01-27-20 Board of Finance - Laserfiche WebLink

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®CITY OF SOUTH BEND OFFICE OF THE CLERK it lists our investment officers along with myself, Ben Dougherty, the Deputy City Controller, and Rahman Johnson, our Director of Treasury as well as the investors from First (1st) Source Bank who are here to answer any questions you may have today. The first(1st)item on the agenda today is the review of the investment report,which is in a couple of different parts. I'll invite Paul Gifford from First (1st) Source Band to come up when we get to the first(1st) part of it, which is just the report on the actual investments that were made,the$185 million-dollar investment corpus. Before I invite Paul to come up, I did want to mention that on page four(4)we do meet with the investors from First(1st) Source quarterly, and Councilmembers are always welcome to attend the quarterly investment review meetings. The schedule is in the packet if any of the Councilmembers would like to attend those. Paul Gifford, Chief Investment Officer of 1St Source Corporation, 100 N. Michigan Street, South Bend, IN started his portion of the investment review presentation (which can be obtained in the City Clerk's Office) and Mr. Gifford wrapped up his presentation by offering to answer any questions that the Councilmember might have. Councilmember Lori Hamann asked a general question regarding a particular type of investment that First (1st) Source uses for the City of South Bend. Mr. Parker presented the Cash Report portion of the annual review. Councilmember Sheila Niezgodski asked a general question in regard to the City's cash reserves. Mr. Parker went on to explain the investment policy to the Council. Councilmembers then had an opportunity to have their questions answered by Paul Gifford of First (1st) Source Bank. Councilmember Tim Scott made a motion to accept the Board of Finance Investment Report as submitted. The motion was seconded by Councilmember Karen L. White and carried with a voice vote of seven (7) ayes. Committee President Lori Hamann opened the floor to the public for anyone wishing to ask questions or comment on the information that was presented by Mr. Parker and Mr. Gifford. Sue Kesim,422 Kennedy Street, South Bend,IN spoke about concerns that she has with the Census for South Bend, information on past and future projections for all of the TIF funds that are used, will the number of City employees be an area cut in the budget and what the maximum would be for Bonds that are issued to the City of South Bend. Murray Miller, South Bend, IN asked a question about the Potawatomi Zoo Bonds. With no furtherquestions from the Committee, Council or the public, Committee President Lori Hamann adjourned the meeting at 4:29 p.m. EXCELLENCE ACCOUNTABILITY INNOVATION INCLUSION EMPOWERMENT 455 County-City Building 227 W.Jefferson Bvld South Bend,Indiana 46601 p 574.235.9221 f 574.235.9173 l I L)574.235.5567 www.southbendin.gov 2