HomeMy WebLinkAboutMinutes - Minutes - City Council - Meeting Date: 10/11/1988F MINUTES OF THE WORKSHOP SESSION OF THECITYCOUNCILOFTHECITYOFGLENDALE, MARICOPA COUNTY, ARIZONA HELD TUESDAY, OCTOBER 11, 1988, AT 3:18 P.M. Mayor Renner called to order the Workshop Session of GlendaleCityCouncilinConferenceRoomB-3 of the Council Chambers. Council members present were: Bellah, Hugh, McAllister, andTolby. Members Absent: Falbo and Huffman. WORKSHOP SESSIONRECOMMENDEDINVESTMENT POLICY MODIFICATIONSInJulyof1985, the City Council informally reviewed aproposedinvestmentpolicymanualandprovidedconceptualapprovalofthisdocument. As a part of the FinanceDepartment's internal control reviews, we have identified
areas where investment practices and policies can be
improved. In addition, Shearson Lehman Hutton, the City's
financial advisor has reviewed and concurred with the
proposed changes to our current policy.
During July of 1987, we also recommended that the City be
allowed to participate in investing monies in the State
Treasurer's Pool to improve investment income. As a result
the city earned an additional $96,000 in interest income.
We would like to recommend for the Council's consideration
the following changes to our existing policies:
1. Change our limit for investments held in the State
Treasurer's Pool from 30% of the City's portfolio to a
maximum of 50% of our investment portfolio.
2. Allow the City to invest monies for a period of greater
than one year when it is practical and beneficial as
determined by the Finance Director or his designee.
3. Protection of City monies invested by requiring
collateral at a level of 103% of the market value of our
total investments.
4. Collateralization policy changes would require:
a. The City of Glendale prepare a schedule which
compares collateralization shown in the banks schedule to the
amount required by the City of Glendale. Any deficiency
noted in collateral will be penalized based on the prevailing
prime rate of interest as reflected in the Wall Street
Journal for that day's computations.
By implementing these changes it will allow the City toincreaseitsrevenueonidlefundsheldbytheotherentities. Ken Martin, Management Resources Deputy City Manager, briefedthecouncil. Mayor Renner asked if the longer term investments would bedifferentinstruments. Mr. Martin stated they would be thesametypeofinstrumentbutwithalongerinvestmentterm. This item will be placed on a regular agenda for councilaction. INTERGOVERNMENTAL REPORTMarionPorchhadnothing to report.
COUNCIL COMMENTS AND SUGGESTIONS
None.
ADJOURNMENT
The meeting was recessed at 3:25 p.m. and will be reconvened
at 5:15 p.m.
Mayor Renner reconvened the Workshop Session at 5:15 p.m. in
the Council Chambers. Council members present were: Bellah,
Falbo, Huffman, Hugh, McAllister and Tolby. Members Absent:
None.
RPTA DRAFT TRANSPORTATION PLAN
The RPTA Draft Plan was released in April and has been
presented to many organizations and community groups to
solicit their comments and suggestions. The Mayor's Ad Hoc
Transportation Advisory Committee has been meeting monthly to
review the plan in depth. The Downtown Development
Corporation has reviewed the alternative rapid transit
alignments through the downtown area.
To provide Council with an overview of this process, the RPTA
will present an update on the Draft Plan to Council. Mr.
Chuck Boyes, P.E., will present the recommendations of the Ad
Hoc Committee and Mr. Larry Glazman will present the
recommendations of the Downtown Development Corporation.
Based on inputs received, the RPTA intends to issue a final
plan in the next few weeks. Any recommendations Council has
on the Draft Plan should be given to the RPTA at this time.
ADJOURNMENT
There being no further business the meeting adjourned at 6:30p.m.. Assistant City Clerk