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02-13-2019 Workshop Minutes
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02-13-2019 Workshop Minutes
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MINUTES OF THE WORKSHOP MEETING <br />CITY COUNCIL <br />LITTLE CANADA, MINNESOTA <br />FEBRUARY 13, 2019 <br />Pursuant to due call and notice thereof a workshop meeting of the City Council <br />of Little Canada, Minnesota was convened on the 13th day of February, 2019 in <br />the Conference Room of the City Center located at 515 Little Canada Road in <br />said City. <br />Mayor John Keis called the meeting to order at 6:00 p.m. and the following <br />members of the City Council were present at roll call: <br />CITY COUNCIL: <br />Mayor <br />Council Member <br />Council Member <br />Council Member <br />Council Member <br />ALSO PRESENT: <br />City Administrator <br />City Clerk <br />Public Works Director <br />Parks & Rec/Comm. Services Mgr <br />Pending Finance Director <br />Mr. John Keis <br />Mr. Torn Fischer <br />Mr. Rick Montour <br />Mr. Christian Torkelson <br />Mr. Mike McGraw (arrived 6:3lpm) <br />Mr. Chris Heineman <br />Ms. Heidi Heller <br />Mr. Bill Dircks <br />Mr. Bryce Shearen <br />Ms. Brenda Malinowski <br />Mayor Keis stated that the purpose of this evening's workshop is to discuss the <br />City's investments, a strategic planning session and hear an update about CTV. <br />UBS The City Administrator reported that Little Canada has used UBS as a designated <br />PRESENTATION depository for many years and asked UBS representatives to provide a review of <br />the City's current investment portfolio. He noted that staff has been informed <br />that another depository, Morgan Stanley, no longer provides municipal <br />investment services, so our fiends at this institution will need to be transferred. <br />Bob Harnett, Senior Vice President at UBS, stated that municipal accounts are <br />limited by State Statute to certain securities which limits where investments can <br />be made. He explained that UBS can offer safekeeping which can better protect <br />their customers and their accounts. He noted that UBS previously had all of <br />Little Canada's accounts, but they have been spread to other investment firms <br />over the years, but they will work with other vendors if the City chooses to keep <br />
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