HomeMy WebLinkAbout2008-1103 Study Session MIN
CITY COUNCIL STUDY SESSION
November 3, 2008
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MINUTES FOR CITY COUNCIL STUDY SESSION
Monday, November 3,2008
Council Chambers, 1175 East Main Street
Council Chair David Chapman called the meeting to order at 6:05 p.m. in the absence of Mayor John
Morrison. Councilors Hardesty, Navickas, Hartzell, Jackson and Silbiger were present.
1. Does the Council have questions for the City Recorder about the City's Investment Policy or about
the status of the City's current investments?
City Recorder Barbara Christensen explained the City had a strong, conservative investment policy. The City
currently had 82% invested in the Local Government Pool, 15% in Government Agency Securities and 30/0
invested in Certificates of Deposits.
The Local Government Investment Pool (LGIP) maintains 900+ members, consisting of County, City and
Local Government Entities and money from these entities are pooled and managed by the Oregon State
Treasury (OST). The Oregon State Treasury has an advisory board who advise in the management and
investments of the pooled money. This Board consists of the State Treasurer, three non-public members and
three members who are Treasurers, Finance Officers or Business Managers in local government that manage
the investment portfolio.
The approved LGIP Investment Policy dictates that securities mature at less than 3 years. Investments are
staggered so they mature at different times and diversification is important. Ms. Christensen reported that a
Senior Investment Officer from OST had clarified that when Asset Backed Securities started to fail, the State
Pool made appropriate changes to the portfolio and confirmed that the final security matured in October 2008.
When this final security matured, there were no more investments in Asset Backed Securities. Ms. Christensen
explained that there are several factors used when purchasing securities for investment and examples were
provided. She stated that LGIP's current focus is on liquidity as they respond to the current market.
Ms. Christensen recommended having the Oregon Short Term Board review the City's current investment
policy, make recommendations and present to Council for approval. When questioned on LGIP' s relationship
with State Street, she explained that the Senior Investment Officer from OST had stated that State Street is not
allowed any additional investing than the Oregon Short Term Board allows them to do.
2. Review of regular meeting agenda for November 4, 2008
City Administrator Martha Bennett reviewed the agenda with council with the following comments:
· Should the Council conduct and approve First Reading of an ordinance titled, "An Ordinance
Amending Chapter 2, Administration, Adding Section 2.13, Transportation Commission;
Repealing Section 2.22 Bicycle and Pedestrian Commission and Repealing Section 2.26 Traffic
Safety Commission" and move the ordinance on to Second Reading?
Boards and Commissions can appoint Ad Hoc and Sub-Committees at any time. If they are Sub-
Committees that deliberate on an item that eventually goes to Council, they need to follow Oregon
Public Record Law. Official Sub-Committee rules would apply if someone not on the board were
appointed.
Council asked staff to revise the new bulleted paragraph under Powers and Duties In the
Transportation Commission Ordinance on page two.
· Should the Council approve an AFN wholesale and retain rate increase to offset an increase in
operating expenses?
CITY COUNCIL STUDY SESSION
November 3, 2008
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Interim Information Technology Director Michael Ainsworth explained there were no entities with a
contract or long-term agreement with Ashland Fiber Network (AFN). The majority of customers
were garnered through retailers.
AFN had projected a 50/0 growth in subscriber accounts and experienced 2.3% customer growth.
· Does the Council wish to enter into a purchase agreement to acquire 10 acres on Clay Street to
be used for a public park and an affordable housing project in partnership with the Housing
Authority of Jackson County?
Senior Planner Brandon Goldman explained that Resolution 2006-13 identified the income levels for
households that would qualify for affordable housing. The Housing Authority would provide some
units at 50% and some at 60% but were looking at a 30%-60% Area Median Income (AMI) range so
that all participants have income to contribute to rent.
Mr. Goldman was asked to provide information from the Jackson County Assessment Office on the
original purchase price for the Clay Street property for the regular meeting session 11/4/08.
3. What are the Council priorities for city facilities and properties based on the information provided
in the Facilities Master Plan Report? Does the Council wish to place a bond measure on the 2010
ballot for public safety improvements?
Council determined that Fire Station # 2 was the top priority for the Facilities Master Plan. It will require voter
support and November 2010 as an election timeframe was discussed. Ogden Roemer Wilkerson Architecture
was able to bring the price down since the building did not require a downtown look and will research more
ways to economize. Concern was expressed that the Food and Beverage Tax needs to come first.
The second priority for the Plan was the Police Department building. It would require voter approval as well
and there was a discussion on bringing it to the public in 2012. The Police Department might be able to offset
100/0- 30% of the cost with Forfeiture Funds. Using trailers or pre-fabricated buildings for evidence storage
would not meet the City's needs long-term but might be sufficient for office space in the interim.
Logistic and cost concerns were raised during a discussion on the benefits and negatives of moving Finance to
the Grove and adding to the Community Development building. The desired intention was to have City Hall
remain downtown. It was decided to resolve the issues with the Grove prior to redoing City Hall and have staff
develop 2-3 scenarios for the Grove after planning the Fire and Police department interim strategies. Council
suggested consulting with other agencies on consolidating space and asked staff to research various surplus
properties for office space potential.
4. Look Ahead Review
The Council Look Ahead was not reviewed.
Meeting was adjourned at 8:28 p.m.
Respectfully submitted,
Dana Smith
Assistant to the City Recorder
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