OFFICE OF THE CITY COUNCIL
CHERYL L. BROWN 117 WEST DUVAL STREET,
DIRECTOR 4TH FLOOR, CITY
HALL
OFFICE (904) 630-1452
FAX (904) 630-2906
E-MAIL: CLBROWN@coj.net
January 5, 2010
5:00 PM
Finance Committee Meeting Minutes
Monday
January 4, 2010 |
Tape
No.________________________ |
2:00p.m. |
|
Council Chambers 1st
Floor, City Hall |
Dana Farris, Chief of
Legislative Services |
|
|
|
|
Stephen Joost,
Chair |
Legislative Aide:
Sharonda Davis |
William Bishop,
Vice Chair |
Council Auditor:
Kirk |
John Crescimbeni |
Council Auditor:
Janice Billy |
Johnny Gaffney |
Attorney: Peggy
Sidman |
Ray Holt |
Attorney: Steve
Rohan |
E. Denise Lee Excused |
Chief of Research:
Jeff Clements |
Don Redman arrived at 2:27 p.m. |
Administration:
Sherry Hall |
Jack Webb
Clay Yarborough
Convened: 2:02
p.m. Adjourned: 2:37 p.m.
Attendance:
Larry Peterson, Fire & Rescue - (2009-897)
Lindsey Ballas, JEDC - (2009-908)
James Richardson, Housing & Neighborhoods - (2009-900)
*Presentation of Investment Quarterly Report for 9-30-09 -
Mickey Miller
Item/File No. |
Title/History |
|
|
1. 2007-1302 |
ORD
Auth an Agreemt with Beach Boulevard Venture, LLC ("Beach") for
Beach to Construct a Regional Stormwater Retention Pond for Benefit of
Sandalwood Canal Flood Control Proj, City is to obtain Permits & Pay
$2,000,000 for Required Mitigation based on 16.52 Acres of Wetland Impact.
(McCain) (Req of Mayor) Public
Hearing Pursuant to Chapt 166, F.S. & CR 3.601 - 1/8/08 |
|
1.
12/11/2007 CO Introduced: F,TEU |
|
1/2/2008 F Read 2nd & Rerefer |
|
1/3/2008 TEU Read 2nd & Rerefer |
|
2.
1/8/2008 CO PH Read 2nd & Rereferred; F,TEU |
|
|
|
BILL
SUMMARY DEFER |
2. 2009-65 |
ORD
Auth (1) Participation Agreemt with Springhill Missionary Baptist Church of
NE Florida, Inc for Drainage & (2) Grant of Easemt to Springhill, at No
Cost, to allow Stormwater Runoff from their Propty into a Drainage Pond Site
that is Part of the Hart's Rd Reconstrn Proj. (Dist 7-Gaffney) (McCain) (Req
of Mayor) Public
Hearing Pursuant to Chapt 166, F.S. & CR 3.601 - 2/10/09 |
|
1.
1/27/2009 CO Introduced: F,TEU |
|
2/2/2009 F Read 2nd & Rerefer |
|
2/3/2009 TEU Read 2nd & Rerefer |
|
2.
2/10/2009 CO PH Read 2nd & Rereferred; F, TEU |
|
BILL
SUMMARY DEFER |
3. 2009-197 |
RESO
Expressing Council's Displeasure of JEA Considering Closing JEA Satellite
Customer Care Ctrs; Request JEA Conduct Survey of Satellite Customers &
Compile Survey Report & Make Recommendations to JEA Bd & City
Council; Direct Distribution of Reso. (Sidman) (C/M Lee) |
|
1.
2/24/2009 CO Introduced: R,F,TEU |
|
3/2/2009 F Read 2nd & Rerefer; 3/2/2009 R Read 2nd & Rerefer |
|
3/3/2009 TEU Read 2nd & Rerefer |
|
2.
3/10/2009 CO Read 2nd & Rereferred; R, F, TEU |
|
BILL
SUMMARY R: defer DEFER |
4. 2009-198 |
RESO
Encouraging JEA to keep open the Satellite Customer Care Ctrs; Expressing
Concern with JEA Proposed Transaction Surcharge; Directing Distribution of
Reso. (Reingold) (C/M Gaffney) |
|
1.
2/24/2009 CO Introduced: R,F,TEU |
|
3/2/2009 F Read 2nd & Rerefer; 3/2/2009 R Read 2nd & Rerefer |
|
3/3/2009 TEU Read 2nd & Rerefer |
|
2.
