MINUTES OF THE METRO COUNCIL FINANCE COMMITTEE MEETING

Thursday, February 5, 1998

Metro Council Chamber

Deputy presiding officer McFarland called the Council meeting to order at 2:02 PM and turned the chair over to Chair McCaig. Chair McCaig then convened the Finance Committee meeting.

1.  ORDINANCE NO. 97-719A, AMENDING THE FY 97-98 BUDGET AND APPROPRIATIONS SCHEDULE BY TRANSFERRING .50 FTE FROM THE OFFICE OF CITIZEN INVOLVEMENT AND .50 FTE FROM THE GROWTH MANAGEMENT DEPARTMENT TO THE OFFICE OF PUBLIC AND GOVERNMENT RELATIONS IN THE SUPPORT SERVICES FUND TO PROVIDE ADDITIONAL MPAC COMMITTEE SUPPORT, MODIFYING THE FUNDING SOURCE OF THE POSITION, AND DECLARING AN EMERGENCY

Mike Burton, Executive Officer, appeared before the committee to present the staff report on Ordinance No. 97-719A, which would consolidate funding for the MCCI and MPAC committee staff within a single funding source, would upgrade the position to reflect the nature of the work performed, would provide additional support for the committee, and would recognize the need to provide initial staff support to the newly-created Affordable Housing Advisory Committee. A copy of this staff report is included as part of the meeting record.

Several councilors noted that with the additional work responsibilities associated with the new Affordable Housing [Technical] Advisory Committee (AHTAC), staff support for MCCI and MPAC might be reduced. Mr. Burton responded that the position would only support AHTAC until full-time technical support staff could be hired for that committee.

Councilor McLain reported that MCCI members were concerned that the ordinance would not be referred to the Council meeting immediately following the Finance Committee. She noted they had been without staff support, and they wished to hire staff as soon as possible. John Houser, Senior Council Analyst, explained that the ordinance would authorize a projected start date of February 17, 1998, and therefore, the Council could consider the ordinance at its February 12 meeting, and adoption would still occur prior to the projected start date for the position.

Councilor McLain will carry the ordinance to full Council.

2.  RESOLUTION NO. 98-2591, FOR THE PURPOSE OF EXTENDING THE CURRENT CONTRACTS FOR THE METRO 401(K) SALARY SAVINGS PLAN WITH WILLIAM M. MERCER, INC. (RECORD KEEPER) AND NORTHWESTERN TRUST (TRUSTEE) TO COMPLETE CONVERSION TO THE VANGUARD GROUP

Andy Cotugno, Transportation Director, and member of Metro’s 401(K) Management team, appeared before the committee to report on Resolution No. 98-2591, which would extend the current contracts for the Metro 401K salary savings plan with William M. Mercer, Inc. and Northwestern Trust to complete the conversion of the plan to the Vanguard Group. Nancy Myers, Metro’s Benefits Manager, also appeared before the committee to answer questions. A copy of the staff report to the resolution containing the substance of Mr. Cotugno’s remarks is included as part of the meeting record.

Councilor Morissette will carry the resolution to full Council.

3.  RESOLUTION NO. 98-2593, FOR THE PURPOSE OF CONFIRMING THE APPOINTMENT OF JAMES E. DIAMOND, JR., AND JOHN F. FRYER TO THE INVESTMENT ADVISORY BOARD

Howard Hansen, Investment and Credit Analyst, appeared before the committee to report on Resolution NO. 98-2593, which would confirm the appointment of James E. Diamond, Jr. and John F. Fryer to the Investment Advisory Board. A copy of the staff report to the resolution containing the substance of Mr. Hansen’s remarks is included as part of the meeting record.

There being no further business before the committee, Chair McCaig adjourned the meeting at 2:26 PM.

Prepared by,

Lindsey Ray

Senior Council Assistant

[Editor’s Note: The recording equipment malfunctioned at some point during the meeting. Therefore, not all committee discussion may appear in the minutes. However, all final action taken by the committee occurred as recorded in the minutes.]

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