Finance Committee Agenda and Packet 2010 03 15

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City Council Finance Committee Meeting Minutes 02/16/2010 Page 2 of 3 LIABILITY, PROPERTY INSURANCE AND WORKER'S COMPENSATION INSURANCE COVERAGE Rhonda Welborn presented a summary of her research on potential City insurance premium reductions by increasing various deductible levels as requested by the Committee at the January 19, 2010 meeting. The Committee reviewed each Line of Business premium, deductible and related premium reduction and instructed staff to proceed with increasing the City's deductible for Equipment to $5,000, General Liability to $25,000 and Law Enforcement to $25,000. These changes will result in an annual savings of approximately $17,000. A summary of the coverage, deductibles and rates can be located on the City's website at www.louisvilleco.Qov. UPDATE ON INVESTMENT MANAGEMENT SERVICES PROCUREMENT PROCESS AND CONTRACT The Finance Director provided the Committee with a copy of the proposed contract with Davidson Fixed Income Management to be included on the consent agenda for the February 16, 2010 Council Meeting. The proposed contract can be located on the City's website at www.louisvilleco.Qov. PROPOSAL TO IMPLEMENT CUSTODY ACCOUNT The Finance Director presented the Finance Committee with a recommendation by Davidson Fixed Income Management that the City change its investment account with Wells Fargo Securities LLC from a safekeeping account to a custody account. With this change of account are annual fees of approximately $4,000 - $5,000. The Finance Committee voted unanimously to bring the recommendation forward to City Council. A copy of the safekeeping vs. custody account summary and Wells Fargo Bank N.A. custody agreement can be found on the City's website at www.louisvilleco.Qov. CSAFE UPDATE 3