Loading...
2010-11-16 Audit/Finance Committee Minutes' !1 �I -f 1 ( 4' i, 1" 1 1- � �� ,� " � ' ". ., ,� . ���. +r � � i.�� r�. .. ., � � i . , .. . � , ., . � _ � ♦ I � . �, � � " �� " " ,r • * .� " ,� * � ' " . �� ' � � , ' 4 " ` _ �` � � ` ' i _ si � �� P1��ElVT': 1Vlayor IVlarlc �ui-�a��lis; CouiZcil Member Jaan�s I�.in�, C;OLlI1C1I M�111�e1 GIli13 �!a��S, �hair �5 S e George Cainpbell, City ana�er; Joi7 Fortuile, Assistant �ity Maila��r; Fred �r�ene, Assistail� Cit� anager; ry L, gley, �i1i�f Fin cial (�fficer; Antonio I�uente, Assistant I�ir�ctoz• ofFiiz ce; Harvey Jarvis, Contioller; Caroline Fii11�y, Tr�asury �idininistrator; Michelle McCalluin, udget and IVlunicipal Caui-t Mana�ei; Cody Woad, Assista�it C;011�i0II�P; Keviii Mullen, Assistant Controller; Melai�i� Beard, Accauilts P�yable Sup�rvisor; Jo1vl i� ell, Applicatioils �rc�gra,nl Sup�rvisor; Beau L,allaz, atabase Administrator; Tiff y Tho pson, Custoiner S�rvic� Slip�I"�IISOl, Ja ie Liridsay, Utility Finailcial CoordiFlator; Th�res� Jaworslci,l2ecord`zz1� Secr�tary � " � � � - *� � �'. • , � * i �� � i � , , . � �� � � � � a �. ! , � �. . . � �. �� R � w : � � . � �� °�� � � �� , � ��� � � �� � .� - 1 �� . . - • � � � � �� � � - - �� x 1 � M • � • � r� �� -i '�� �, A�ciit/Fiii�nce ��arr�rniti�e Ac�ion It�rr� 1!'I�ti�i�c - ' � �r , '� � . . � ., � . ... � � .. r� ��, � ` t: � + 4 — .� � � . � �� # !; #�� •� . s s,� #' �" ��� •. � � .� . f � .. _ 1 ' ,� • �; �� � ., ,. , ' • � � "�� � • �, �� i'� "�,# ��r �'� �I" �'� ►' �,' � ��, . �.� .. � .. � �� . „ �� .-., �� . � „ � # ! � ' � � � • # � ' Langley confi ed the request and will include the info ation in the report. Action Ite : rovi e i for ation on evelo er escrow fun s. e ort s onl inclu e ot roject ex enses an any uns e t fun s. I a ition, t e re ort s o 1 in icate re uire ti elines a or inance rovisions. 3. eceive a re ort, ol a iscussia , an ive staff irection re ar i t e i of e ton's cantracts it irst out est o any for inancial a viso , conti i isclos re, an ar itra e se ices. Assistant Finance irector, Tony Puente, explained the City's history with First Southwest and the current cantracts for financial advisory, continuing disclosure, and arbitrage. The Finance department approached First Southwest with the services they provide and the possibility of inerging these services into a single contract that would reduce costs and improve efficiency. First Southwest responded with a proposal that wauld lower the City's fee schedule for arbitrage services by 15% and a cast savings of approximately $7,OOd. There would be no fee increases for continuing disclosure services and no fee increase for financial advisory services. First Southwest also added a one-ti e cast savings of $39,165 on the GO Refunding onds, Series 2010A. Staff recammends that the proposed contract amendment to the City's contracts with First Southwest Co pany far