Kentwood Committees & Boards
Finance Committee (Back to index)
Minutes for 9/07/2010

APPROVED MINUTES OF THE
FINANCE COMMITTEE
September 7, 2010
Conference Room #119
5:30 P.M.

Present: Commissioners: Chairperson Sharon R. Brinks, Frank Cummings, Ray VerWys and Mayor Richard L. Root. Also present: Finance Director Tom Chase, Information Systems Manager Bill Dudgeon, Deputy Police Chief Tom Hillen, Deputy Administrator Rich Houtteman, City Clerk Dan Kasunic, Assistant Finance Director Phil Tietz, Asset Strategies Representative George Vitta and Public Works Director Ron Woods.


1. OPERATING INVESTMENTS QUARTERLY REPORT.
Investment Consultant Vitta gave an overview of eight topics, those being: types of risk; Public Act 20 of 1943; investment policies, procedures and objectives; market value and principal value; saver versus investor; how to measure true maturity of GNMA securities; duration and fixed income analytics. He reviewed the quarterly report, noting cumulative performance comparison, quarterly total return market line analysis, and conclusions and recommendations. The Committee inquired about fee structures and spread. The Committee agreed to change to a semi-annual investment review.


2. COPIER REPLACEMENTS FOR INFORMATION SERVICES.
The Committee inquired of IT Manager Dudgeon regarding cost/benefit of a new copier and of maintenance support.

Motion by Cummings, support by Root, to recommend to the City Commission to authorize the purchase of four copiers from IKON Office Solutions, Inc. at a not-to-exceed price of $35,595.44 with funds from the Property & Building Fund and Police Equipment Fund budgets for the Fiscal Year ending June 30, 2011.

Motion Carried.


3. PURCHASE OF OPT-E-MAN SOLUTION FOR INFORMATION SERVICES.
IT Manager Dudgeon explained the reasons why this request is necessary. The Committee requested an attempt be made in the future to review all possible problems that may occur when a change is intended to be made to any system.

Motion by Cummings, supported by VerWys, to recommend to the City Commission to authorize expansion of the City's contract with AT&T to provide for access to AT&T's OPT-E-Man solution for connectivity to outlying City buildings, at an approximate net additional cost of $34,272 annually, with funds from the Water Department, Fire Department (Police/Fire Millage Fund) and General Fund operating budgets, and install fiber connectivity to a water tank at a cost not to exceed $3,500.00 from the Property and Building Fund, to be allocated to the Water Department operating budgets for five years at an annual cost of $750.00

Motion Carried.


The meeting was adjourned at 6:44 P.M.


Dan Kasunic    Sharon R. Brinks
City Clerk         Chairperson