3/10/2009 CO Read 2nd & Rereferred; R, F, TEU |
|
R:
defer DEFER |
5. 2009-499 |
ORD
Auth Issuance of $360,000,000 BJP Sales Tax Rev Bonds to Refund Outstanding
Spec Rev Bonds Issued for BJP Projs in Sec 761.102, Ord Code; Provide for
Pymt of Bonds from ˝ Cent Sales Surtax Rev; Amend Ord 2001-431-E to Increase
Rev Required to Issue Bonds. (Livermore, Freeman & McWilliams, P.A. &
Rowland) (Req of Mayor) Public
Hearing Pursuant to Chapt 166, F.S. & CR 3.601 - 07/28/09 |
|
1.
6/23/2009 CO Introduced: F,TEU |
|
7/20/2009 F Read 2nd & Rerefer |
|
7/21/2009 TEU Read 2nd & Rerefer |
|
2.
7/28/2009 CO PH Read 2nd & Rereferred; F, TEU |
|
BILL
SUMMARY DEFER |
6. 2009-549 |
ORD-MC
Amend Chapt 116 (Employees & Employee Benefits), Create new Sec 116.901
(Asst Mgmt Improvement Officers); AMIOs to be Apptd by Mayor & Confirmed
by Council; Limit Number to 20;
Addressing Qualifications, Job Descriptions, Salary Ranges; Create
Reporting Requirement; Protect Existing Employees. (Rohan) (C/M Johnson &
Webb) Public
Hearing Pursuant to Chapt 166, F.S. & CR 3.601 - 8/11/09 |
|
1.
7/28/2009 CO Introduced: R,F |
|
8/3/2009 F Read 2nd & Rerefer; 8/3/2009 R Read 2nd & Rerefer |
|
2.
8/11/2009 CO PH Read 2nd & Rereferred; R, F |
|
BILL
SUMMARY R: defer DEFER |
7. 2009-758 |
ORD
Approp $415,633 from U.S. Dept of Justice, no local Match, to Estab a
Recruitmt Prog to create Pool of Qualified Job Applicants thru Various
Advertising Media & Job Fair Contacts; Apv Position. (BT 10-006) (RC
10-005) (McCain) (Req of Sheriff) Public
Hearing Pursuant to Chapt 166, F.S. & CR 3.601 - 10/13/09 |
|
1.
9/22/2009 CO Introduced: F,PHS |
|
10/5/2009 PHS Read 2nd &
Rerefer; 10/5/2009 F Read 2nd &
Rerefer |
|
2.
10/13/2009 CO PH Read 2nd & Rereferred; F, PHS |
|
BILL
SUMMARY FACT SHEET DEFER |
8. 2009-868 |
ORD-MC
Repealing Chapt 118 (Public Svc Grant Approp), Ord Code, & Creating a New
Chapt 118 (City Grants). (Sidman) (C/M Hyde) Public
Hearing Pursuant to Chapt 166, F.S. & CR 3.601 - 11/10/09, 11/24/09 |
|
1.
10/27/2009 CO Introduced: R,F,PHS |
|
11/2/2009 PHS Read 2nd &
Rerefer; 11/2/2009 F Read 2nd &
Rerefer; 11/2/2009 R Read 2nd &
Rerefer |
|
2.
11/10/2009 CO PH Contd 11/24/09/ Read 2nd & Rereferred; R, F, PHS |
|
3.
11/24/2009 CO PH Only |
|
BILL
SUMMARY R: sub/approve SUB(R)/APPROVE 6-1 (Yarborough) |
9. 2009-877 |
ORD
Approp $210,000 ($168,000 Homeland Security & FEMA Grant - Assist to
Firefighters - Fire Prevention & Safety, $42,000 Rsv for Fed Progs) to
Purchase Communications Equipmt for Duval, Baker, Clay, Nassau & St Johns
Counties. (BT 10-026) (McCain) (Req of Mayor) Public
Hearing Pursuant to Chapt 166, F.S. & CR 3.601 - 11/24/09 |
|
1.
11/10/2009 CO Introduced: F,PHS |
|
11/16/2009 PHS Read 2nd &
Rerefer; 11/16/2009 F Read 2nd &
Rerefer |
|
2.
