02-13-2019 Workshop Minutes - Laserfiche WebLink

Home Browse Search

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