January 2010 Board of Finance

January 20, 2010
Meeting Room 2B
7:05 p.m.

Attendance
Dave Ferguson, Kari Isaacson, Steve Moberly, Randy Paul, Melissa Pogue, Fred Risinger, and John Walsh.
Staff
Pat Combs, Bonnie Estell, and Sara Laughlin.
Others

Tom Bunger.

Call to Order

President John Walsh called the meeting to order at 7:05 p.m.

Election of President and Secretary of Board of Finance

Dave Ferguson moved; Fred Risinger seconded nomination of John Walsh as president of the Board of Finance and Steve Moberly as secretary of the Board of Finance for 2010.  Motion carried unanimously.

Randy Paul asked for clarification of the purpose of this meeting.  Sara Laughlin explained that the purpose of the Board of Finance is to review the investment policy and investments.  It is an annual routine meeting.  Investments are constrained by law.  A list of current investments and the Finance and Investment Policy were distributed in the packet.

Investment Policy and Report

Sara Laughlin reviewed the policy noting that each section includes a citation of Indiana Law relating to that matter. 

Sara Laughlin reported that no changes are proposed to the list of banks and funds. 

Randy Paul was concerned that the Board was giving the impression of not taking the meeting seriously.  Discussion ensued.  Randy Paul requested a report of proceeds from investments last year.

John Walsh stated that the accounts are checking and savings accounts and that the figures are listed in the monthly reports.  John Walsh added that any discussions of actual investments should be made at a regular board work session or meeting.

Dave Ferguson added that the role of the Board of Finance is constrained by law. 

Attorney Tom Bunger reiterated that this meeting is a statutory meeting as required by law.

Randy Paul requested that the interest-earned figures be distributed separately and noted that by adding even ½ percent interest would make a difference in a year.

Adjounment
The meeting adjourned at 7:20 p.m.