11/24/2009 CO PH Read 2nd & Rereferred; F, PHS |
|
BILL
SUMMARY FACT SHEET DEFER |
10. 2009-882 |
ORD
re Eminent Domain to Parcel 122, 11,000 Sq Ft, $25,000 Appraisal; Parcel
123-A, 5,500 Sq Ft, $14,650 Appraisal; Parcel 123-B, 5,500 Sq Ft, $14,650
Appraisal, as Required for Lincoln Villas Storm Water Improvemts Phase II
Proj. (Dist 8-Lee) (McCain) (Req of Mayor) Public
Hearing Pursuant to Chapt 166, F.S. & CR 3.601 - 11/24/09 |
|
1.
11/10/2009 CO Introduced: F,TEU |
|
11/16/2009 F Read 2nd & Rerefer |
|
11/17/2009 TEU Read 2nd & Rerefer |
|
2.
11/24/2009 CO PH Read 2nd & Rereferred; F, TEU |
|
BILL
SUMMARY FACT SHEET APPROVE 7-0 |
11. 2009-896 |
ORD
Approp $5,000 from Environmental Protection Fund to help pay for Students
& Members of Public to Attend the 2009 Fla Coastal School of Law/Jax
University Environmental Summit; Waive Conflicting Provisions of Sec 111.755
(Environmental Protection Fund) & 360.602 (Uses of Fund). (BT 10-031)
(McCain) (Req of Mayor) Public
Hearing Pursuant to Chapt 166, F.S. & CR 3.601 - 12/08/09 |
|
1.
11/24/2009 CO Introduced: R,F,TEU |
|
11/30/2009 F Read 2nd & Rerefer; 11/30/2009 R Read 2nd & Rerefer |
|
12/1/2009 TEU Read 2nd & Rerefer |
|
2.
12/8/2009 CO PH Read 2nd & Rereferred; R, F, TEU |
|
BILL
SUMMARY FACT SHEET R: approve APPROVE 7-0 |
12. 2009-897 |
ORD
Approp $203,297.47 from Var Fire Station Capital Improvemt Projs to Purchase
& Renovate Volunteer-Owned F.S. #27, Complete Constrn of New F.S. #28
& Complete Renovation of F.S. #31; Auth Funds Carryover to FY 2010-2011;
Amend Ord 2009-513-E (CIP) to Auth Funding Changes. (BT 10-032) (McCain) (Req
of Mayor) Public
Hearing Pursuant to Chapt 166, F.S. & CR 3.601 - 12/08/09 |
|
1.
11/24/2009 CO Introduced: F,PHS |
|
11/30/2009 PHS Read 2nd & Rerefer; 11/30/2009 F Read 2nd & Rerefer |
|
2.
12/8/2009 CO PH Read 2nd & Rereferred; F, PHS |
|
BILL
SUMMARY FACT SHEET AMEND/APPROVE 7-0 Attach
revised CIP forms |
13. 2009-898 |
ORD
Approp $100,000 from Rec & Community Svcs Capital Projs to fund Couples
for Christ, Inc for Constrn of Capital Improvemts to Sunny Acres Community
Ctr at 2850 Wompi Dr; Auth Funds Carryover to FY 2010-2011; Auth License
Agreemt to Operate the Center to Provide Educational Programming & Rec
Activities to the Neighborhood Community & Maintain Access to the Ctr by
the Gen Public; Term of 10 Yrs & 3 Options of 5 Yrs at $1/Yr; Amend Ord
2009-513-E (CIP) to Auth Fund Reallocation; Designate Oversight by Rec &
Community Svcs Dept. (BT 10-033) (McCain) (Req of Mayor) Public
Hearing Pursuant to Chapt 166, F.S. & CR 3.601 - 12/08/09 |
|
1.
11/24/2009 CO Introduced: F,RCD |
|
11/30/2009 F Read 2nd & Rerefer |
|
12/1/2009 RCD Read 2nd & Rerefer |
|
2.
12/8/2009 CO PH Read 2nd & Rereferred; F, RCD |
|
BILL
SUMMARY FACT SHEET APPROVE 7-0 |
14. 2009-899 |
ORD
Approp $153,604.66 from Tree Protection & Related Expenses Trust Fund to
fund the 103rd St Townctr Landscaping Proj; Auth Funds Carryover to FY
2010-2011; Amend Ord 2009-513-E (CIP) to auth the Change; Waive Sec 111.760,
Ord Code, to Allow Planting on FDOT Propty. (BT 10-034) (McCain) (Req of
Mayor) Public
Hearing Pursuant to Chapt 166, F.S. & CR 3.601 - 12/08/09 |
|
1.
