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HomeMy WebLinkAbout2007 12 10 Consent 205 Approval of the December 5, 2007 Special Meeting MinutesCALL TO ORDER The Special Meeting of Wednesday, December 5, 2007 of the City Commission was called to Order by Mayor John F. Bush at 12:00 p.m. in the Commission Chambers of the Municipal Building (City Hall, 1126 East State Road 434, Winter Springs, Florida 32708). Roll Call: Mayor John F. Bush, present Deputy Mayor Sally McGinnis, present Commissioner Robert S. Miller, arrived at 12:04 p.m. Commissioner Rick Brown, present Commissioner Donald A. Gilmore, arrived via telephone at 12:18 p.m., and then in person at 12:40 p.m. Commissioner Joanne M. Krebs, present City Manager Ronald W. McLemore, arrived at 12:03 p.m. City Attorney Anthony A. Garganese, arrived at 12:05 p.m. A moment of silence was followed by the Pledge of Allegiance. REGULAR AGENDA REGULAR 600. Office Of The City Manager State Board Of Administration (SBA) Status Update. Commissioner Rick Brown suggested, "Whatever the outcome of this is, when we get all done with this - what I am sure will be an elongated analysis and discussions, we have got to put processes in place that are dictated by this Commission that put facilities in place within our City Staff to ensure that this never happens again." Commissioner Robert S Miller arrived at 12:04 p. m. CITY OF WINTER SPRINGS, FLORIDA MINUTES ~. ;tea-: .. CITY COMMISSION SPECIAL MEETING -DECEMBER 5, 2007 P f 5 2 ~..- ~ age o Commissioner Brown then stated, "I had a conversation with Ron (McLemore) the other day that said somewhere on our Staff, whoever is responsible for keeping an eye on this because somebody should be, it shouldn't be left to the administration of the SBA (State Board of Administration), because we can see that their investment strategy can change at a moment's notice without alerting anybody -that somebody's job within the City Staff ought to be to develop the relationship necessary to make sure that we get a phone call." City Manager Ronald W. McLemore arrived at 12:03 p. m. Commissioner Joanne M. Krebs added, "That is exactly what I asked at the last Meeting that we had and you are right, and I think we need to take it even a step further because we have other funds." City Attorney Anthony A. Garganese arrived at 12: OS p. m. Deputy Mayor Sally McGinnis noted, "We just need to now set something in place for the future." Discussion. Commissioner Donald A. Gilmore arrived via telephone at 12:18 p. m., and then in person at 12: 40 p. m. Manager McLemore gave an overview of this issue. Much discussion. Manager McLemore commented, "The intent now is somebody will be watching, and it's going to be a group of investors." Commissioner Brown inquired of Manager McLemore, "Who on behalf of the City of Winter Springs is going to be watching this advisory panel of investors?" Commissioner Brown added, "I think it is extremely important that we have somebody representing our citizens, that is hands-on or at least eyes-on, on an on-going basis, that we haven't had in the past." Discussion followed on interest rates and the recent meeting in Tallahassee. Attorney Garganese left the Commission Chambers at 12: 46 p. m. Tape 1/Side A Much discussion continued. Attorney Garganese returned to the Commission Chambers at 12:53 p. m. CITY OF WINTER SPRINGS, FLORIDA MINUTES CITY COMMISSION SPECIAL MEETING -DECEMBER 5, 2007 Page 3 of 5 Commissioner Brown suggested that "Again, we have got to have somebody that works for us watching what happens and not relying on third parties." With discussion, Manager McLemore suggested tiers, and mentioned, "Maybe for the next few days, we will just keep everything in a checking account - we will basically have an operating account and get to it immediately if we need it." Manager McLemore added, "That is probably what we'll do initially until we get the right set of investments in the Treasuries and other things that are more guaranteed. And then I think what we'll try to come back to you with right away is what is that schedule of investments that we feel like are the safest that we can get into. That's where I see us today. It's like a one (1) week strategy and then there's a six (6) month strategy." Discussion. Mr. Michael S. Blake, 711 Canadice Lane, Winter Springs, Florida: addressed the City Commission