Permanent Fund Committee Meeting Minutes January 9, 2008

Session 08-01 a Regular Meeting of the Permanent Fund Committee was called to order at 6:03 p.m. on January 9, 2008 by Dennis Novak at the Homer City Hall Conference Room located at 491 E. Pioneer Avenue, Homer, Alaska.

PRESENT: COMMITTEE MEMBERS: REGINA HARVILLE, JO JOHNSON, MATT NORTH, DENNIS NOVAK,
BETH WYTHE

APPROVAL OF AGENDA

Wythe moved, North seconded the approval of the agenda.

Wythe moved, North seconded adding and item number 3, to Pending Business Item 8A, which would be discussion regarding how the committee would fit the final recommendation into the schedule planned for the interviews on January 14, so a recommendation could be forwarded to the Council for the meeting that evening. The amendment was approved without objection.

Agenda was approved, as amended, without objection.

PUBLIC COMMENTS REGARDING ITEMS ON THE AGENDA

No members of the public were present.

APPROVAL OF MINUTES

A. Wythe moved, North seconded the approval of the minutes from the Special meeting of December 11, 2007, as presented. Approved without objection.

B. Wythe moved, North seconded the approval of the minutes from the Regular meeting of December 13, 2007, as presented. Approved without objection.

VISITORS

There were no visitors.

STAFF & COUNCIL REPORT/COMMITTEE REPORTS/BOROUGH REPORTS

There were no reports.

PUBLIC HEARING

There were no public hearing items.

PENDING BUSINESS

A. Review request for Proposals – Permanent Fund Investment Program
1. Establish questions for presenters
The committee agreed on five questions which will be asked of each applicant following their presentation at the interviews January 14, 2008.

 Do the costs stated represent the total annual expenses?
 Are there contingent fees that are not represented here?
 Are the annual returns you have stated/projected minus expenses?
 What is the minimum amount of investment required to open this account?
 How do you perceive the “risk” tolerance for our portfolio?

2. Score Sheet

Wythe will develop an overall tally sheet showing the scores for each applicant thus far, and separate sheet to be used in evaluating the interviews.

3. Discuss final recommendation process

Following each interview, the committee will adjourn to confer and score each team. A recommendation will be provided to the Council as provided on the regular agenda of the Council meeting.

NEW BUSINESS

There was no new business presented.

INFORMATIONAL MATERIALS

A. Resolution 07-113(A) – 2008 Meeting Schedule.

The committee reviewed the scheduled established for them in 2008.

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

This is starting to get exciting.

COMMENTS OF THE COMMISSION

Matt said there is beginning to be a light at the end of the tunnel.

ADJOURNMENT

There being no further business to come before the Committee, Chair Novak adjourned the meeting at 7:10 p.m. The next Regular Meeting is scheduled for Thursday, April 10, 2008 at 6:00 p.m. in City Hall Cowles Council Chambers located at 491 E. Pioneer Avenue, Homer, Alaska.

___________________________________
BETH WYTHE, COMMITTEE MEMBER

Approved: __________________________