01-25-10 Board of Finance Annual Meeting

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BOARD OF FINANCE -ANNUAL MEETING JANUARY 25, 2010 Vice-Chairperson Karen White called the Board of Finance Meeting to order at 3:18 p.m. Members in Attendance were: Gregg Zientara; John Murphy; Mayor Stephen Luecke; Rita Kopala; Karen White; Tim Rouse; Ann Puzzello; Dave Varner; Derek Dieter Presiding for Chairman LaFountain, Vice-Chairperson White briefly noted the purpose of the meeting before turning to Council Attorney Kathy Cekanski-Farrand for a more detailed explanation. Kathy said the Board of Finance purpose and procedure was defined in Title 5 of the Indiana Code. An informational handout from Kathy is attached. Councilmember White then stated the first order of business was to elect officers for the 2010 Board of Finance. Subsequently, Tom LaFountain was named President, having been nominated by Ann Puzzello seconded by Tim Rouse and supported by all. Councilmember Puzzello was voted unanimously as well to serve as Secretary. She was nominated by Councilmember Dieter, and seconded by Councilmember Varner. Councilmember White then called upon Gregg Zientara, City Controller for a report on the Board's 2009 activities. Using the report he filed with the Council last week Gregg walked everyone through the executive summary. Councilmember Rouse hearing the performance report of 1St Source, the City depository, asked it this service was bid. Mayor Luecke said he favored using a "hometown bank", but said other banks would be evaluated. Councilmember Varner said the costs associated should be reviewed in the selection process. Gregg said current practice was for 1St Source to charge a nickel for each check disbursed from the city depository suggesting this was too expensive. He said he was meeting with 1St Source the next day. Councilmember White asked Gregg to report back to the Council and to provide a copy of the current contract with 1St Source. Councilmember Oliver Davis arrived at 3:40 p.m. Gregg Zientara then outlined the current 2 year .city policy regarding stale dated checks. Councilmember White asked if this policy aligned with the policy practiced by other cities. Gregg referred to proposed investment and stale dated check policies stated on page 11 of his report to the Council. Councilmember Rouse motioned and Ann Puzzello seconded affirmation of the stated investment policies. Councilmember Rouse then moved that Gregg Zientara and John Murphy act as the city's investment officers. Dave Varner seconded the motion. Both actions were supported by all.