HomeMy WebLinkAboutAgenda CC 11.10.2008 WorkshopNotice of Meeting of the
Governing Body of the
City of Georgetown, Texas
NOVEMBER 10, 2008
The Georgetown City Council will meet on NOVEMBER 10, 2008 at 4:00 P.M. at the Council Chamber at
101 E. 7th Street
If you need accommodations for a disability, please notify the city in advance.
Policy Development/Review Workshop -
A Overview of proposed 2008-2009 City of Georgetown employee benefits. -- Kevin Russell, Director of
Human Resources & Civil Service
B Workshop discussion and annual review of the City’s Investment Policy -- Leticia Zavala, Controller
and Micki Rundell, Director of Finance & Administration
C Update presentation on the City’s Budget Contingency Plan and related 2008/08 impacts -- Micki
Rundell, Director of Finance & Administation
D Joint Workshop with Arts and Culture Board including a discussion regarding the Arts and Culture
Board's proposed 2008-2009 budget and a review of the work done by the Board in 2007-2008 -- Eric
Lashley, Library Services Director and Ruth Roberts, Chair of Arts and Culture Board
Executive Session
In compliance with the Open Meetings Act, Chapter 551, Government Code, Vernon's Texas Codes,
Annotated, the items listed below will be discussed in closed session and are subject to action in the regular
session.
E Sec.551.071: Consultation with Attorney
1.Advice from attorney about pending or contemplated litigation and other matters on which the
attorney has a duty to advise the City Council, including agenda items
2.Legal issues related to the City of Georgetown' s power supply contract with LCRA and potential
litigation pertaining to same
3.Mark Shelton v. City of Georgetown, et al;Cause No. A07CA063; in the United States District
Court for the Western District of Texas, Austin Division
4.Lear v. Jimmy Lewis Fennell and City of Georgetown,Cause No. A08-CA-719LY, in the United
States District Court for the Western District of Texas Austin Division
5.First Citizens Bank & Trust Company v. City of Georgetown,Cause No. D-1-GN-08-02325, 53rd
Judicial District, Travis County, Texas
6.Discussion of legal issues related to payment obligations for the Public Utility Improvements
under the "Development Agreement with Forestville Associates, a Maryland General Partnership,
regarding development of Wolf Ranch" dated September 11, 2003
7.Discussion of legal issues related to Development Agreement and Utility Agreement for the
Water Oak Subdivision (ABG Subdivision)
8.Berry Creek Partners v. City of Georgetown,Cause No. 08-767-C277, in the District Court of
Williamson County, 277th Judicial District
9.Consideration and possible action to approve new engagement letters with all outside counsel
currently assisting the City of Georgetown on various matters.
F Sec.551.086 Competitive Matters
1. Deliberation regarding future City of Georgetown Power Supply Options -- Jim Briggs, Assistant
City Manager for Utility Operations
G Sec.551.072 Real Property
1. Deliberation regarding the potential purchase of property at 105 North IH35 -- Paul E.
Brandenburg, City Manager
H Sec.551.074 Personnel Matters
1.Consideration and possible action related to the process of filling the anticipated open position of
City Secretary in December 2008
2. Discussion and possible action related to the duties and performance criteria of the City Manager
Adjournment
Certificate of Posting
I, Sandra Lee, City Secretary for the City of Georgetown, Texas, do hereby certify that this Notice of
Meeting was posted at City Hall, 113 E. 8th Street, a place readily accessible to the general public at all
times, on the _____ day of _________________, 2007, at __________, and remained so posted for at least
72 continuous hours preceding the scheduled time of said meeting.
__________________________________
Sandra Lee, City Secretary
City of Georgetown, Texas
November 10, 2008
SUBJECT:
Overview of proposed 2008-2009 City of Georgetown employee benefits. -- Kevin Russell, Director of
Human Resources & Civil Service
ITEM SUMMARY:
HR Staff, the Consulting firm of Holmes Murphy and the City Benefits Committee have reviewed the
proposals from the providers for insurance coverage. Current renewal for Health insurance came in at over
40%. Per Council feedback for last year, health coverage was changed to include a larger contribution by the
employees in the areas of Coinsurance and Deductibles. Employee contribution was also increased in the
area of office copays to reduce the renewal rates as well.
