M E M O R A N D U M 05-134

TO: HOMER CITY COUNCIL

FROM: JAMES C. HORNADAY, MAYOR

DATE: AUGUST 1, 2005

SUBJ: PERMANENT FUND COMMITTEE AND APPOINTMENT S

During the Council's Regular Meeting of July 25, 2005 Council committed Ordinance 05-14(A) to committee. The Permanent Fund Committee is to be a seven member Committee with designated seats: Two Councilmembers, One Homer Foundation Representative, one non profit organization participant, one independent financial investor, Finance Director, and one additional City staff member. The appointments were scheduled for the August 8, 2005 Regular Council meeting.

The goal of the Committee is to develop recommendations regarding Ordinance 05-14(A) and to provide these to the Council in six months. February 13, 2006 is a regular Council Meeting.

Appointments are:

Councilmembers: Beth Wythe, Chair

Dennis Novak, Vice Chair

Homer Foundation: Ken Castner

Non Profit: Philip Aldefer (Pratt Museum)

Financial Advisory: Matt North, Edward Jones

Finance Director: Dean Baugh

Other City Staff: Mary Calhoun (City Clerk)

RECOMMENDATION:

Confirm the Permanent Fund Committee Appointments as listed above with a sunset date of February 13, 2005.

Fiscal Note: NA

/mlc