11/24/2009 CO Introduced: R,F,TEU |
|
11/30/2009 F Read 2nd & Rerefer; 11/30/2009 R Read 2nd & Rerefer |
|
12/1/2009 TEU Read 2nd & Rerefer |
|
2.
12/8/2009 CO PH Read 2nd & Rereferred; R, F, TEU |
|
BILL
SUMMARY FACT SHEET R: amend/approve AMEND(R)/APPROVE 7-0 |
15. 2009-900 |
ORD
Auth a 2nd Amend to Redev Agreemt with Belet's Millwork, Inc to Extend the
Loan Maturity Date to 9/1/11 & Provide for New Monthly Loan Pymts of
$1,115. (McCain) (Req of Mayor) Public
Hearing Pursuant to Chapt 166, F.S. & CR 3.601 - 12/08/09 |
|
1.
11/24/2009 CO Introduced: F,RCD |
|
11/30/2009 F Read 2nd & Rerefer |
|
12/1/2009 RCD Read 2nd & Rerefer |
|
2.
12/8/2009 CO PH Read 2nd & Rereferred; F, RCD |
|
BILL
SUMMARY DEFER The
committee engaged in considerable discussion of the terms of the loan, the
need for the loan restructuring, and the prospects for the company’s ability
to complete the loan terms successfully in 2011. The committee asked James Richardson of the
Housing and Neighborhoods Department to negotiate further with the business
owner on alternative terms. |
16. 2009-902 |
ORD
Accepting a Part of Parcel No. 165 at Intersec of 103rd St & Ricker Rd
from FDOT, at No Cost. (Dist 10-Brown) (McCain) (Req of Mayor) Public
Hearing Pursuant to Chapt 166, F.S. & CR 3.601 - 12/08/09 |
|
1.
11/24/2009 CO Introduced: F,TEU |
|
11/30/2009 F Read 2nd & Rerefer |
|
12/1/2009 TEU Read 2nd & Rerefer |
|
2.
12/8/2009 CO PH Read 2nd & Rereferred; F, TEU |
|
BILL
SUMMARY FACT SHEET APPROVE 8-0 |
17. 2009-903 |
ORD
Declaring Surplus Parcels 199.1 A, B, C & D at Intersec of 103rd St &
Ricker Rd; Auth Conveyance of Fee Simple Title to FDOT for use in State Rd
Syst; Waive Provisions of Sec 122.423 (Appraisal at or Below $25,000), Ord
Code, to allow Conveyance at No Cost. (Dist 10 & 12 - Brown & Davis)
(McCain) (Req of Mayor) Public
Hearing Pursuant to Chapt 166, F.S. & CR 3.601 - 12/08/09 |
|
1.
11/24/2009 CO Introduced: R,F,TEU |
|
11/30/2009 F Read 2nd & Rerefer; 11/30/2009 R Read 2nd & Rerefer |
|
12/1/2009 TEU Read 2nd & Rerefer |
|
2.
12/8/2009 CO PH Read 2nd & Rereferred; R, F, TEU |
|
BILL
SUMMARY R: amend/approve AMEND(R)/APPROVE 8-0 |
18. 2009-908 |
ORD
Apv Issuance of Industrial Dev Rev Bonds (North Florida Shipyards Proj) by
JEDC of $4,000,000 to fund Capital Proj comprising an "Industrial
Plant" & a "Commercial Proj in an Enterprise Zone" to be
Owned/Operated by North Florida Shipyards, Inc; Auth Allocation of $4,000,000
for Proj from a Portion of City's Suballocation of the Natl Volume Cap for
"Recovery Zone Facility Bonds;." Waiving Sec 104.306(b)(3)
(Application Review of Chapt 104 (Bonds), Ord Code. (Rowland) (Req of JEDC) Public
Hearing Pursuant to Sec 147(f), Internal Rev Code by JEDC - Public
Hearing Pursuant to Chapt 166, F.S. & CR 3.601 - 12/08/09 |
|
1.
11/24/2009 CO Introduced: R,F,RCD |
|
11/30/2009 F Read 2nd & Rerefer; 11/30/2009 R Read 2nd & Rerefer |
|
12/1/2009 RCD Read 2nd & Rerefer |
|
2.