To ensure the City remains competitive with its benefits, City contributions were also looked at and
recommendations for increases and/or continuation of supplements/contributions are being made in the
following areas:
· Dependent/Family Supplement
· Single Parent Family Supplement
· Opt Out Supplement
· HSA Contribution
Council Action will be required to authorize City supplements and/or incentives, and to authorize the City to
enter into benefits contracts
FINANCIAL IMPACT:
SUBMITTED BY:
Kevin Russell, Director of Human Resources & Civil Service
Cover Memo
Item # A
City of Georgetown, Texas
November 10, 2008
SUBJECT:
Workshop discussion and annual review of the City’s Investment Policy -- Leticia Zavala, Controller
and Micki Rundell, Director of Finance & Administration
ITEM SUMMARY:
State public funds investment law requires that the City review its investment policy annually. This
discussion is intended to provide Council with an overview of the public funds investment act, as well as the
City’s investment policy and investment operations over the past year.
The City’s current investment policy has been in effect since November 2007. Council will consider
adopting the revised investment policy on the November 11th agenda, to provide guidance for investment
activity over the next year.
SPECIAL CONSIDERATIONS
City Council reviewed the current investment policy in November 2007.
COMMENTS
A copy of the proposed investment policy is included in the November 11th agenda package. The City’s
approved broker/dealer list is provided as Attachment “A” of the current City Investment Policy.
FINANCIAL IMPACT:
SUBMITTED BY:
Micki Rundell, Director of Finance and Administration
ATTACHMENTS:
Investment Policy 2009 Redline
Cover Memo
Item # B
City of Georgetown Investment Policy Page 1
CITY OF GEORGETOWN, TEXAS
INVESTMENT POLICY
As amended November 10, 2008
SECTION 1: SCOPE & OBJECTIVES
1.1 SCOPE
This investment policy applies to all financial assets of the City of Georgetown, Texas, which
includes the City of Georgetown Economic Development Corporation and the Georgetown
Transportation Enhancement Corporation held in all funds.
1.2 STATEMENT OF CASH MANAGEMENT PHILOSOPHY
The City of Georgetown will maintain a comprehensive cash management program to include the
effective collection of all accounts receivable, the prompt deposit of receipts to the City's bank
accounts, the payment of obligations to comply with state law and in accord with vendor invoices,
and the prudent investment of idle funds in accord with this policy.
1.3 OBJECTIVES
The City's investment program will be conducted to accomplish the following objectives, listed in
priority order:
1. Safety. The City will give priority to the preservation and safety of the principal
invested. Investments will be made in a manner that will mitigate credit risk and
interest rate risk.
2. Liquidity. The City will maintain the availability of sufficient cash to pay obligations of
the City when they are due.
3. Yield. The City will invest idle cash at the highest possible rate of return,
consistent with state and local laws and the objectives of safety and liquidity
listed above.
It is also the objective of the City of Georgetown to diversify its investments to eliminate the risk of
loss resulting from over concentration of assets in a specific maturity, a specific issuer or a specific
class of securities. It is the intent of the City of Georgetown to invest its funds to maturity.
SECTION 2: STANDARD OF CARE
2.1 PRUDENCE
Investments will be made with judgment and care, under circumstances then prevailing, that
persons of prudence, discretion, and intelligence exercise in the management of their own affairs,
not for speculation, but for investment, considering the probable safety of their capital and the
probable income to be derived. The City Council recognizes that in maintaining a diversified
portfolio occasional measured losses due to market volatility are inevitable and must be considered
within the context of the overall portfolio's investment return, provided that adequate diversification
has been implemented.
Attachment number 1
Page 1 of 8
Item # B
City of Georgetown Investment Policy Page 2
2.2 ETHICS & CONFLICT OF INTEREST
Officers and employees involved in the investment process will refrain from personal business
activity that could conflict with the proper execution of the investment program, or which could impair
their ability to make impartial investment decisions. The Officer and his/her employees will comply
with all disclosure and reporting requirements of Section 2256.005 (I) of the Texas Government
Code.
