HomeMy WebLinkAboutMinutes - Finance Committee - 10/27/2008 -C .Finance AdministrationI02~FloorFortCoLLins
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Council Finance Committee
Minutes
10/27/08
10:30 a.m 12:00 p.m.
Council Attendees:Mayor Doug Hutchinson,Councilmember Ben
Manvel,Councilmember KeLly OhLson
City Staff Attendees:Darin Atteberry,Kraig Ecton,Mike Freeman,
Chuck Seest,Janet Miller,Amy Sharkey,Harodl
Hall,Heather Shepherd
Others:Ann Hutchison from the Chamber of Commerce;
John Knezovich from the Library District
Approval of the Minutes from the September 1 ~meeting.
After Mayor Hutchinson stated that there should be a correction to the spelling of Ann
Hutchison’s name,Councilmember Manvel moved to approve the minutes as corrected
and CounciLmember OhLson seconded the motion.Minutes were approved
unanimously.
HR Benefits Summary
In 2009,there wiLL be changes to our compensation.Human Resources is in the final
process of implementing the market and pay changes.
The three key changes to the Performance Management System are:
1)Markets have been identified for the City’s benchmark jobs,include private
and public sector information,and vary by job
2)All UncLassified Management and CLassified Employees wiLl receive a
performance review (this incLudes merit and skill Ladder employees)
3)A high level of accountability is required of supervisors in order to ensure the
system is administered in a fair and consistent manner
•employee self-assessment
•supervisor review
Amy Sharkey reported to the Committee that the City has now benchmarked jobs by
their appropriate markets.Mayor Hutchinson asked how many actual employees jobs
translate to the jobs that are benchmarked.Human Resources will get that
rE~hn~Lins
information back to the Committee.Amy also informed the Committee that the City
is on scheduLe for the new on-Line performance management system and this system
will be used this year for reviews in 2009.AdditionaLly,Amy reported that aside from
compensation,the City’s benefits package is now aLigned with the market.
Investment Policy
Chuck Seest updated the Committee on the current investment poLicy and some minor
changes that the Finance Department recommends.
Safety,liquidity,and return on investment,are the objectives.These objectives
remain unchanged.
Current Policy:
Safety—majority of City investments are the purchase of bonds issued by FederaL
Government agencies.
Liquidity--stated current duration of the investment portfolio is 22 months.This
current policy Limits the portfolio to an average of 24 months.
Return—Have specific benchmarks for measuring return.They are a 2 year Treasury
Bill,and the Federal Bill Market Committee rate.
Suggested Changes to Current Policy:
•Create a formal policy regarding Interfund Borrowings.
•Type of investments:Add CD Account Registry to Eligible List of Investments.
(Safe investment with FDIC coverage).
•Liquidity:Increase Duration of Investment Portfolio from 24 months to 36
months.
Foothills URA Plan Update
Mike Freeman recommended that the City should shut down the Foothills URA plan
area.Given the uncertainty with GGP continuing as a viable mall operator,it is
unlikely that they redevelop the mall.The Committee agreed with this
recommendation.
John Knezovich commented that in his opinion,the Finance Committee is working on
important topics that are productive and beneficial to the City.Much progress is
being made by Council and Staff through this forum.
Meeting adjourned at 11:55