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City Council Finance Committee <br />Meeting Minutes <br />10/21/14 <br />Page 2 of 3 <br />CASH & INVESTMENT REPORT AS OF SEPTEMBER 30, 2014 — UPDATE <br />FROM SCOTT PRICKETT, CHANDLER ASSET MANAGEMENT, CITY <br />INVESTMENT ADVISOR <br />Mr. Prickett reviewed with the Finance Committee current economic trends, the <br />financial market outlook for 2015, and how these trends may affect the City's <br />investments in the future. Specifically discussed was the slow growth trajectory <br />being experienced domestically, a weakening of the European economy, and the <br />slowing growth in China. <br />Mr. Prickett stated that he believes the Fed will raise interest rates in the 2nd half <br />of 2015 depending on unemployment rates, inflation or deflation rates, the CPI, <br />and other leading economic indicators. <br />Mr. Prickett reviewed the current unemployment, CPI, Housing and other <br />economic data with the Committee. Mr. Prickett also reviewed the historical rate <br />of return earnings for the City of Louisville and stated that the City's portfolio is <br />very favorable, defensive, and provides the ability to take advantage of higher <br />yields and dollar cost averaging. <br />Mr. Prickett emphasized Chandler Asset Management's commitment to the <br />investment goals and policies of the City and its obligations to ensure funds are <br />available to meet the City's needs. <br />A copy of Scott Prickett's presentation and City Portfolio and corresponding <br />narrative can be located in the packet of the October 21, 2014 Finance <br />Committee Meeting. <br />FINANCIAL STATEMENTS FOR PERIOD ENDING SEPTEMBER 30, 2014 <br />Senior Accountant, Graham Clark presented the fund balance statements to the <br />Finance Committee for the first nine months of 2014. <br />Accountant Clark informed the Committee that approximately $4.2M was <br />transferred from the General Fund to Capital Projects in the last two months, and <br />that all department expenditures are in line with their annual budgets. <br />Accountant Clark stated that to date, the City has recouped a total of $700K from <br />FEMA and the State for various reconstruction projects. <br />The reports and the corresponding narrative can be located in the packet of the <br />October 21, 2014 Finance Committee Meeting. <br />SALES TAX REPORTS FOR THE MONTH ENDED AUGUST 31, 2014 <br />3 <br />