on Treasury rates. Further discussion. Manager McLemore mentioned a letter he sent to Department Directors. Members of the City Commission mentioned they did not recall seeing this letter. Discussion. Mayor Bush asked, "I think we should immediately draw out what we can and immediately hire an Investment person to come in here and give us some direction on what to do, with not only the current money we have, but to give us some idea of how to play this out with the other - and I think we need professional help." "I WOULD LIKE TO MAKE THAT AMOTION - I WOULD MOVE THAT WE DO THE WITHDRAWLS AS THE MAYOR DEFINED WITH AS MUCH AS WE POSSIBLY CAN, AND IMMEDIATELY HIRE A MONEY MANAGER TO COME IN AND GIVE US ADVICE AS TO WHAT DO FROM THIS POINT GOING FORWARD." MOTION BY COMMISSIONER BROWN. SECONDED BY COMMISSIONER KREBS. DISCUSSION. COMMISSIONER KREBS ADDED, `WHEN YOU SAY FOR THE AMOUNT `WE CAN', COULD YOU PLEASE DEFINE THE AMOUNT `WE CAN'." MAYOR BUSH NOTED, "THAT IS THE 3.6 MILLION -THREE MILLION, SIX HUNDRED AND TWELVE THOUSAND, ONE HUNDRED AND FIFTY-THREE DOLLARS." .` .: _. &^~' `. ~. CITY OF WINTER SPRINGS, FLORIDA MINUTES CITY COMMISSION SPECIAL MEETING -DECEMBER 5, 2007 Page 4 of 5 COMMISSIONER KREBS ADDED, "BECAUSE WE WITHDRAW IT ALL, BUT THAT WOULD BE A TWO PERCENT (2%) -BUT YOU ARE NOT SAYING THAT..." MAYOR BUSH REMARKED, "...NO." COMMISSIONER BROWN THEN COMMENTED, "AND THEN WE GET SOMEBODY IN HERE TO HELP US DECIDE WHAT WE DO WITH THE REST." MAYOR BUSH POINTED OUT, "NOT ONLY THE REST IN THE FUND, BUT -THE CASH THAT WE HAVE GOT ON HAND." WITH FURTHER COMMENTS, MAYOR BUSH REMARKED, "I WOULD HOPE THAT IMMEDIATELY AFTER THIS MEETING, THAT THE MANAGER GETS ON THE PHONE, FINDS AN INVESTMENT PERSON WHO WANTS TO TAKE THIS ON AND WE MOVE FORWARD WITH IT." DISCUSSION. VOTE: COMMISSIONER BROWN: AYE COMMISSIONER KREBS: AYE DEPUTY MAYOR McGINNIS: AYE COMMISSIONER MILLER: AYE COMMISSIONER GILMORE: AYE MOTION CARRIED. Commissioner Krebs recommended that the City Manager send notification to Tallahassee that we don't have confidence in them. With additional comments, Commissioner Krebs suggested that perhaps the Mayor could do this. Manager McLemore noted, "I think we are going to have to go to our Legislators." Mayor Bush and Deputy Mayor McGinnis noted they were interested in what Seminole County was doing with their funds and perhaps the City Manager could contact the County Manager to inquire. Tape 2/Side A Discussion. Members of the City Commission then suggested that this issue be brought up at this evening, at the Council of Local Governments of Seminole County (CALNO) Meeting. Deputy Mayor McGinnis suggested that Mayor Bush contact the Chairman of the Council of Local Governments of Seminole County (CALNO) to ask that our Legislative Representatives also attend tonight's Council of Local Governments of Seminole County (CALNO) Meeting. Mayor Bush said, "I will call him." Further discussion ensued. C[TY OF WINTER SPRINGS, FLORIDA MINUTES CITY COMMISSION SPECIAL MEETING -DECEMBER 5, 2007 Page 5 of 5 On the issue of an Investment Manager, Manager McLemore stated, "I am not sure that I wouldn't rather have two (2) or three (3) different people, because I don't know that there is one (1) entity out there who knows everything." Furthermore, Manager McLemore then remarked, "I am not sure we wouldn't want to have three (3) or four (4) people involved in this discussion." Further discussion. Mayor Bush suggested, "I think we need to schedule another Meeting and have - something for the Commission to look at again." Mayor Bush asked Manager McLemore, "Do you think you can get this..." Manager McLemore responded, "...I'll do the very best that I can." Continuing, Mayor Bush remarked, "Why don't we meet again tomorrow and you give us whatever you find out -tomorrow Commissioners?" Mayor Bush then suggested, "How about five o'clock tomorrow?" Commissioner Krebs noted, "Fine." Commissioner Brown added, "Works for me." No objections were noted. Manager McLemore remarked, "I will move as quick as we can." Commissioner Krebs said, "It will be a Special Meeting in case we need to make a Vote right?" Mayor Bush stated, "Right." ADJOURNMENT Mayor Bush adjourned the Special Meeting at 1:42 p.m. RESPECTFULLY SUBMITTED: ANDREA LORENZO-L UACES, CMC CITY CLERK APPROVED: JOHN F. BUSH MAYOR .. a ~- , NOTE: These Minutes were approved