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HomeMy WebLinkAboutCCM-01-27-97City of Carmel CARMEL CITY COUNCIL MEETING AGENDA MONDAY, JANUARY 27, 1997 -- 7 P.M. COUNCIL CHAMBERS / CITY HALL / ONE CIVIC SQUARE Meeting Called to Order 2. 3. 4. Invocation Pledge of Allegiance Recognition of Outstanding Citizens/City Employees Approval of Minutes a. December 9, 1996, Workshop Meeting b. December 23, 1996, Special Meeting c. January 6, 1997, Regular Meeting Recognition of Citizens Who Wish to Address the Council Action of Mayoral Vetoes Claims a. $544,648,62 b. $30,498.96 c. $17,000,000.00 d. $245,159.29 e. $483,495.65 f. $71,045.70 Payroll Retirement Benefits Investments General Claims Payroll General Claims Committee Reports Old Business a. Second Reading Ordinance D-1267-97/An Ordinance Appropriating $146,522.25 from the General Fund to Pay Salaries for Positions in the Department of Community Services; Steve Engelking, DOCS Director b. Council A~pointments for 1997; Mayor James Brainard c. Second Reading Ordinance D-1269-97/An Ordinance Amending Chapter 2, Article 4, Section 2-122 of the City Code Titled Carmel Medical Escrow Fund; Barb Lamb, Human Resources Director d. Second Reading Ordinance D-1266-96/Additional Appropriation for Financial Software, $118,000; Clerk- Treasurer Diana Cordray ONE CIVIC SQUARE CARMEL, INDIANA 46032 317/571-2400 10. 11. 12. 13. Public Hearings a. First Reading Ordinance D-1270-97/Additional Appropriation to pay Benefits for Position of Director of Department of Administration, $4,525; Mayor James Brainard b. First Reading Ordinance D-1271-97/Additional Appropriation for Purchase of Monon, $267,990.06; Mayor James Brainard New Business a. First Reading Ordinance D-1272-97/Amendment to City Code Establishing Stop and Yield Intersections; David Klingensmith, Street Department b. First Reading Ordinance D-1273-97/Establishment of Fee Schedule for Certifying, Copying or Faxing Documents; Clerk-Treasurer Diana Cordray c. First Reading Ordinance D-1274-97/Amendment to City Code Adding Rates for Sales of Raw Water; John Duffy, Utilities Manager d. First Reading Ordinance D-1275-97/Amendment to City Code Changing the form of Ordinances; Clerk-Treasurer Diana Cordray e. First Reading Ordinance D-1276-97/Amendment to City Code Revising the Travel Expense Policy; Clerk- Treasurer Diana Cordray f. Resolution CC-01-27-97-01/Transfer of Funds by the Carmel Board of Public Works and Safety, $6,500; Mayor James Brainard g. Resolution CC-01-27-97-02/Support and Encouragement of Developing a Comprehensive State Supported Post High School Educational Facility in Hamilton County; Mayor James Brainard Other Announcements 14. Adjournment CARMEL CITY COUNCIL MEETING MINUTES MONDAY, JANUARY 27, 1997 -- 7 P.M. COUNCIL CHAMBERS / CITY H~LT. / ONE CIVIC SQUARE MEMBERS PRESENT: Mayor Brainard; Councilors Kirby, Miller, Snyder, Carter and Walker. Clerk-Treasurer Cordray and Chief Deputy Wolf also attended. Mayor Brainard called the meeting to order at 7:04 p.m. Councilor Miller gave the invocation. Mayor Brainard led the pledge of allegiance. Mayor Brainard explained several comments attributed to him in an article in the Indianapolis Star about fire protection were incorrect and taken out of context. APPROV/tL OF MINUTES: Councilor Snyder moved to approve the minutes as listed on the agenda (Agenda Items 4a through 4c). Councilor Walker seconded. The minutes were approved 5-0. CITIZENS WHO WISH TO ADDRESS THE COUNCIL: Rick Sharpe, 1309 Thornbird Lane, questioned Councilor Carter's methods of political debate and discussed Carmel's elected officials fostering cynicism toward government. Mary Jane Coffing, 700 block of E. Main Street, presented the council with a check she planned to donate to the United Methodist Food Pantry matching Councilor Battreall's donation to the Paul Harris Fellowship of the Rotary. Mayor Brainard mentioned the needs of Interfaith Hospitality