Finance Committee Agenda and Packet 2020 07 21

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City Council Finance Committee Meeting Minutes 06/23/20 Page 3 of 9 Finance Committee Member Lipton stated that regional statistics for Colorado are generally better than the national averages. Ms. Hughes agreed stating that Colorado has good diversification and resilience and is not seeing the level negative COVID-19 impacts currently being experience by other western states. Mr. Scott Prickett reviewed the City's current Investment Portfolio and provided information on the portfolio objectives, strategies, and performance. These highlights included: • Our portfolio is benchmarked against the 2 Year Held -to -Maturity Treasury Index and the ICE BAML Blended 0-3 Year Treasury Index • Compliance with Colorado state law and the City's Investment Policy • Average Purchase Yield 1.82% • All City investments are in AA+ or Aaa quality investments • Since inception June 2014, the City's investments have performed above the compared index (1.34%), with a historical market yield of 1.43% Mr. Prickett stated the City's very liquid portfolio had been aged down since the beginning of 2020 as to be overly cautious, but now with a more comfortable view of the market and increasing yield curve, have started reinvesting the City's available liquidity in longer term investments. Mr. Prickett stated he expects to recapture some of the yield performance as the economy improves while maintaining safety and liquidity. Finance Committee Lipton asked what indicators a municipality should be looking at to navigate forward, and should the City's investments be moving back towards the benchmark. Mr. Prickett stated key components for the Finance Committee would be to ensure compliance and adherence to the City's Investment Policies, and that the strategies and portfolio characteristics are in alignment. Mr. Prickett stated that Chandler will be remain disciplined but still look for opportunities. The reports and corresponding narrative can be located in the packet of the June 23, 2020 Finance Committee Meeting. INFORMATION TECHNOLOGY UPDATE IT Director Chris Neves presented a summary to the Finance Committee of the City's ongoing efforts related to cybersecurity and the new and increased threats related to the pandemic and remote teleworking issues. Director Neves discussed the rollout of video conferencing services utilizing Zoom and Microsoft Office365 Teams, and the department's challenges to ensure 5