at the , 2007 Regular City Commission Meeting. CITY OF WINTER SPRINGS, FLORIDA MINUTES CITY COMMISSION SPECIAL MEETING DECEMBER 5, 2007 CALL TO ORDER The Special Meeting of Wednesday, December 5, 2007 of the City Commission ~;~~a~; called to Order by Mayor John F. Bush at 12:00 p.m. in the Commission Chambers of the Municipal Building (City Hall, 1126 East State Road 434, Winter Springs, Florida 32708). Roll Call: Mayor John F. Bush, present Deputy Mayor Sally McGinnis, present Commissioner Robert S. Miller, arrived at 12:04 p.m. Commissioner Rick Brown, present Commissioner Donald A. Gilmore, arrived via telephone at 12:18 p.m., and then in person at 12:40 p.m. Commissioner Joanne M. Krebs, present City Manager Ronald W. McLemore, arrived at 12:03 p.m. City Attorney Anthony A. Garganese, arrived at 12:05 p.m. A moment of silence was followed by the Pledge of Allegiance. REGULAR AGENDA REGULAR 600. Office Of The City Manager State Board Of Administration (SBA) Status Update. Commissioner Rick Brown suggested, "Whatever the outcome of this is, when we get all done with this - what I am sure will be an elongated analysis and discussions, we have got to put processes in place that are dictated by this Commission that put facilities in place within our City Staff to ensure that this never happens again." Commissioner Robert S. Miller arrived at 12: 04 p. m. CITY OF WINTER SPRINGS, FLORIDA MINUTES CITY COMMISSION SPECIAL MEETING -DECEMBER 5, 2007 Page 2 of 5 Commissioner Brown then stated, "I had a conversation with Ron (McLemore) the other day that said somewhere on our Staff, whoever is responsible for keeping an eye on this because somebody should be, it shouldn't be left to the administration of the SBA (State Board of Administration), because we can see that their investment strategy can change at a moment's notice without alerting anybody -that somebody's job within the City Staff ought to be to develop the relationship necessary to make sure that we get a phone call." City Manager Ronald W. McLemore arrived at 12:03 p. m. Commissioner Joanne M. Krebs added, "That is exactly what I asked at the last Meeting that we had and you are right, and I think we need to take it even a step further because we have other funds." City Attorney Anthony A. Garganese arrived at 12: OS p. m. Deputy Mayor Sally McGinnis noted, "We just need to now set something in place for the future.". Discussion. Commissioner Donald A. Gilmore arrived via telephone at 12:18 p. m., and then in person at 12: 40 p. m. Manager McLemore gave an overview of this issue. Much discussion. Manager McLemore commented, "The intent now is somebody will be watching, and it's going to be a group of investors." Commissioner Brown inquired of Man~~re:~ McLemore, "Who on behalf of the City of Winter Springs is going to be watching this advisory panel of investors?" Commissioner Brown added, "I think it is extremF:' . important that we have somebody representing our citizens, that is hands-on or at lease eyes-on, on an on-going basis, that we haven't had in the past." Discussion followed on interest rates and the recent meeting in Tallahassee. Attorney Garganese left the Commission Chambers at 12: 46 p.m. Tape I/Side A Much discussion continued. Attorney Garganese returned to the Commission Chambers at 12:53 p. m. CITY OF WINTER SPRINGS, FLORIDA MINUTES CITY COMMISSION SPECIAL MEETING -DECEMBER S, 2007 Page 3 of 5 Commissioner Brown suggested that "Again, we have got to have somebody that works for us watching what happens and not relying on third parties." With discussion, Manager McLemore suggested tiers, and mentioned, "Maybe for the next few days, we will just keep everything in a checking account - we will basically have an operating account and get to it immediately if we need it." Manager McLemore added, "That is probably what we'll do initially until we get the right set of investments in the Treasuries and other things that are more guaranteed. And then I think what we'll try to come back to you with right away is what is that schedule of investments that we feel like are the safest that we can get into. That's where I see us today. It's like a one (1) week strategy and then there's a six (6) month strategy." Discussion. Mr. Michael S. Blake, 711 Canadice Lane, Winter Springs, .Florida: addressed the City Commission on Treasury rates. Further