Network, an organization that houses homeless people. John McIlwraith, 11328 Lakeshore Drive East, questioned the effects of the tax abatement and local infrastructure projects on city taxpayers. Mayor Brainard explained each of the projects to which Mr. McIlwraith referred and presented information about tax rates. Councilor Snyder commended Street Commissioner David Klingensmith and his department for excellent work during recent snow and ice storms. Councilor Snyder also stated she plans to talk to city department heads and work with the mayor to find city jobs available for those receiving poor relief from the township trustee. CLAIMS: Councilor Snyder moved to approve claims as listed on the agenda (Items 7a and 7f). Councilor Walker seconded. The claims were approved 5-0. Councilor Snyder suggested the council table Agenda Item 9d, Ordinance D-1266-96, an additional appropriation for financial software for the Clerk-Treasurer's Office until after the software demonstration scheduled for 5 p.m., Thursday, January 30, 1997, in the payroll office. Clerk-Treasurer Cordray stated she would have a meeting notice posted at least 48 hours before the demonstration. OLD BUSINESS: Mayor Brainard announced Ordinance D-1267-97, an additional appropriation from the general fund to pay salaries for DOCS positions. The council approved the ordinance 5-0. Council members agreed most, if not all, council appointments already had been made. Mayor Brainard explained Ordinance D-1269-97, an ordinance amending the city code regarding the Carmel medical escrow fund. The council approved the ordinance 5-0. Councilor Snyder moved to indefinitely table Ordinance D-1266-96, an additional'appropriation for financial software for the Clerk- Treasurer's Office. Councilor Kirby seconded. The ordinance was tabled 5-0. PUBLIC HEARING: Councilor Kirby moved to introduce Ordinance D- 1270-97, an additional appropriation to pay benefits for the director of the Department of Administration. Councilor Walker seconded. Mayor Brainard read the ordinance. The mayor opened the public hearing at 8:49 p.m. No one from the public wished to speak so he closed the hearing. The ordinance was carried over to the next meeting. Councilor Carter moved to introduce Ordinance D-1271-97, an additional appropriation for purchase of the Monon. Councilor Walker seconded. Mayor Brainard read the ordinance and explained the reason for the appropriation was an encumbrance error at the end of 1996. The mayor opened the public hearing at 8:56 p.m. No one from the public wished to speak so he closed the hearing. The ordinance was carried over to the next meeting. NEW BUSINESS: Mayor Brainard explained Ordinance D-1272-97, an amendment to the city code establishing stop and yield intersections. Councilor Kirby moved to introduce the ordinance and waive the reading. Councilor Carter seconded. The reading was waived 5-0. Councilor Kirby told Street Commissioner Klingensmith he was concerned that stop signs in the Technology Park may have lost their reflectivity and were no longer up to standard. He also stated he was concerned because they were round and not octagonal. Mr. Klingensmith stated the signs met all standards when installed, but would review the situation to see if changes needed to be made. Councilor Walker stated he was concerned about a peculiar intersection on Auman Drive at which most motorists ignored stop signs. Mr. Klingensmith agreed it was an odd intersection and would ask the city engineer to look into it. The ordinance was carried over to the next meeting. Councilor Walker moved to introduce Ordinance D-1273-97, an ordinance establishing copying fees. Councilor Snyder seconded. Mayor Brainard read the ordinance. No one from the public wished to comment on the ordinance. The ordinance was carried over to the next meeting. Councilor Carter moved to introduce Ordinance D-1274-97, an amendment to the city code adding rates