Addendumtiow x ao
OS GAZO
DATE:
TO:
FROM:
MEETING DATE: 09/15/15
ITEM NO: 2
ADDENDUM
COUNCIL AGENDA REPORT
SEPTEMBER 14, 2015
MAYOR AND TOWN COUNCIL C1 h
9 �'
LAUREL PREVETTI, TOWN MANAGER' l ///
SUBJECT: FY 2014/15 QUARTERLY INVESTMENT REPORT (APRIL THROUGH
JUNE 2015)
REMARKS:
After the initial staff report was distributed on September 10, 2015, staff received inquiries from
Council which are addressed below.
Question: Has the treasurer Linda Lubeck left? Is she leaving? If so on either, what is the
plan?
Answer: Ms. Lubeck, the former Town Treasurer, has been serving in recent years as a project
manager working with the Town's investment advisor, Cutwater, on Town investments. In
Spring/Summer 2015 Ms. Lubeck informed the department that she would be retiring. In
anticipation of that event, the Finance Department's latest work plan included the goal to take the
investment activity back "in- house." During this past summer the Director of Finance and other
staff within the Department spent time training with Ms. Lubeck and meeting with Cutwater to
begin the transition process.
Working closely with the Finance Director and Cutwater, the Finance and Budget Manager had
been identified as coordinating and managing the investment activities on a day -to -day basis.
However, with the recent promotion of the Finance and Budget Manager, the Department will be
reassessing workload distribution and reorganization within the Department. This may include
adding temporary staffing hours to support this activity. It is anticipated that use of temporary
hours would be absorbed within the Departments existing Fiscal Year 2015/16 budget with no
anticipated budget adjustment necessary.
In the interim, the Finance Director will continue to work closely with Cutwater regarding
investment strategy and purchases, similar to how Ms. Lubeck worked with them in the past.
Staff plans to continue to utilize Cutwater as an investment advisor for the near future until staff
training and workload reorganization can be completed.
PREPARED BY: STEPHEN CONWAY
Reviewed by:
Finance Director
Town Manager Y�` own Attorney �,,'2&Finance
PAGE
MAYOR AND TOWN COUNCIL
SUBJECT: FY 2014/15 QUARTERLY INVESTMENT REPORT (APRIL THROUGH
JUNE 2015)
SEPTEMBER 14, 2015
Investment of Town's funds is a highly sensitive activity and it is vital that proper safeguards and
internal controls be in place to ensure the Town's investments are properly accounted for and that
the most competitive yields are earned. Safety of the Town's investments remains the
Departments primary focus, followed by the liquidity and finally yield.
Attachments 1 (Previously received with Staff Report on September 10 2015):
Fourth Quarter Investment Report for FY 2014/15 (April through June 2015)