HomeMy WebLinkAbout2011-08-16 Finance and Safety MinutesCity of Tukwila
Finance and Safety Committee
FINANCE AND SAFETY COMMITTEE
Meeting Minutes
August 16, 2011— S: 00 p.m.; Conference Room #3
PRESENT
Councilmembers: Kathy Hougardy, Chair; and Joan Hernandez
Staff: Shawn Hunstock, Peggy McCarthy and Kimberly Matej
CALL TO ORDER: Chair Hougardy called the meeting to order at 5:03 p.m.
I. PRESENTATIONS
No presentations.
II. BUSINESS AGENDA
A. 2011 2 "d Ouarter Investment Report
As per City policy, staff provided the quarterly update to the Committee regarding City investment
reports. Standard report details begin on page 3 of the Committee agenda packet and demonstrate what
the City currently has in its portfolio.
Peggy reviewed the City's investments in general commenting that overall things have remained static.
During the second quarter, three CD's matured with fairly high yields, and we bought an agency bond.
Since the last report, the portfolio performance declined as a result of two factors: CD's which matured as
mentioned above and a decline in the earnings of the liquid funds from .37% to .27 The cash
investment balance is greater than first quarter. The investment portfolio continues to comply with the
City's investment policy parameters.
After a brief discussion, staff agreed that it would be worthy to review the City's investment policy every
five years to ensure it is meeting the City's needs. INFORMATION ONLY.
III. MISCELLANEOUS
Meeting adjourned at 5:31 p.m.
Next meeting: Wednesday, September 7, 2011 5:00 p.m. Conference Room #3
*Date change due to holiday
C Reviewed Chair Approval
Min s 6 C M. by SH.