for sale of raw water. Councilor Snyder seconded. Mayor Brainard read the ordinance. No one from the public wished to comment on the ordinance. The ordinance was carried over to the next meeting. Councilor Snyder moved to introduce Ordinance D-1275-97, an amendment to the city code changing the form of ordinances. Councilor Walker seconded. Clerk-Treasurer Cordray explained she had researched the statute concerning the form for signing/adopting ordinances. She stated that even though the current form was not incorrect, the Indiana Association of Cities and Towns had recommended the proposed form. Mayor Brainard recommended the council check with the city attorney to see if NAYS and abstentions should be listed on the ordinances in addition to being recorded in the minutes. The ordinance was carried over to the next meeting. Councilor Walker moved to introduce Ordinance D-1276-97, an amendment to the city code revising the travel expense policy. Councilor Snyder seconded. Mayor Brainard read the ordinance. Councilor Carter moved to amend the ordinance to include in item (a) (6) personal phone calls, local or long distance. Councilor Kirby seconded. The amendment was approved 5-0. The ordinance was carried over to the next meeting. Councilor Walker moved to introduce Resolution CC-01-27-97-01, a resolution to transfer funds by the Board of Public Works and Safety. Councilor Snyder seconded. Councilor Miller questioned the line item ~Other Contracted Services" to which the funds were being moved. Mayor Brainard stated he would find out the reason for the transfer request. Councilor Walker moved to table the resolution. Councilor Miller seconded. Mayor Brainard stated he discovered a memo from the Department of Law in his council materials stating the resolution had been placed on the agenda by mistake. The council agreed to skip the item. Mayor Brainard explained the events leading up to the proposal of Resolution CC-01-27-97-02, a resolution to support and encourage the development of a state supported post high school educational facility in Hamilton County. Councilor Carter moved to approve the resolution. Councilor Walker seconded. The resolution was approved 5-0. Councilor Miller thanked Indianapolis Water Company for its potential donation of 40 acres of riverside park land to the city. The meeting was adjourned at 8:29 p.m. Atte : . CARMEL BOARD OF FINANCE MEETING MINUTES MONDAY, JANUARY 27, 1997.-- 6:30 P.M. COUNCIL CHAMBERS / CITY HALL / ONE CIVIC SQUARE MEMBERS PRESENT: Councilors Miller, Snyder, Carter and Walker. Clerk-Treasurer Cordray also attended. The Board of Finance meeting convened at 6:50 p.m. The board elected Councilor Jim Miller president and Councilor Ron Carter secretary. Clerk-Treasurer Cordray provided board members with a report summarizing the city's investments for the 1996 fiscal year (Exhibit A). She also provided board members with a copy of the written investment policy which has been in effect since January 1996 (Exhibit B). The meeting was adjourned at 6:55 p.m. Resp~ s b 'tted, 1996 Invesment Summary Bank/Institution Type of Inv Rate .Amount Term Buy Date Fifth Third Securities*** Fifth Third Securities*** Fifth Third Securities*** Fifth Third Securities*** Fifth Third Securities*** US Notes 7.26% $426,860 3 years 11/10/94 US Notes 7.26% $347,444 1116 days 11/10/94 US Notes 5.75% $330,593 2 years 10/19/95 US Notes 5.75% $405,775 2 years 10/19/95 Agencies 5.42% $603,082 125 days 09/10/96 ***All above securites were transfered to Standard Federal Bank Standard Federal Bank Standard Federal Bank Standard Federal Bank Standard Federal Bank Standard Federal Bank Standard Federal Bank Standard Federal Bank Standard Federal Bank Standard Federal Bank Standard Federal Bank Standard Federal Bank :Standard Federal Bank :Standard Federal Bank Standard Federal Bank Standard Federal Bank Standard Federal Bank First of America Standard Federal Bank Key Bank Greenwood Trust Chase Man. Bank Chase Man. Bank Greenwood Trust Manufactures Bank Manufactures Bank Fifth Third Asset Management Account. Bank CD 5.90% Bank CD 5.90% Bank CD 5.61% Bank CD 5.65% Bank CD 5.65% Bank CD 5.28% Bank CD 5.25 % Bank CD 5.25 % Bank CD 5.25% Bank CD 5.35% Bank CD 5.45% Bank CD 5.65% Bank CD 5.40% Bank CD 5.35% Bank CD 5.45 % Bank CD 5.35% Bank CD 5.35% Bank CD 5.41% Bank CD 5.45% Bank CD 5.46% Bank CD 7.55% Bank CD 7.50% Bank CD 7.50% Bank CD 7.55% Bank CD 7.15% Bank CD 7.15% Due Date Fifth Third/Sweep Acct Govt Secur. 