HomeMy WebLinkAbout01-25-10 Board of Finance Annual MeetingBOARD 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.
There being no further business to come before the Committee at this time,
Councilmember White adjourned the meeting at 3:54 p.m.
Respectfully Submitted,
~~~~~
Karen L. White, Vice-Chairperson
Personnel and Finance Committee