2017-10-17 Audit/Finance Committee Minutes� , 1 � �
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After determining that a quorum is present, the Audit/Finance Commitiee of the City af Dentan,
Texas, met in a regular meeting on October 17, 2017, at 10:30 a.m., in the City Hall Conference
Room, at City Hall, 215 E. McKinney Street, Dentan, Texas at which the following items were
considered:
P ESENT: Mayor, Chris Watts; Mayor Pra Tem Sara Bagherig Council Member, John
Ryan
STAFF P SENT: Bryan Langley, Deputy City Manager/COO; Mario Canizares, Assistant
City Manager: Chuck Springer, Director of Finance; Antanio Puente,
Assistant Director of Finance; Cody Wood, Assistant Controllerg Caroline
Finley, Treasury Administrator; and Kristy Looper, Recarding Secretary.
The following items were cansidered:
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1. Consider approval of Audit/Finance Comrnittee minutes of September 12, 2017.
Mayar, Chris Watts made a motion to approve the minutes. Cauncil Member, John Ryan
seconded the motian. Motion carried unanimausly.
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Chuck Springer, Director of Finance, reviewed some changes being made to the Investment
Policy and told the committee that State law requires the adoption of the Investment Policy
annually. The debt service reserve funds for utility bands are no longer required, therefore this
portion of the investment palicy has been removed. The City's investment committee has been
changed ta reflect new titles, including the City Auditor wha is proposed to be a non-voting
member. If someone is unable to attend the investment committee they will be able to send
someane in their place in arder to constitute a quarum. Lastly, the proposed Investment Policy
adds insured collateral savings depasits as investment type and with a limitation of no mare than
15% of the total investment portfalio.
Mayar Pro Tem, Sara Bagheri made a motion to recommend approval af the Investment Policy.
Mayar, Chris Watts seconded the motion. Matian carried unanimously.
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Chuck Springer, Director of Finance discussed the proposed minor changes ta the Debt Service
Management Policy including membership changes to the Debt Management Committee with
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title changes and the inclusion of City Attorney as a legal advisor and the City Auditor as a non-
voting member. A second minor change were made to clarify that interfund accounting
transactions necessary for the City's year-end financials are not considered interfund loans per
the policy.
Mayor, Chris Watts made a motion to recommend approval of the Debt Service Management
Policy. Mayor Pro Tem, Sara Bagheri seconded the motion. Motion carried unanimously.
4. Under Section 551.042 of the Texas Open Meeting Act, respond to inquiries from the
Audit/Finance Committee or the public with specific factual information or recitation of
policy, or accept a proposal to place the matter on the agenda for an upcoming meeting
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Under Section 551.0415 of the Texas Open Meetings Act, provide reports about items of
community interest regarding which no action will be taken, to include: expressions of
thanks congratulations or condolence; information regarding holiday schedules; an
honorary or salutary recognition of a public official, public employee, or other citizen; a
reminder about an upcoming event organized or sponsored by the governing body;
information regarding a social, ceremonial, or community event organized or sponsored by
an entity other than the governing body that was attended or is scheduled to be attended by
a member of the governing body or an official or employee of the municipality; or an
announcement involving an imminent threat to the public health and safety of people in the
municipality that has arisen after the posting of the agenda.
With no additional business to be addressed, the Committee adjourned at 10;51 a.m.
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JOHN ��1 � �
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L:C::'�I1r�1'v1ITTEE CHAIR
CITY OF DENTON, TEXAS
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CO IIVCi SECFLETARY
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