5.05% Average monthly income is $12,000 on the above account. 11/30/97 11/30/97 10/31/97 10/31/97 01/31/97 $1Z500,000 35 days 12/01/95 01/05/96 $4,50~000 35 days 12/15/95 01/19/96 $7,500,000 28days 01/05/96 02/02/96 $4,500,000 28days 01/19/96 02/16/96 $8,500,000 28days 02/02/96 03/01/96 $4,000,000 35 days 02/16/96 03/22/96 $8,000,000 35 days 03/01/96 04/05/96 $4,000,000 28 days 03/22/96 04/19/96 $5,500,000 28 days. 04/05/96 05/03/96 $5,000,000 25 days 04/19/96 05/17/96 $5,000,000 31 days 05/03/96 06/03/96 $1~00~000 175days 01/05/96 06/28/96 $7,50~000 30days 07/15/96 08/14/96 $8,000,000 29days 08/15/96 09/13/96 $5,000,000 95 days 07/01/96 10/04/96 $8,000,000 35 days 09/13/96 10/18/96 $11,000,000 30 days 10/23/96 11/22/96 $5,00~000 28 days 05/17/96 06/14/96 $1~50~000 186 days 07/01/96 01/03/97 $11,00~000 35 days 12/13/96 01/17/97 $45,000 5 years 08/21/91 08/21/96 $8Z000 5 years 08/21/91 08/21/96 $100,000 5 years 08/21/91 08/21/96 $100,000 5years 08/21/91 08/21/96 $10~000 5years 09/11/91 09/11/96 $10~000 5 years 09/11/91 09/11/96 Varies N/A N/A N/A CITY OF CARMEL INVESTMENT POLICY January 27,1997 I. SCOPE The Clerk-Treasurer of the City of Carmel manages all of the funds of the City, as well as the Police and Fire Pension Funds. The current aggregate portfolio exceeds $20 million dollars. All funds appropriated by the Carmel City Council and collected by the various city departments are remanded to the custody and management of the Clerk-Treasurer. II. OBJECTIVES & GENERAL PHILOSOPHY It is the policy of the Clerk-Treasurer of the City of Carmel to invest the public funds in a manner which will provide the highest investment return with the maximum security while meeting the daily cash flow demands of the various funds and conforming to all statutes and other laws governing the investment of public funds at the state level. The primary objectives, in priority order, of the City Treasurer's investment activities shall be: 1. Safety. The Safety of principal is the paramount objective of the investment program. ,iInvestment~decisions shall ensure the preservation of capital in the portfolio. 2. Liquidity. The portfolio shall remain sufficiently liquid to enable it to meet all cash-flow and other operational requirements which are reasonably anticipated. 3. Return. The investment strategy shall include the attainment of the highest rate of return through fiscal and economic cycles, within the boundaries of statutory constraints, cash-flow requirements, and the primary objectives of safety and liquidity. 4. Investment Standard. The standard to be used by investment personnel by which their investment decisions will be assessed, will be the "prudent person" rule, and shall be applied in the management of the overall portfolio. The "prudent person" is a reasonably well-informed person, not a professional investor or marketmaker ("prudent investor"). Investments shall be made with the judgment and care - under the circumstances then prevailing -- which persons of reasonable caution, discretion, and intelligence exercise in the management of their own affairs. The prudent person investor for the City of Carmel realizes the preservation of capital/principal is the primary concern, and thereby avoids unduly speculative transactions. 