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Permanent Fund Committee Meeting Minutes April 10, 2008
Session 08-02 a Regular Meeting of the Permanent Fund Committee was called to order at 6:02 p.m. on April 10, 2008 by Dennis Novak at the Homer City Hall Cowles Council Chambers located at 491 E. Pioneer Avenue, Homer, Alaska.
PRESENT: COMMITTEE MEMBERS: JO JOHNSON, MATT NORTH, DENNIS NOVAK, BETH WYTHE
ABSENT: REGINA HARVILLE
APPROVAL OF AGENDA
The agenda was approved by consensus of the Committee.
PUBLIC COMMENTS REGARDING ITEMS ON THE AGENDA
No members of the public were present.
APPROVAL OF MINUTES
A. Regular Meeting Minutes of January 9, 2008
The minutes were approved by consensus of the Committee.
NEW BUSINESS
A. Investment Advisory Agreement – City of Homer & Washington Capital Management, Inc.
WYTHE/NORTH – THE CITY REQUESTS WCM TO BILL THE CITY OF HOMER FOR CUSTODIAL FEES AND INVESTMENT MANAGEMENT FEES ON A QUARTERLY BASIS.
Approved by unanimous consent.
WYTHE/NORTH – MOVED THAT THE PERMANENT FUND COMMITTEE IS TO ESTABLISH ADDITIONAL ASSET CLASSES TO BE USED IN PERMANENT FUND INVESTMENTS.
This would define additional investment classes and types of investments and establish rules for investment objectives.
Approved by unanimous consent.
B. State Street Trust Bank & Trust Company – Customer Custody Account Application
The Committee discussed State Street Trust Bank and their role in holding the money market account. It is preferred that the City enter into an agreement with State Street to handle the funds.
WYTHE/NORTH – MOVED THAT ALL PAPERWORK REQUIRED FOR IMPLEMENTATION AND TRANSACTIONS OF THE PERMANENT FUND WILL REQUIRE THE SIGNATURE OF BOTH THE CITY MANAGER AND FINANCE DIRECTOR.
The Committee is only advisory; the City Manager and Finance Director will handle day to day decisions.
A record of transactions will be provided to the City and should be included in each Permanent Fund Committee packet.
Approved by unanimous consent.
WYTHE/NORTH – MOVED TO ADD TO EXHIBIT C: PLUS TRANSACTION FEES “AT THE RATE OF $15 PER TRANSACTION.”
Approved by unanimous consent.
WYTHE/NORTH – MOVED TO CONSIDER AMENDMENT TO EXHIBIT B TO ADDRESS THE PROSPECT OF A SMALLER AMOUNT OF INVESTMENT.
Councilmember Wythe is proposing an ordinance before the City Council for allocating the first $1M of excess revenues from the 2007 operating year to establish the Permanent Fund accounts.
Approved by unanimous consent.
The Committee requested the City Manager and Finance Director’s input on State Street Bank and Trust Services. An administrative review of State Street Bank by Finance Director Harville was requested.
The Committee decided to cancel the July meeting and reschedule a meeting on June 19, 2008, time to be announced. Jo Johnson is to notify WCM on the meeting date and request their telephonic presence.
INFORMATIONAL MATERIALS
A. Performance Summary and Portfolio Appraisal of Washington Capital Management, Inc.
COMMENTS OF THE AUDIENCE (3 MINUTE TIME LIMIT)
There was no audience.
COMMENTS OF THE CITY STAFF
None.
COMMENTS OF THE COUNCILMEMBER
None.
COMMENTS OF THE CHAIR
Dennis Novak stated he appreciates everyone’s input.
COMMENTS OF THE COMMISSION
None.
ADJOURNMENT
There being no further business to come before the Committee, Chair Novak adjourned the meeting at 7:30 p.m. The next Regular Meeting is scheduled for Thursday, June 19, 2008 in City Hall Cowles Council Chambers located at 491 E. Pioneer Avenue, Homer, Alaska.
Submitted by Jo Johnson