financial advisory, cantinuing disclosure, and arbitrage services be forwarded to the City Council for consideration. A discussion followed on the request for proposals, competitive bidding process, the current contracts and expiration dates with First Southwest. Mayar urraughs asked if by merging all services ( P) into one contract is there a possibility of eliminating eompetitive bidders who may not provide all three services and narrow our options? Puente explained that the P would be crafted to allow co panies to partner up with other fi s, enabling them to offer all three services. Mayor urroughs requested that language with the expression of this intent be included in the backup, should this itern go to Council, to avoid eliminating possible competitive bidders far this contract. Langley will craft the P to include all the aptians in the backup and examine the bidders independently as well as a whole, to rneet the concerns expressed by the Committee . With the changes agreed upon, the Committee recom ended that the contract for financial advisory, continuing disclosure, and arbitrage be brought forward to the City Cauncil. �7 '� �" f l 1 1 f i+ f "� . �+ f l 1; f � � 1 , ��� , 1�� , �1 1 , � ; � � � , � � � , � � i . i f � ' . � � ! � . i � . {� i �� . ♦ i * � . • ! f � �. � � . . .� �, . � � ` � ` �� i ` � � . . � i f '' + `' �' � i ��` ...�� ! ,. .... ..... ,..... i...... . . #........� . •,....`f i....... `. . i i ��, - .� ... . � �..... � . i .,.... � � ` ... ;. i ` . � . .. . ...... ` ` � � ..... ` . . , � f� I�` I� ..:.i ! i. ` i 1� "�'�. i s,,. ' �R .i . . ����. . * ' � :�. ' � " f`• * . �. � ,, � �, �. . �, . �I "�'^ii "� .� . �I. ` .i '�i • � �' . fi � ` f. . .�1♦ � .. .. i � ' i' . . .,i� � � �.' * * . � . �. �.� ` � ' i�. `�� . �I w i♦ ii' . � . :.� . ,�� ,�� � ` i'" i i i` y� i �. « .,� l,��� . i �f' f �� . ! i �` �, . �i ` ��.�. �. 1 � ` � . � i` { ," ��, - •' � 4 . � ,� .. 4 •i �4 .�� i. . � f s� . '� � "�� �� �.�4` � �� �� • � ! � � ` * { 4� � -i4 � w, `f � .. � *. * � s ` � i `i+ . • .,; .� M �, , ` ! ` i� i � ., . ,« . �" .4i � 4 . i `f � `f� '; �� ' � � . .. � ��� "i �. `.'� `� i .i ` � ♦ � ' i. �. .. . � � i .' � . � � . �...., .�.. . . . � f., ♦ . i'.. ` ` + ... r � i: ,... i .*......., :..��. � • � .....; � � ...:.' � : ' � `' i . ......." � • . � � � i ..`: ` ."' � i � � . • ♦. 4 y .. . � ` i ♦ . � i � i i � . . � . � . � . ! � � � � i i4.4 i i.f f . **. i i` � i. f . . �� • ` ' i " � ' � , �� . I � ' � f�;. f "! ` � I � ` ' �;. � �'y�. .� •' � s ♦ � i� � i � '/ ` � �4� . , 4 �' f ` i . 4 �i 4 . i i i . � '� � � �, ., � ., �f � `�� ` � �' . w Ci i ,�; . i `��' .*. .li•.. � ��� . ` ` ♦ ` i . li �" `.i ` *�;. � �. - ` � � . ' ' . � * �� • i'� � � ri � � ! ` � � ` �.� ' � � � ` ' 4 l ` � I ` � i' ` . • . � � � ., � .. � � . �� ` i.` . . �_� �. � � . .���i � �I � y ..... . � . . � . ���.. � � � + �'��, � � ` ` � f r * � . r�,. i � . .. R,��# ' ..... 