12/8/2009 CO PH Read 2nd & Rereferred; R, F, RCD |
|
BILL
SUMMARY R: amend/approve AMEND(R)/APPROVE 7-1
(Yarborough) |
19. 2009-925 |
ORD-MC
Amend Chapt 342 (Constrn Trades Regs), Sec 342.108 (Persons Without
Certificates Representing Themselves as Contractors), Ord Code, to Impose a
Fine against a Person who does not Possess a current Required Contractor
Certificate and Claims to have one or Claims to have Required Insurance;
Increase Fine Imposed of those found Guilty of a Violation of Sec 342.108(a),
or any Provisions of Secs 489.127(1) - (5), 489.132(1), or 489.531, F.S.
(McCain) (Req of Mayor) Public
Hearing Pursuant to Chapt 166, F.S. & CR 3.601 - 1/12/10 |
|
1.
12/8/2009 CO Introduced: R,F |
|
BILL
SUMMARY R: read 2nd &
rerefer READ 2ND &
REREFER |
20. 2009-926 |
ORD-MC
Amend Sec 804.1204 (Towing, Other Svcs & Storage Charges; Notice by the
Sheriff), Ord Code, to Auth Wrecker Firms to Charge Vehicle Owners the
Administrative Per Vehicle Flat Fee Charged to the Wrecker Firms in Sec
804.1202(a). (Rohan) (C/M Holt) Public
Hearing Pursuant to Chapt 166, F.S. & CR 3.601 - 1/12/10 |
|
1.
12/8/2009 CO Introduced: R,F,TEU |
|
BILL
SUMMARY R: read 2nd
& rerefer READ 2ND &
REREFER |
21. 2009-927 |
ORD
Approp $700,000 Florida State Courts Drug Court Continuation Grant for
Expansion of Adult Post-Adjudicatory Drug Courts for Non-Violent Felony
Offenders who would Otherwise be Incarcerated; Auth Funds Carryover to FY
2010-2011; Request Emerg Apv. (BT 10-040) (McCain) (Req of Mayor) Public
Hearing Pursuant to Chapt 166, F.S. & CR 3.601 - 1/12/10 |
|
1.
12/8/2009 CO Introduced: R,F,PHS |
|
BILL
SUMMARY R: emergency/amend/approve READ 2ND &
REREFER |
22. 2009-928 |
ORD
Approp $134,330 ($101,000 Fla Ofc of Tourism, Trade & Economic Dev &
Local Match of $33,330 In-Kind Contribution of Staff Svcs by Chief of
Military Affairs & AMIO) for Pymt of Certain Military Affairs Consulting
& Advocacy Svcs by City Selected Consultants; Auth Funds Carryover to FY
2010-2011; Auth a Defense Reinvestmt Grant Agreemt. (BT 10-042) (McCain) (Req
of Mayor) Public
Hearing Pursuant to Chapt 166, F.S. & CR 3.601 - 1/12/10 |
|
1.
12/8/2009 CO Introduced: F,RCD |
|
BILL
SUMMARY FACT SHEET READ 2ND &
REREFER |
23. 2009-929 |
ORD
Approp $431,250 from Tree Protection & Related Expenses Trust Fund
($37,500 for Landscaping Design & $393,750 for Tree Planting &
Related Expenses) for Hendricks Ave Medians Planting Proj from Univ Blvd to
Old San Jose Blvd; Reversion of Unspent Funds; Amend Ord 2009-513-E (CIP) to
Auth said Proj; Waive Provisions of Sec 111.760 (Tree Protection &
Related Expenses Trust Fund) for Placemt of Trees on City-Owned Premises &
R/W to allow Placemt on State Rights-of-Way; R-A-M Professional Group, Inc.,
to Perform the Design Svcs. (Sidman) (C/M Shad) Public
Hearing Pursuant to Chapt 166, F.S. & CR 3.601 - 1/12/10 |
|
1.
12/8/2009 CO Introduced: R,F,TEU |
|
BILL
SUMMARY R: read 2nd &
rerefer READ 2ND &
REREFER |
24. 2009-933 |
ORD
Auth a Memo of Agreemt with FDOT allowing FDOT to Undertake the Public
Hearing Pursuant to Chapt 166, F.S. & CR 3.601 - 1/12/10 |
|
1.
12/8/2009 CO Introduced: F,TEU |
|
BILL
SUMMARY FACT SHEET READ 2ND &
REREFER |
25. 2009-937 |
ORD
Auth Purchase of a Portion of RE# 005099-0000 at $425,000 + Closing Costs
from N.G. Wade Investment Co for Constrn of Fire Station #26. (Dist 10-Brown)
(McCain) (Req of Mayor) Public
Hearing Pursuant to Chapt 166, F.S. & CR 3.601 - 1/12/10 |
|
1.
