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MINUTES <br />CITY COUNCIL <br />JUNE 27, 2007 <br />these funds are spent for other purposes, those expenditures should require <br />Council approval. The Finance Director indicated that she would add the <br />appropriate language. <br />The next section reviewed was "III. Investment Policies". The Director <br />also reviewed Attachment A which outlined the specifics of the City's <br />investment policy. She noted that this policy reflects current practice. <br />The Council discussed the City's investment practices with the City <br />Administrator noting that cities are very restricted as to what they can <br />invest in. The Finance Director indicated that she shops for the best CD <br />rates as well as commercial paper. Collateralized mortgages are another <br />option. The City has also bought its own taxable TIF bonds when it was <br />to the City's advantage to do so. <br />The Council discussed in detail the level of their oversight of the <br />investment function. The City Administrator indicated that given level of <br />information and timing issues with making investments, it is not typical <br />that councils are involved in the process of approving specific <br />investments. City staff is appointed by the Council to manage the <br />investment function. The Finance Director noted that the Council receives <br />annual investment reports, and suggested that she provide these on a <br />quarterly basis. Blesener felt that requiring Council approval for <br />investment decisions would be micromanaging staff responsibilities. <br />The next area reviewed was "IV. Budgetary and Financial Control <br />Policies". The Finance Director again noted that this section reflects <br />current practice. <br />McGraw noted the statement that City staff will make a general effort to <br />obtain the lowest overall price for the best product or service, and pointed <br />out that not always does the lowest price the best result in the best product <br />or service. The Administrator indicated that the intent is that City staff <br />check prices to get the best value and is accountable for spending tax <br />dollars. Low price is not the ultimate consideration, except when required <br />by State Law. <br />The Finance Director pointed out that quarterly reporting on the General <br />Fund will be made to the Council. Department heads will also be <br />responsible for reviewing the status of their departmental budget. <br />The Finance Director next reviewed "V. Risk Management" which, again, <br />reflects cui•~•ent practices. <br />"VI. Reserves" was reviewed with the Director noting that this policy was <br />adopted by the Council a few years ago. This policy will be reviewed <br />2 <br />