11-25-1985 Study SessionCITY OF RICHFIELD, MINNESOTA
CITY COUNCIL STUDY SESSION-ON INVESTMENTS MEETING
NOVEMBER 25, 1985
MEMBERS PRESENT: John Hamilton, Mayor; Howard Bunee; Ivan
Ludeman; Donald Priebe; and, Michael
. Sandahl.
STAFF PRESENT: John Cartwright, City Manager; Clayton
LeFevere, City Attorney; Steven Devich,
Administrative Services Director;
Thomas Ferber, City Clerk; Donald
Fondrick, Community Services Director;
Thomas Morgan, Public Safety Director;
and, Jean Mitchell, Finance Manager.
OTHERS PRESENT: Bob Boeck, Merril Lynch Capital Markets;
Darrel Roepke and Don Snee, Midwest
Federal; Andy Marks, Dain Bosworth; John
Lila and Cliff Hoffman, Deloitte,
Haskins, and Sells; Martin Kirsch; and,
Edwina Garcia.
The meeting was called to order by Mayor Hamilton at 5:35 p.m.
Item ~1 REVIEW OF THE CITY'S INVESTMENTS PROGRAM. C.L. 0
John Lila, Deloitte, Haskins and Sells, reviewed the
various investments available to municipalities.
Cliff Hoffman, Deloitte, Haskins, and Sells, reviewed
investment strategies for cash balances and suggested that the
council set policy guidelines for city staff.
Council Member Priebe asked what method was currently being
used for city investments.
Administrative Services Director Devich responded that the
staff follows the investment guidelines as stated in the budget
and consults with various financial advisors.
Bob Boeek, Merril Lynch Capital Markets, reviewed and
defined the available investments and their yields.
Council Member Priebe suggested that policy guidelines
should be developed to manage the city's investments because
they are a mayor revenue source. He also suggested the city
should consider hiring an independent financial advisor.
Council Member Priebe requested that a separate report be
generated to show income from investments.
Study Session Meeting
-2- November 25, 19x5
Andy Marks, Dain Bosworth, reviewed various investment
instruments including commercial paper, zero coupon bonds, and
bankers acceptance.
Darrel Roepke and Dan Snee, Midwest Federal, discussed
certificates of deposits.
Administrative Services Direetar Devieh reviewed the average
rate of r~t~ru for Richfield in comparison to other
municipaiifii~s.
City Manager Cartwright said city staff would prepare an
investment policy along the lines ree.ommended by the auditors
and present it 'to the city council at a future council meeting.
ADJOURNMENT
The City Council Study Session on Invest
ad3ourned bq Mayor Hamilton at 5:42 p.ay~ /
Date Approved: December 9, 1985
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Thomas P. Ferber
City Clerk
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