4 ` �"� i - � ,� ,� . "� .... . � �_ -� � - - � f � ` 1 1 �' 1 ��1 1 ''�. � 1 1 1 sf 1 f 1 �1 �' 1 ' 1 �r. �' 1 f 1 � 1 .�, � f l f f� 1'11��� f i �. . - .` i � ^ i. ! -.. � � ' �� �. , i f, �.... ` * '��. . �. .. � . �'; • � • �' i � ,,.� � i � . ��'.. f i . ��.. � ` �i S • ,,.. � . : . � ��. ! i i'� ! ` �'��.. i ♦ •� :.�� . . ;. . � i s . .��. i i ►. �... ���� i . ; i . . '�� . ` f ' . �, i i f � . . '; # �'�, � ' 4 ,� . * ♦ i�� + f i . . �.. 4 i . �#'� � ` '� i � i ` �` ' � � • � �' "'-� " ., . � �, ♦ � � . � � " � � . . ��� '�, � . ` � .�� i � ♦ ' � � . . � ,, !; . ! i. ' •`!! � � . . � `�, �, �- f . �`• '• - i ! 4 ' �' . ',� ! �` ' "i' � �' Pricing comparisons and the positive pay options were discussed. Mayor urroughs requested additional info ation on the Bid Tabulation and Pricing Comparisons. The criteria used to rate the banks services as well as the relevance and importance of the services to the City should also be included in the backup. Co mittee reca mended that the elis Fargo depository bank proposal be brought forward to the City Council for consideration with the info ation requested by Mayor urroughs. 6. eceive a re ort, oi a iscussion an ive staff irection re ar in ra osals for erc ant se ices. F . . .,, . . s _. � , � ♦�� - � ,� � - ♦ � � - � � _ , . � . � _ � - _ � ���; � � ♦ � w��� . . . � � . ♦ � � ���� �� . _ . � _ �� -� . � ` . . � • . . i. * � , � �; - . , r � , � __ . _.� �� . � - � -�� ♦ . . �- �•. � � , �� - . �. _ , � ♦' � . -� � w � � *` . • � � `■-� � � �� � _ . � � � - � � . . i � .� ���� � - � - • . � �� ��� � . � � „ r• . � t , ♦ �. � � - �- - �� . � - . ` ♦ • . . . . � - , �' ��. . -�- ♦ �. _ ,;;" " * . ��� � .� - �. - �. �► '0 � • w � �• ' •.' ' •;f . � ' .�• �' � '- * '� '• " * '` � • ' w'• . - • •i'# -� �,� ... _ � � �' ! • � � . � ! ' ! � • , �" � '• ' f . . �i � , ` . �, N. .. � a • �; � 1 1 + 1 ' ! 1 1 i! 1 1'i 1 1 i � f 1'� 1 f ' t 1 1 1 1�' f il 1 ."' i 1 i 1 � .. � _ _ ., \ .�' 1 1 � � � n . 1 1 1' 1 , f 1 ' 1 1 f 1........ + f .::. 1 1 s� 1 1 ` ���:1 ,..... 1 •�: , � :� 1�'; . '1 i 1 1� li 1� � 1 1I f 1I 1 ��,M 1 1 1 l' .1��� � 1r�� ,�1 1 � 1 1i� 1< � 1 � 1�11 "+. 1 i�- 1� 11 1 1 1 �. ' 1 1' 1 1 1 1 1 �� 1 � f l! 1�:'1 1 'il ;1 1' ' 1':1 f .1' 1 '� 1 t` �+ 111 �� 1 M 1 � 1 f 1 � 11 1 � 1 1 1 1 ��1 ' 1 II 1.i 1� � 1( �"' 1 +, ' �. . '' '# ' ^• � . f # ` •. * # " " ' " ' �' 4 ' � " ' ' . ! ! ',' " , � ♦ �''' • •. . • , �. •w, •' !, Action Item: rovi e a re ort to esti ate the i act of hotel internet rese ation sites on hotel occnpancy tax revenue. With no more items �� consider, the meeting adjourned at 3:31 p.m. W �� F�,,, � � � �� �. .... .... ..... .� ........� .............................. . . .— - CH S WATTS CO ITTEE C CITY OF DENTON, TE S ,���� � ,. .� .� .:.� ..w�._ � _�.� _ � ' '�.. �'�.� ��� � � � � ���`� _ .w� T sA 7Aw�:������.� CO ING SEC T Y CITY OF DENTON, TEXAS