2.3 DELEGATION OF AUTHORITY
The Director of Finance and Administration, as the City's chief financial officer, is responsible for
overall management of the City's investment program and is designated as the City's Investment
Officer. The Controller, Director of Support Services, and Chief Accountant may also conduct day-
to-day operations at the direction of the Director of Finance and Administration. Accordingly, the
Director of Finance and Administration and designees are responsible for day-to-day administration
of the investment program and for the duties listed below:
1. Maintain current information as to available cash balances in City accounts,
and as to the amount of idle cash available for investment;
2. Make investments and maintain written procedures for the operation and
internal control of the investment program consistent with this policy;
3. Ensure that all investments are adequately secured; and
4. Attend training as required by Section 2256.008 (a) of the Texas Government Code
and ensure that any staff executing transactions covered by this policy attend the
required training. The investment training shall be attended not less than once in a
two-year period and receive not less than 10 hours of instruction relating to
investment responsibilities under this policy. The training must be sponsored by a
recognized professional trade association or accredited college or university or its
affiliate including, but not limited to:
Texas Municipal League
Government Finance Officers Association of Texas (GFOAT)
Government Finance Officers Association of US and Canada
Government Treasurers Organization of Texas (GTOT)
University of North Texas
Texas Tech University Center for Professional Development
Unless authorized by state or local laws as provided above, no person may deposit, withdraw,
transfer or manage in any other manner the funds of the City of Georgetown.
SECTION 3: INVESTMENT STRATEGIES
3.1 OPERATING FUNDS
Operating Funds are defined as cash and investments used for day to day operations that do not fall
into one of the other categories. Operating funds will be invested in a manner suitable for funds
requiring a high degree of liquidity. Investments of Operating Funds shall be limited to a weighted
average maturity no greater than one year, and all investment instruments must meet credit and
safety criteria as required by the Public Funds Investment Act and this policy. Involuntary liquidation
of Operating Fund investments is unlikely due to their short term nature. However, should a
liquidation of investments prior to maturity be necessary, their short term nature will make material
losses unlikely. Operating Fund investments will be diverse and include Certificates of Deposit, U.S.
Attachment number 1
Page 2 of 8
Item # B
City of Georgetown Investment Policy Page 3
treasuries and agencies, investment pools and money market mutual funds. Investment of
Operating Funds will be structured to attain the highest possible yield given the liquidity and safety
requirements.
3.2 CONTINGENCY RESERVES (or operating reserves)
Contingency Reserves are the minimum fund balance/working capital requirements as defined by
Council in the Annual Operating Plan. Contingency Reserve balances may be used to cover any
cash operating shortfalls due the timing of bond issues, revenue receipts, etc. Investments of these
funds may exceed 24 months with prior approval of the City Manager if short term cash flow needs
are not evident. Any one security may not exceed 36 months in maturity length. The weighted
average maturity for these funds may not exceed 24 months. Involuntary liquidation of Contingency
Reserve investments is unlikely due to their nature. However, should a liquidation of investments
prior to maturity be necessary, the comparatively longer term nature of some of the investments
could result in material losses depending on financial and economic conditions. Contingency
Reserve investments will be diverse and include C.D.’s, U.S. treasuries and agencies, investment
pools and money market mutual funds. Investment of Contingency Reserves will be structured to
attain the highest possible yield given the liquidity and safety requirements.
3.3 DEBT
3.3.1 Reserves. Debt reserves are defined as bond reserve funds required to be set aside
in accordance with bond covenants. The City’s bond covenants do not require the City to
maintain any reserve funds, therefore, the City investments are not adversely affected by
any reserve requirement conditions.
3.3.2 Interest & Sinking (or debt service funds). Interest and sinking funds are defined
as those funds accumulated to meet periodic payments required by bond and note maturity
schedules. The investment maturities are limited by pertinent debt service requirements and
tax laws limiting accumulation and earnings for such funds. Involuntary liquidation of
investments is highly unlikely due to the nature of these funds. Interest and sinking fund
investments will be diverse and include C.D.’s, U.S. treasuries and agencies, investment
pools and money market mutual funds.
