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HomeMy WebLinkAboutMinutes_Investment Advisory_10/08/2008 MINUTES VILLAGE OF TEQUESTA INVESTMENT COMMITTEE MEETING OCTOBER 8, 2008 Call to Order and Roll Call The meeting was called to order by 10:05 a.m. A roll call was taken by Recording Secretary Betty Laur. Present were: Chair Michael R. Couzzo, Jr., Finance Director Joann Forsythe, and Committee Member Abby Roeloffs. Review and Discuss Draft Banking Services RFP The committee discussed whether to move the "A" fund to Bank of America, which had a rating of AA negative and a stable outlook, from SBA, which had a rating of A with a negative outlook. The Village auditors were going to write a risk assessment; if the risk was moving funds out of a bank with less risk into a bank with more risk, that would have to be written up. Another piece to this was a general banking RFP to compare fees, etc. Ms. Forsythe advised the banks were giving rates based on the transactions the Village ran through their bank. Each bank should be told the same amount. Consensus was to wait on an RFP until after the first of the year, then look at everything again, but at least to require a double AA negative rating and a positive FITCH rating. Designating funds for a long -term plan for the bridge and the pensions was discussed. Finance Director Forsythe was requested to find out if SBA was allowed to invest in mutual funds. Ms. Roeloffs wanted to make sure that the money outside the SBA was invested locally, and that banking institutions with a facility located in the Village of Tequesta were utilized. It was stated that the Village's intention was to first consider local banking services, leave the investments as they were, and revisit this in January. Consensus was to look at the language later in Part II, item 2.1 of the RFP, which was currently "The proposing bank shall have branch(es) within the Village of Tequesta Village limits." The committee discussed the fact that the Manager had the authority to get some banks pre- approved, which had been done by resolution of the Village Council. Local banks that might respond to an RFP were Bank of America, Bank Atlantic, and National City, although that might change by January. Consensus was to get together to work on policies and procedures before January, which would address the question of internal controls for investments. ADJOURNMENT MOTION: Committee Member Roeloffs moved to adjourn the meeting at 10:40 a.m.; seconded by Finance Director Forsythe, and carried unanimously 3 -0. INVESTMENT COMMITTEE MEETING OCTOBER 8, 2008 Page 2 Respectfully submitted, Betty Laur Recording Secretary Note These summary minutes are prepared in compliance with 286.011 F.S. and are not verbatim transcripts of the meeting. A verbatim audio record is available from the Office of the Village Clerk. All referenced attachments are on file in the Village Clerk's office.