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Permanent Fund Committee Meeting Minutes June 19, 2008
Session 08-03 a Regular Meeting of the Permanent Fund Committee was called to order at 1:09 p.m. on June 19, 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, DENNIS NOVAK, BETH WYTHE
ABSENT: MATT NORTH, 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
VISITORS
STAFF & COUNCIL REPORT/COMMITTEE REPORTS/BOROUGH REPORTS
PUBLIC HEARING
PENDING BUSINESS
A. Investment Advisory Agreement – City of Homer & Washington Capital Management, Inc.
Paul Ravetta, Mike Russell, Michael Cheung and Lorrie Reiterman of Washington Capital Management, Inc. participated telephonically. The Investment Advisory Agreement was amended #9 page 3 to “Client” instead of “Fiduciary”. An amount not less than $600,000 was agreed as a start amount to establish the initial equity portion of the portfolio.
Custodial charges are to be billed by State Street as they will be the fiduciary responsible to the City. Language from the RFP referring to allocations will be added to Exhibit B.
Discussion ensued on Washington Capital Management, Inc. services in addition to investment advice to clients. WCM provides consulting in real estate mortgage services.
B. State Street Trust Bank & Trust Company – Customer Custody Account Application
State Street provides protection with a separate relationship with the City. WCM is the investment manager and State Street provides for custody of the funds. State Street is a competitor of WCM. The application for State Street will be referred to the Finance Director for completion.
NEW BUSINESS
A. Discussion on the Accounting for Potential Exxon Valdez Monies
To date the Supreme Court has not announced a decision on the $2.5 billion award of punitive damages to victims of the Exxon Valdez disaster. A decision is expected by the end of June.
INFORMATIONAL MATERIALS
A. Excerpt from Permanent Fund Committee unapproved synopsis of April 10, 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
None.
COMMENTS OF THE COMMISSION
None.
ADJOURNMENT
There being no further business to come before the Committee, Chair Novak adjourned the meeting at 2:17 p.m. The next Regular Meeting is scheduled for Thursday, October 9, 2008. A Special Meeting is scheduled for Thursday, August 7, 2008 at 1:00 p.m. Both meetings will be held in City Hall Cowles Council Chambers located at 491 E. Pioneer Avenue, Homer, Alaska.
Submitted by Jo Johnson