3.4 BOND PROCEEDS (capital improvement funds)
Bond proceed funds are defined as those funds received from the sales of City of Georgetown
bonds or notes and not otherwise set aside for debt service or reserve purposes. These funds
typically include money to fund infrastructure construction or other large projects. The investment
maturities are limited by pertinent project draw requirements and tax laws governing earnings for
such funds, but may not have a weighted average maturity in excess of one year, with no single
security greater than 24 months, unless a flexible repurchase agreement is used in accordance with
Section 4.1.5 of this policy. Involuntary liquidation of investment is highly unlikely. Bond proceed
investments will be diverse and include C.D.’s, U.S. treasuries and agencies, investment pools and
money market mutual funds.
SECTION 4: AUTHORIZED INVESTMENTS
4.1 ALLOWABLE INVESTMENTS
The City of Georgetown funds may be invested in the following instruments:
4.1.1 Financial Institution Certificates of Deposit. Certificates of Deposit and other evidences of
deposit at a financial institution that, a) has its main office or a branch office in Texas and is
Attachment number 1
Page 3 of 8
Item # B
City of Georgetown Investment Policy Page 4
guaranteed or insured by the Federal Deposit Insurance Corporation or its successor, b) is secured
by obligations in a manner and amount provided by law for deposits of the City, or c) is executed
through a depository institution that has its main office or a branch office in Texas that praticpates in
the Certificate of Deposit Account Registry Service (CDARS) and meets the requirements of the
Public Funds Investment Act. All certificates of deposits in excess of the FDIC insured amount
must be collateralized as described by Section 2256.009 (a) of the Texas Local Government Code.
Collateral must be held by a third party and in accordance with Section 5.4 of this policy.
4.1.2 U.S. Treasuries and Agencies. Obligations of the United States of America, its agencies and
instrumentalities.
4.1.3 Investment Pools. Investment pools that meet the following criteria:
a. An investment pool must provide an offering circular or other similar disclosure
instruments and provide monthly and transaction reporting as required by Section
2256.016 of the Texas Government Code.
b. Investment in a new pool will require the approval of the City Council.
c. A public funds investment pool created to function as a money market mutual fund
must (1) mark its portfolio to market daily, (2) include in its investment objectives the
maintenance of a stable net asset value of $1 for each share and (3) be continuously
rated no lower than AAA or at an equivalent rating by at least one nationally
recognized rating service.
4.1.4. Money Market Mutual Funds. No-load money market mutual funds if the fund:
a. Is regulated by the Securities and Exchange Commission;
b. Marks its portfolio to market daily;
c. Includes in its investment objectives the maintenance of a stable net asset value of
$1 for each share;
d. Has a dollar-weighted average stated maturity of 90 days or fewer;
e. Is continuously rated no lower than AAA or at an equivalent rating by at least one
nationally recognized rating service.
4.1.5. Repurchase Agreements. Fully collateralized repurchase agreements that:
a. Have a defined termination date;
b. Are secured by obligations as allowed by the Public Fund Investment Act and this
policy;
c. Require third party safekeeping of all securities prior to the release of any funds;
d. Are placed through a primary dealer or financial institution doing business in this
state; and
e. Do not create a reverse repurchase agreement by the City.
f. Construction, capital improvement and bond proceed funds may utilize a flexible
repurchase agreement that allows expenditure-related withdrawal of funds, without
penalty, with an average life and termination date limitation based on the anticipated
draw schedule.
4.1.6. Other Investments. Other investments as approved by the City Council and not prohibited
by law.
Investment securities purchased prior to this Policy’s revision, that do not meet the revised
requirements of this Policy, are not required to be liquidated. The City shall monitor each security’s
status to determine whether it is in the best interest of the City to hold or liquidate the security.
Attachment number 1
Page 4 of 8
Item # B
City of Georgetown Investment Policy Page 5
Any Authorized investment that requires a minimum rating does not qualify during the period the
investment does not have the minimum rating. The City shall take all prudent measures that are
consistent with this Policy to liquidate an investment that does not have the minimum rating.
4.2 COMPLIANCE WITH STATE LAW
All authorized investments outlined above must meet the requirements of the Public Funds
Investment Act, Section 2256 of the Texas Government Code. No investment may be made in any
instrument except as provided above.
4.3 CASH ON HAND
Cash resources required for the immediate needs of the City and not otherwise available for longer
term investment will be placed in checking account(s) at the City's Depository/ Depositories. Such
checking account(s) will earn interest at the highest rate(s) provided in the respective depository
contract(s).
