3.1.B ERMU MINUTES 06-08-2010 - Laserfiche WebLink

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ELK RIVER MUNICIPAL UTILITIES REGULAR MEETING OF THE UTILITIES COMMISSION HELD AT UTILITIES CONFERENCE ROOM May 11, 2010 Members Present: John Dietz, President; Jerry Gumphrey, Vice Chair; Daryl Thompson, Trustee ERMU Staff Present: Troy Adams, Director of Operations; Theresa Slominski, Finance Director/Office Manager; Mark Fuchs, Line Superintendent; David Berg, Water Superintendent; Wade Lovelette, Technical Services Superintendent; Judy McSpadden, Recording Clerk; Richard Wagner City Staff Present: Lori Johnson, City Administrator; Tim Simon, Finance Director Others Present: Peter Beck, Attorney from Gray Plant Mooty Law Firm 1.1 Call meeting to order May 11. 2010 John Dietz called the May 11, 2010 meeting to order at 4:00 p.m. John Dietz said he was going to do some switching of the Utilities Agenda because Jerry Gumphrey had to leave at 5:15 and wants to address the essential items before he leaves. 2.1 Consider Utilities Agenda David Berg added an item for discussion under Other Business. Daryl Thompson moved to approve the May 11, 2010 Utilities Agenda. Jerry Gumphrey seconded the motion. Motion carried 3-0. 4.1 Review and Consider the Investment Policy and Reserves Policv Prior to the March 9, 2010, ERMU Commission meeting, the Investment Committee met to review ERMU's current investment policy. The Investment Committee provided an update of the meeting with recommendations. Recommended changes were the need of a standalone policy to set criteria for the financial reserves, and updating the policy to establish formal delegation of authority and reporting requirements. Staff recommends adopting the revised Investment Policy and the proposed Financial Reserves Policy. Discussion followed. Jerry Gumphrey moved to approve the Reserves Policy and Investment Policy as presented. Daryl Thompson seconded the motion. Motion carried 3-0.