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Finance Committee Agenda and Packet 2010 05 17
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Finance Committee Agenda and Packet 2010 05 17
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FCPKT 2010 05 17
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<br />City Council Finance Committee <br />Meeting Minutes <br />04/19/2010 <br />Page 2 of 4 <br /> <br />PRESENTATION BY SCOTT PRICKETT, DAVIDSON FIXED INCOME <br />MANAGEMENT <br /> <br />Scott Prickett introduced himself to the Finance Committee and reviewed the <br />City's current investment allocations and the monthly account review reporting <br />that will be provided ongoing. Mr. Prickett conveyed Davidson's more <br />conservative investment strategies and provided some background for the short- <br />term and long-term investment goals for the City. <br /> <br />A copy of the presentation and account review can be located in the Finance <br />Department of City Hall. <br /> <br />UPDATE ON BANKING SERVICES PROCUREMENT PROCESS <br /> <br />Mayor Chuck Sisk recused himself from this portion of the meeting. <br /> <br />The Finance Director reviewed with the Finance Committee a summary of the <br />procurement process with all the proposers and recommended to the Committee <br />to enter into negotiations with First National Bank. <br /> <br />The recommendation is based on the Annual Cost of Service and the Earnings <br />Credit Allowance. A formal Banking Services Agreement will be brought before <br />the Finance Committee at the next meeting on May 17, 2010. <br /> <br />The Finance Director also indicated that should the negotiations with First <br />National Bank fall through, or should any other events impede the full execution <br />of the agreement, the Evaluation Committee recommends beginning negotiations <br />with Wells Fargo. <br /> <br />A copy of the discussion document can be located on the City's website at <br />www.louisvilleco.qov. <br /> <br />SALES TAX REPORT FOR THE PERIOD ENDED FEBRUARY 28, 2010 <br /> <br />The Tax Manager informed the Finance Committee that the Colorado <br />Department of Revenue seized the Louisville Quizno's and auctioned the assets <br />on April 13, 2010. She informed them that there would not be any proceeds left <br />over to satisfy the City's debt. <br /> <br />The Tax Manager presented the February 28, 2010 Sales Tax Report. The <br />report and the corresponding narrative can be located on the City's website at <br />www.louisvilleco.qov. <br /> <br />FINANCIAL STATEMENTS FOR THE PERIOD ENDING MARCH 31, 2010 <br /> <br />3 <br />
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