4.4 LENGTH OF INVESTMENTS
The following general constraints will apply. Maturities exceeding 24 months will require
authorization by the City Manager, with no single maturity greater than 36 months. Maturities will be
staggered to avoid undue concentration of assets in a specific maturity sector and maturities
selected will provide for stability of income and reasonable liquidity. In no instance shall the
maximum stated maturity be greater than its longest stated debt service requirement unless further
restricted in Section 3, Investment Strategies, of this Policy; bond covenants or state law.
SECTION 5: SAFEKEEPING AND CUSTODY
5.1 AUTHORIZED DEALERS
Authorized investments in U.S. treasuries and agencies may be purchased only through
brokers/dealers who are licensed and in good standing with the Texas Department of Securities, the
Securities Exchange Commission, the Financial Industry Regulatory Authority National Association
of Securities Dealers or other applicable self-regulatory organization.
The Investment Officer will maintain a list of security broker/dealers who are authorized to provide
investment services. The list is approved and included in Attachment “A” of this policy. Before
engaging in investment transactions with a bank, broker/dealer, Investment Pool or Money Market
Mutual Fund, the Investment Officer will have received from said firm a signed Certification Form.
This form will attest that the individual responsible for the City’s account with that firm has received
and reviewed the City’s Investment Policy and that the brokerage firm has implemented reasonable
procedures and controls in an effort to preclude imprudent activities arising out of investment
transactions conducted between the City and the brokerage firm. The letter must be signed by a
qualified representative as defined by Section 2256.002, of the Texas Local Government Code.
“Qualified Representative” means a person who holds a position with a business organization
who is authorized to act on behalf of the business organization and who is one of the following:
(1) a business organization doing business that is regulated by or registered with a securities
commission, a person who is registered under the rules of the Financial Industry Regulatory
Authority National Association of Securities Dealers;
(2) for a state or federal bank, a savings bank or state or federal credit union, a member of the loan
committee for the bank or branch of the bank or a person authorized by corporate resolution to act
on behalf of and bind the banking institution;
Attachment number 1
Page 5 of 8
Item # B
City of Georgetown Investment Policy Page 6
(3) for an investment pool, the person authorized by the elected official or board with authority to
administer the activities of the investment pool to sign the written instrument on behalf of the
investment pool, or
(4) for an investment management firm registered under the Investment Advisers Act of 1940 or, if
not subject of registration under the Act, registered with the State Securities Board, a person who is
an officer or principal of the investment management firm.
5.2 AUTHORIZED FINANCIAL INSTITUTIONS
Certificates of Deposit and other evidences of deposit may be purchased at qualified City
Depositories and other financial institutions. The City must have a written agreement with the
qualified Depository and other financial institutions and that Depository and other financial institution
must meet all State Law for deposit of public funds. The City's main operating
Depository/Depositories will be selected as provided by law.
5.3 INTERNAL CONTROLS
All investment transactions will be documented by the Investment Officer. The Investment Officer
may make investments orally, but will follow promptly with a written confirmation to the financial
institution or broker/ dealer, with a copy of such confirmation retained in the City's files.
On investments in U.S. treasuries and agencies, the Investment Officer will take competitive bids. At
least two (2) quotations will be taken for each such investment made.
Market value of the portfolio and each security will be monitored at least quarterly through industry
standard publications/sources for market data such as, but not limited to, The Wall Street Journal.
Market value may also be determined through the City’s investment software application, which uses
industry standard publications/sources for its market data.
5.4 SAFEKEEPING
All securities purchased by the City under this policy must be designated as assets of the City, must
be conducted on a delivery-versus-payment (DVP) basis, and must be protected through the use of
a third-party custody/safekeeping agent. The City will enter into a formal agreement with an
institution of such size and expertise as is necessary to provide the services needed to protect and
secure the investment assets of the City.
5.5 COLLATERALIZATION
To the extent not insured by federal agencies that secure deposits, City of Georgetown funds
(including financial institution deposits cash on hand and C.D.’s) must be collateralized by collateral
securities in compliance with the Texas Public Funds Collateral Act and pertinent federal banking
regulations. Only securities proscribed as eligible investments under the Public Funds Investment
Act qualify as pledged securities.
Securities pledged as collateral must be retained in a third party bank in the State of Texas in the
City’s name. The City will be provided the original safekeeping receipt on each pledged security.