5. Authority of Invest. The Treasurer designates, in writing on file, which staff personnel possess the authority to invest City funds, i.e. those persons permitted to negotiate deals, and sign trade tickets and wire transfer authorizations. Such written authorization is forwarded to all dealers currently engaged in business with the Treasurer's office. III. REPORTING Board of Finance. The Treasurer's Office will make a written report to the Board of Finance summarizing the City of Carmel's investments during the previous year in accordance with IC 5-13-7-6. Performance Benchmark. The Treasurer's office has adopted the three-month US Treasury Bill as the performance benchmark for the portfolio of all funds. The performance goal is to exceed the performance of the ninety-one day bill. IV. INVESTMENT GUIDELINES & RESTRICTIONS The Indiana Code places restrictions upon the type and maturity of investments by the City of Carmel. The code imposes restrictions specific to the particular investment activity undertaken, e.g. deposit account, direct purchase/investment, or repurchase agreement. Deposit Accounts The City of Carmel may deposit City funds only with financial institutions designated by the State Board of Finance as depositories for City funds. IC 5-13-9-3(a)(1). Qualifying financial institutions are (IC 5-13-4-10): 1. A bank, trust company, or mutual savings bank incorporated under Indiana law. 2. A national banking association with its principal office in Indiana. 3. A building and loan association operating as a deposit association incorporated under Indiana law. 4. A federally chartered savings and loan association with its principal office or a branch in Indiana. 5. A federally chartered savings bank with its principal office or a branch in Indiana. 6. A state chartered credit union in Indiana that is federally insured or privately insured and that has assets of three million dollars or more. The following are considered depos~it accounts (IC 5-13-4-7): 1. Any account subject to withdrawal by negotiable orders of withdrawal, unlimited as to amount or number, and without penalty, including NOW accounts. 2. Passbook savings accounts. 3. Certificates of deposit. 4. Money market deposit accounts. 5. Any interest bearing account that is authorized to be set up and offered by a financial institution in the course of its respective business. Direct purchase/Investment The Treasurer may by law directly purchase and invest only in obligations of the U. S. Treasury, U. S. agencies, and 'U. S. instrumentalities. IC 5-13-9-2; 5-13-9-3.5. The agency and instrumentality portfolio is comprised of instruments issued by the following bodies. The selection of these enterprises is due to the size and, therefore, the availability and liquidity of the issues, the volume of shorter-term m~turities which comports with the statutory limitations of the portfolio, the generally favorable rate of return, and the expertise and experience of the Treasurer's investment staff with such instruments: Government National Mortgage Association (GNMA, Ginnie Mae) Federal Farm Credit Banks Federal Home Loan Banks (FHL Banks) Federal Home Loan Mortgage Corporation (FHLMC, Freddie Mac) Federal National Mortgage Association (FNMA, Fannie Mae) IC 5-13-9-2(c) limits the Clerk-Treasurer (and all other fiscal officers) to investments in securities having" a stated final.maturity of two (2) years or less from the date of purchase." Repurchase Agreements The Clerk-Treasurer is permitted by law to enter into repurchase agreements with financial institutions designated by the State Board of Finance as depositories for City funds. The collateral securities are restricted to "interest bearing obligations issued or fully insured or guaranteed by the United States or any United States government agency." IC 5-13-9-3. The Clerk-Treasurer accepts the following as collateral securities: U. S. Treasury direct obligations GNMA FHLB, discount notes FNMA, discount notes In addition, the Clerk-Treasurer requires 102 percent pricing of collateral s~curities.