12/8/2009 CO Introduced: F,PHS |
|
BILL
SUMMARY FACT SHEET READ 2ND &
REREFER |
26. 2009-938 |
ORD
Auth an Instructor Agreemt with Karen Roumillat for Yoga Classes at Burnett
Park Community Ctr; Designating Standard Instructor Agreemts for Courses of
Instruction at City Community Ctrs & Auth Future Use of Standard Agreemts
with no Further Action by City Council. (McCain) (Req of Mayor) Public
Hearing Pursuant to Chapt 166, F.S. & CR 3.601 - 1/12/10 |
|
1.
12/8/2009 CO Introduced: F,RCD |
|
BILL
SUMMARY FACT SHEET READ 2ND &
REREFER |
27. 2009-939 |
ORD
Approp $993,000 from NW Jax Economic Dev Trust Fund ($595,800 Loan &
$397,200 Grant) to the Northwest Jacksonville Community Development Corp for
Constrn of a 15,000 Sq Ft Mixed Use Ofc/Retail Facility; Auth Funds Carryover
to FY 2010-2011; Auth Redev Agreemt with said Corp. (Dist 8 - Lee) (BT
10-041) (McCain) (Req of Mayor) Public
Hearing Pursuant to Chapt 166, F.S. & CR 3.601 - 1/12/10 |
|
1.
12/8/2009 CO Introduced: F,RCD |
|
BILL
SUMMARY READ 2ND &
REREFER |
28. 2009-940 |
ORD
Granting an Exemption for Gerdau Ameristeel from Pymt of the Public Svc Tax
for 5-Yr Period. (Rohan) (C/M Holt) Public
Hearing Pursuant to Chapt 166, F.S. & CR 3.601 - 1/12/10 |
|
1.
12/8/2009 CO Introduced: R,F,RCD |
|
BILL
SUMMARY R: read 2nd &
rerefer READ 2ND &
REREFER |
29. 2009-941 |
ORD
Apv Settlemt Amt of $145,000 for Statutory Costs Resulting from Condemnation
of Parcels 104 & 702 (Dunn Corner, LLC - Owner) for the Harts Rd Proj,
City of Jacksonville v. Compass Bank, et al, Case # 16-2006-003032. (Sidman)
(Ofc of Gen Counsel) Public
Hearing Pursuant to Chapt 166, F.S. & CR 3.601 - 1/12/10 |
|
1.
12/8/2009 CO Introduced: F |
|
BILL
SUMMARY FACT SHEET READ 2ND &
REREFER |
30. 2009-946 |
ORD
Amend, in Part, Ords 2000-1032-E, 2001-1294-E, 2003-1553-E & 2006-1440-E
re Blue Cypress Park Golf Course Lease Agreemt with Comstock Golf Mgmt, Inc;
Apv Amended & Restated Golf Course Lease & Mgmt Agreemt. (Rohan) (C/M
Yarborough) Public
Hearing Pursuant to Chapt 166, F.S. & CR 3.601 - 1/12/10 |
|
1.
12/8/2009 CO Introduced: F,RCD |
|
BILL
SUMMARY READ 2ND &
REREFER |
31. 2009-948 |
RESO
of Support for Legislation in Fla Legislature's Next Session to Amend Chapt
112, F.S., to Increase Investmt Opportunities for Trustees of City of Jax
Police & Fire Pension Fund. (Keane) (Comm of City Pension Sustainability) |
|
1.
12/8/2009 CO Introduced: R,F |
R: read 2nd & rerefer
READ
2ND & REREFER
At the conclusion of the
regular agenda, Chief Financial Officer Mickey Miller presented the quarterly
investment report on the City’s operating portfolio for the fourth quarter of
FY08-09 (August – September 2009). He
noted that the stock markets had recovered substantially from the market trough
in March 2009, with the City’s portfolio gaining 11.47% for the fiscal year. The City’s returns for the year were helped
by the fact that property tax revenues received in the period November 2008
through January 2009 were invested near the bottom of the market and helped to
grow the portfolio as the market recovered through the spring and summer.
Meeting Adjourned: 2:37 p.m.
Minutes: Jeff Clements, Council Research
1.5.10
Tapes: Finance agenda meeting– LSD
1.4.10
Materials: Finance agenda
1.4.10