HomeMy WebLinkAboutMinutes - Minutes - City Council - Meeting Date: 10/11/2022City of Glendale
5850 West Glendale Avenue
Glendale, AZ 85301
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&7
Glendale
A R I Z O N A
Meeting Minutes
Tuesday, October 11, 2022
12:30 P.M.
Workshop Meeting
Council Chambers
City Council
Mayor Jerry Weiers
Vice Mayor Jamie Aidama
Councilmember Joyce Clark
Councilmember Ian Hugh
Councilmember Ray Malnar
Councilmember Lauren Tolmachoff
Councilmember Bart Turner
CALL TO ORDER
Mayor Weiers called the meeting to order at 12:30 p.m.
ROLL CALL
Present: Mayor Jerry Weiers
Vice Mayor Jamie Aldama
Councilmember Joyce Clark
Councilmember Ian Hugh
Councilmember Lauren Tolmachoff
Councilmember Bart Turner
Absent: Councilmember Ray Malnar
Also Present: Kevin Phelps, City Manager
Michael Bailey, City Attorney
Julie K. Bower, City Clerk
Councilmember Malnar arrived at 12:33 p.m.
WORKSHOP SESSION
1. PRESENTATION ON THE CITY'S INVESTMENT PORTFOLIO
Presented by: Levi D. Gibson, Interim Director, Budget and Finance
Megan Ellgen, Controller, Budget and Finance
Guest Presenter: Ash Mehta, Vice President, Public Trust Advisors
Ms. Bower read the item by title.
Mr. Gibson provided an annual update on the City's investments.
Ms. Ellgen provided information on the investment policy.
Mr. Mehta provided a market update and portfolio review.
Councilmember Tolmachoff asked if short term investments took advantage of the rates that
were available.
Mr. Mehta said as the portfolio matured, the cash portion would be reinvested for earnings at
the higher rate.
Councilmember Tolmachoff asked if the amount would be significant.
Mr. Mehta said that was correct.
Councilmember Clark asked if the long-term portfolio could be accruing at the higher rate.
Mr. Mehta said it was possible but there would be a loss on securities in order to reinvest. As
the portfolio matured, funds would be reinvested.
Councilmember Clark asked if the loss would be offset by the gains earned.
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Mr. Mehta said it was possible, but it would require a period of time to overcome the loss.
Councilmember Clark asked how long of a period.
Mr. Mehta said an analysis would be necessary but estimated it would take two and a half
years to break even.
Councilmember Turner asked for an explanation of the unrealized loss of $8 million that
occurred in June 2022.
Mr. Mehta said if there was a change to the portfolio before it was fully matured, it would be an
unrealized loss of $8 million.
Councilmember Malnar asked where the surplus funds originated.
Mr. Gibson said the surplus consisted of $60 million in unplanned American Rescue Plan Act
(ABPA) funds and higher than anticipated incoming revenue.
CITY MANAGER'S REPORT
Mr. Phelps said the City would be hosting the first of several community stakeholder meetings to
provide information and receive input on the Downtown Campus Reinvestment Project. The first
meeting was scheduled for Wednesday, October 26th at 6:00 p.m. in the Council Chambers at City
Hall.
Mr. Phelps said the public was invited to participate in the Master Plan Update for Sahuaro Ranch
Park by providing input on park concepts. He said 126 surveys had been received from citizens. The
deadline was October 16th.
Mr. Phelps introduced the City's new Fire Chief, Ryan Freeburg.
CITY ATTORNEY'S REPORT
No report
COUNCIL ITEMS OF SPECIAL INTEREST
Councilmember Tolmachoff requested a discussion on the City's sign ordinance, specifically regarding
signs in the medians.
Councilmember Turner requested a discussion on front yard parking, specifically on circle driveways in
residential neighborhoods.
MOTION. AND CALL TO ENTER INTO EXECUTIVE SESSION
A motion was made by Vice Mayor Jamie Aldama, seconded by Councilmember Ian
Hugh to hold an executive session.
AYE: Mayor Jerry Weiers
Vice Mayor Jamie Aldama
Councilmember Joyce Clark
City Council Meeting Minutes - October 11, 2022 Page 3 of 4
Councilmember Ian Hugh
Councilmember Lauren Tolmachoff
Councilmember Bart Turner
Other: Councilmember Ray Malnar (ABSENT)
Passed
EXECUTIVE SESSION
Council met in executive session at 12:56 p.m. for:
. Discussion and consultation with the City Attorney and City Manager to receive an
update, consider its position and provide instruction and direction to the City Attorney and
City Manager regarding Glendale's position in connection with agreements associated with
the Arena pursuant to A.R.S. § 38-431.03(A)(3)(4)(7)
. Discussion regarding appointments and matters relating to various boards, commissions and
other bodies pursuant to A.R.S. § 38-431.03(A)(3)(4)
A motion was made by Councilmember Joyce Clark, seconded by Councilmember Ian
Hugh to adjourn the executive session.
AYE: Mayor Jerry Weiers
Vice Mayor Jamie Aldama
Councilmember Joyce Clark
Councilmember Ian Hugh
Councilmember Lauren Tolmachoff
Councilmember Bart Turner
Other: Councilmember Ray Malnar (ABSENT)
Passed
Mayor Weiers adjourned the executive session at 1:53 p.m.
ADJOURNMENT
Mayor Weiers adjourned the meeting at 1:53 p.m.
I hereby certify that the foregoing minutes are a true and correct copy of the minutes of the
meeting of the Glendale City Council of Glendale, Arizona, held on the 11th day of October,
2022. 1 further certify that the meeting was duly called and held and that a quorum was
present.
Dated this 14th day of October, 2022.
J i . Bower, MMC, City Clerk
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