate for transfer tax revenue (SR). Craig and Jean informed FIC that Council is currently occupied with Charter School and PGE, will not have bandwidth for this topic until November. Format for reporting to Council Sarah will prepare a monthly report showing • year to date revenues and expenditures • full year budget • YTD as percent of budget • prior year to date • YTD as percent of prior year Frank and Sarah will put together a proposal to the FIC. They will prepare two versions - a detailed version for the FIC (similar line items to Page 18, but with addition of General Fund Cash Flows) and a summary item consisting of no more than 10 key line items for the Council. Craig called this a “Dashboard” report. Sarah will also present a monthly total cash report to the FIC with Beginning Cash, Plus Receipts, Minus disbursements, Ending Cash and a Ending cash recap for the past 24 months. Status of Compensation Study Sarah updated the committee on the responses from the neighboring towns to our offer to cooperate on a study of post retirement health benefits. The committee agreed that before we pursue the study, an actuarial study should be commissioned to assess our exposure. Depending on the size of the exposure, the alternative of going ahead with a study of our own, or to wait and join a broader State or regional initiative will be addressed. Sarah will request an approval to proceed on the actuarial study at the 10/20/05 Council meeting. Forecast The committee agreed that the best basis to trigger a reforecast of the current year is the YTD report referred to above. The long term forecast should be looked at after the year end reporting is completed, as part of the new budget preparatory work. It was agreed that the Sarah will provide the FIC with a schedule showing the annual calendar of financial reporting activities. Cash Management Sarah updated the committee on the status of the RFP. 4 RFPs sent. Replies due 10/21. Stan and Jim will assist Sarah in reviewing and narrowing down the list to 3 applicants for FIC review. Stan and Doug will present a pro forma laddering investment proposal using the rates then effective on Oct 31st based on the assumption that our total cash is a rather constant $12M. Adjournment The meeting adjourned at 8:00. Next meeting Wed 11/2 at 5pm. Repeat 5pm. Stan responsible for food.