discussion. Manager McLemore mentioned a letter he sent to Department Directors. Members of the City Commission mentioned they did not recall seeing this letter. Discussion. Mayor Bush asked, "I think we should immediately draw out what we can and immediately hire an Investment person to come in here and give us some direction on what to do, with not only the current money we have, but to give us some idea of how to play this out with the other - and I think we need professional help." "I WOULD LIKE TO MAKE THAT AMOTION - I WOULD MOVE THAT WE DO THE WITHDRAWLS AS THE MAYOR DEFINED WITH AS MUCH AS WE POSSIBLY CAN, AND IMMEDIATELY HIRE A MONEY MANAGER TO COME IN AND GIVE US ADVICE AS TO WHAT DO FROM THIS POINT GOING FORWARD." MOTION BY COMMISSIONER BROWN. SECONDED BY COMMISSIONER KREBS. DISCUSSION. COMMISSIONER KREBS ADDED, "WHEN YOU SAY FOR THE AMOUNT `WE CAN', COULD YOU PLEASE DEFINE THE AMOUNT `WE CAN'." MAYOR BUSH NOTED, "THAT IS THE 3.6 MILLION -THREE MILLION, SIX HUNDRED AND TWELVE THOUSAND, ONE HUNDRED AND FIFTY-THREE DOLLARS." CITY OF WINTER SPRINGS, FLORIDA MINUTES CITY COMMISSION SPEC[AL MEETING -DECEMBER 5, 2007 Page 4 of 5 COMMISSIONER KREBS ADDED, "BECAUSE WE WITHDRAW IT ALL, BUT THAT WOULD BE A TWO PERCENT (2%) -BUT YOU ARE NOT SAYING THAT..." MAYOR BUSH REMARKED, "...NO." COMMISSIONER ,BROWN THEN COMMENTED, "AND THEN WE GET SOMEBODY IN HERE TO HELP US DECIDE WHAT WE DO WITH THE REST." MAYOR BUSH POINTED OUT, "NOT ONLY THE REST IN THE FUND, BUT -THE CASH THAT WE HAVE GOT ON HAND." WITH FURTHER COMMENTS, MAYOR BUSH REMARKED, "I WOULD HOPE THAT IMMEDIATELY AFTER THIS MEETING, THAT THE MANAGER GETS ON THE PHONE, FINDS AN INVESTMENT PERSON WHO WANTS TO TAKE THIS ON AND WE MOVE FORWARD WITH IT." DISCUSSION. VOTE: COMMISSIONER BROWN: AYE COMMISSIONER KREBS: AYE DEPUTY MAYOR McGINNIS: AYE COMMISSIONER MILLER: AYE COMMISSIONER GILMORE: AYE MOTION CARRIED. Commissioner Krebs recommended that the City Manager send notification to Tallahassee that we don't have confidence in them. With additional comments, Commissioner Krebs suggested that perhaps the Mayor could do this. Manager McLemore noted, "I think we are going to have to go to our Legislators." Mayor Bush and Deputy Mayor McGinnis noted they were interested in what Seminole County ws doing with their funds and perhaps the City Manager could contact the County ManaU-r to inquire. Tape 2/Side A Discussion. Members of the City Commission then suggested that this issue be brought up at this evening, at the Council of Local Governments of Seminole County (CALNO) Meeting. Deputy Mayor McGinnis suggested that Mayor Bush contact the Chairman of the Council of Local Governments of Seminole County (CALNO) to ask that our Legislative Representatives also attend tonight's Council of Local Governments of Seminole County (CALNO) Meeting. Mayor Bush said, "I will call him." CITY OF WINTER SPRINGS, FLORIDA MINUTES CITY COMMISSION SPECIAL MEETING -DECEMBER 5, 2007 Page 5 of 5 Further discussion ensued. On the issue of an Investment Manager, Manager McLemore stated, "I am not sure that I wouldn't rather have two (2) or three (3) different people, because I don't know that there is one (1) entity out there who knows everything." Furthermore, Manager McLemore then remarked, "I am not sure we wouldn't want to have three (3) or four (4) people involved in this discussion." Further discussion. Mayor Bush suggested, "I think we need to schedule another Meeting and have - something for the Commission to look at again." Mayor Bush asked Manager McLemore, "Do you think you can get this..." Manager McLemore responded, "...I'll do the very best that I can." Continuing, Mayor Bush remarked, "Why don't we meet again tomorrow and you give us whatever you find out -tomorrow Commissioners?" Mayor Bush then suggested, "How about five o'clock tomorrow?" Commissioner Krebs noted, "Fine." Commissioner Brown added, "Works for me." No objections were noted. Manager McLemore remarked, "I will move as quick as we can." Commissioner Krebs said, "It will be a Special Meeting in case we need to make a Vote right?" Mayor Bush stated, "Right." ADJOURNMENT Mayor Bush adjourned the Special Meeting at 1:42 p.m. RESPECTFULLY SUBMITTED: ~, ANDR~ LORENZO-L UACES, CMC CITY CLERK APPROVI/D: ~~ .-0 .BUSH MA R NOTE: These Minutes were approved at the December 10, 2007 Regular City Commission Meeting.