HomeMy WebLinkAbout2019-11-25 Finance MinutesCity Council Finance Committee
FINANCE COMMITTEE
Meeting Minutes
November25, 2019 - 5:30 p.m. - Hazelnut Conference Room, City Hall
Councilmembers: Thomas McLeod, Chair; Verna Seal, De'Sean Quinn
Staff: David Cline, Vicky Carlsen, Jay Wittwer, Bruce Linton, Tony Cullerton, Joseph
Todd, Tami Eberle -Harris, Roman Linsao, Joel Bush, Laurel Humphrey
CALL TO ORDER: Chair McLeod called the meeting to order at 5:30 p.m.
I. PRESENTATIONS
II. BUSINESSAGENDA
A. Contract: GIS Services
Staff is seeking Council approval to renew an Enterprise License Agreement with ESRI in the
amount of $55,000 for an additional two-year term. The current agreement expires in January
2020 and has resulted in significant expansion of the city's GIS capabilities. The proposed
renewal includes uncapped quantities of desktop software and developer tools, 10,000 online
service credits, 100 user named licenses and multiple software extensions. Councilmembers
and staff discussed the cost benefit of the GIS program. Councilmember Seal asked for a report
of traffic sign related data. UNANIMOUS APPROVAL. FORWARD TO DECEMBER 2, 2019
REGULAR CONSENT AGENDA.
B. 2019 3rd Quarter Investment Report
Staff presented the 2019 3rd Quarter Cash and Investment Report, including information on the
City's portfolio components, performance, policy compliance and liquidity analysis, fund cash
and investment balances, and investment environment. At September 30, 2019, the portfolio
totaled $62.5 million comprising $47.8 million in cash and cash equivalents and $14.7 million in
longer term investments. Chair McLeod pointed out that the investment portfolio is projected to
earn approximately $1.4 million for the year, which is significantly over the budgeted $848k.
DISCUSSION ONLY.
III. MISCELLANEOUS
Adjourned at 5:47 p.m.
Committee Chair Approval
Minutes by LH