Permanent Fund Committee Meeting Minutes October 8, 2009

Session 09-03 a Regular Meeting of the Permanent Fund Committee was called to order at 6:00 p.m. on October 8, 2009 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, LAURIE MOORE (standing in for Regina Harville)

ABSENT: REGINA HARVILLE, BETH WYTHE

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

NEW BUSINESS

A. Request for Proposals for Permanent Fund Investment Services

The 2007 Request for Proposals was revised to meet the expectations for a reduced settlement amount of $1.5M. Upon Council approval of the resolution to authorize the RFP at the City Council meeting of October 12, 2009 the new RFP will be issued. It will be advertised in the local newspaper, the Peninsula Clarion, and Anchorage Daily News. Additionally, RFPs will be sent to the proposers of the previous RFP from 2007. It is anticipated proposals will be due December 17, 2009 with review of proposals at the January 14, 2010 meeting.

B. Use of Permanent Fund Revenue to Provide Matching Funds for Staffing an Economic Development Position with the City for Three Years

Chair Novak presented a proposal to use 50% Permanent Fund and 50% General Fund revenues for wages for an economic development position for three years.

NOVAK/NORTH - MOVED THAT THE 5% BE GIVEN TO THE HOMER FOUNDATION FOR INVESTMENT FOLLOWING THE SAME GUIDELINES AS THE CITY’S PERMANENT FUND.

NORTH/MOORE - MOVED TO AMEND TO RECOMMEND THE HOMER FOUNDATION FOLLOW THE PERMANENT FUND GUIDELINES FOR INVESTING AND DISTRIBUTING.

VOTE: (amendment) YES. JOHNSON, NOVAK, NORTH, MOORE

Motion carried.

VOTE: (motion as amended) YES. MOORE, NORTH, NOVAK, JOHNSON

Motion carried.

INFORMATIONAL MATERIALS

COMMENTS OF THE AUDIENCE (3 MINUTE TIME LIMIT)

There was no audience.

COMMENTS OF THE CITY STAFF

COMMENTS OF THE COUNCILMEMBER

COMMENTS OF THE CHAIR

Dennis Novak commented we have updated the proposal for investments and discussed how the 5% should be managed and talked about an economic development position from earnings of the City’s 60% investment fund.

COMMENTS OF THE COMMISSION

Laurie Moore said she really enjoyed the meeting.

Matt North is fascinated about a grange.

Jo Johnson said it was Dennis’ last meeting as his councilmember term ends this month.

ADJOURNMENT

There being no further business to come before the Committee, Chair Novak adjourned the meeting at 7:39 p.m. The next Regular Meeting is scheduled for Thursday, January 14, 2010. The meeting will be held in City Hall Cowles Council Chambers located at 491 E. Pioneer Avenue, Homer, Alaska.

Submitted by Jo Johnson