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OFFICE OF THE CITY CLERK
DAWN M.JONES, CITY CLERK
BOARD OF FINANCE JANUARY 27, 2020 4:00 P.M.
Council Members Present: Karen L. White, Sheila Niezgodski, Troy Warner
Jake Teshka, Tim Scott, Lori Hamann
Rachel Tomas Morgan, Sharon L. McBride
Council Members Absent: Henry Davis Jr.
Others Present: Dawn Jones, Graham Sparks, Bob Palmer
Lisa Horton
Presenters: Dan Parker-City Controller, Paul Gifford-Chief
Investment Officer, 1st Source Bank
Agenda: Annual Board of Finance Meeting where the South
Bend Common Council convenes as a local Board
of Finance to elect its officers
Council President Tim Scott called to order the Annual Board of Finance meeting at 4:00 p.m. He
introduced Council Members present and proceeded to open the floor to nominations for President.
Councilmember Lori Hamann made a motion to nominate herself to be President. Councilmember
Karen L. White seconded this motion which carried by a voice vote of five (5) ayes.
Councilmember Karen L. White then made a motion to nominate Councilmember Rachel Tomas-
Morgan as Secretary. Councilmember Lori Hamann seconded this motion which carried by a voice
vote of five(5) ayes.
Board President Lori Hamann,presiding.
Board President Lori Hamann then gave the floor to the presenters.
Dan Parker,City Controller for the City of South Bend with offices on the 12th floor of the County-
City building stated, So, during this past week, I sent around a memo outlining the background of
this meeting. This meeting is essentially an annual meeting where we get together and review the
investments for the previous year. I would be happy to answer any questions on this, but our
investment advisors from First (1st) Source are here today as well. So, if you look at the packets
(there are paper copies that can be obtained from the City Clerk's Office as well)on page three(3)
INTEGRITY' SERVICES ACCESSIBILITY
-- --- BIANCA L.TIRAIK) GRAHAM D.SPARKS GABRIEL N.MuREI
CHIEF DEPUTY/DIRECTOR OF OPERATIONS DEPUTY/DIRECTOR OF POLICY ORDINANCE VIOLATION CLERK
EXCELLENCE I ACCOUNTABILITY I INNOVATION I INCLUSION I EMPOWERMENT
455 County-City Building 1227 W.Jefferson Blvd.I South Bend,Indiana 46601 I p 574.235.9221 I f 574.235.9173 I www.southbendin.gov
®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
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®CITY OF SOUTH BEND OFFICE OF THE CLERK
Respectfully Submitted,
Comm' tee Chair, Lori Hamann
EXCELLENCE ACCOUNTABILITY INNOVATION INCLUSION EMPOWERMENT
455 County-City Building 227 W.Jefferson Bvld South Bend,Indiana 46601 p 574.235.9221 1574.235.9173 TTD 574.235.5567 www.southbendin.gov
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