The City, financial institution, and the safekeeping bank(s) will operate in accordance with a master
safekeeping agreement signed by each of the parties. The contract and/or agreement governing
the collateral pledge must be approved by the financial institution’s board of directors, loan
committee, or other designated committee and documented as approved in the minutes of the
meeting. The City's Investment Officer must approve in writing the release of collateral prior to its
removal from the safekeeping account in accordance with the terms of depository agreement.
Attachment number 1
Page 6 of 8
Item # B
City of Georgetown Investment Policy Page 7
The financial institution(s) with which the City invests and/or maintains deposits will provide monthly
a listing of the collateral pledged to the City marked to current market prices. The listing will include
total pledged securities itemized by name, CUSIP, type and description of the security; safekeeping
receipt number; par value; current market value; maturity date, if available; and Moody's or Standard
& Poor's rating, if available.
SECTION 6: REPORTING
6.1 QUARTERLY REPORTING
The Investment Officer shall prepare and submit to the Council a quarterly report on investment
transactions for all funds covered by this policy. The report will be prepared in compliance with the
Public Funds Investment Act, and generally accepted accounting principles. The report will cover
the investment position of the City at the end of the each fiscal quarter. The contents will include at
a minimum:
1. Beginning, ending and significant changes in market value of the portfolio;
2. Beginning and ending market value and book value, maturity date, type of
funds, interest coupon, accrued interest and yield for each separate security;
and
3. A statement as to the compliance with this policy and state law.
6.2 ANNUAL REPORTING
Within 90 days following the end of the fiscal year, the Investment Officer will present to the City
Council a comprehensive annual report on the investment program and investment activity. In
addition to the information required for quarterly reporting, the annual report will include a review of
the activities and return for the twelve months, suggest policy revisions and improvements that might
enhance the investment program, and include an investment plan for the ensuing fiscal year.
6.3 PERFORMANCE STANDARDS
In order to evaluate portfolio performance of funds subject to this policy, the City of Georgetown
establishes “weighted average yield to maturity” as the standard portfolio performance
measurement. The portfolio’s performance will be compared against appropriately competitive and
reasonable benchmarks, including money market mutual funds or investment pools of similar make-
up and maturities.
6.4 COMPLIANCE
The quarterly reports shall be formally reviewed and a compliance audit of management controls
and adherence to this policy as it relates to the City of Georgetown’s investments and investing
activity will be performed on an annual basis in conjunction with the City’s annual financial audit. The
results shall be reported to the City Council.
SECTION 7: POLICY REVIEW AND AMENDMENTS
This investment policy will be reviewed by the City Council of the City of Georgetown on at least an
annual basis as required by the Public Funds Investment Act and make amendments as necessary.
The Council will review the policy as part of the annual investment report presented by staff.
Attachment number 1
Page 7 of 8
Item # B
City of Georgetown Investment Policy Page 8
CITY OF GEORGETOWN INVESTMENT POLICY
Attachment “A”
Approved Broker/Dealer List
November, 2008
Merrill Lynch
UBS Paine Webber, Inc.
Bank of America
Duncan Williams
Rice Financial
Morgan Keegan
JPMorgan Chase Securities
Coastal Securities
Great Pacific Securities
The brokers meet City investment policy requirements. of:
a) providing a signed certification that the entity has received and
reviewed the City’s investment policy; and
b) certifying the entity is licensed and in good standing with the
Securities & Exchange Commission.
Attachment number 1
Page 8 of 8
Item # B
City of Georgetown, Texas
November 10, 2008
SUBJECT:
Update presentation on the City’s Budget Contingency Plan and related 2008/08 impacts -- Micki Rundell,
Director of Finance & Administation
ITEM SUMMARY:
Overview of the City’s Contingency Plan and related Contingency Reserves included in the City’s 2008/09
Fiscal and Budgetary Policy.
III. BUDGET CONTINGENCY PLAN
This policy is designed to establish general guidelines for managing revenue shortfalls resulting from local
and national economic downturns that adversely affect the City's revenue streams.
A. Immediate Action - Once a budgetary shortfall is projected, the City Manager will take the necessary
actions to offset any revenue shortfall with a reduction in current expenses. The City Manager may:
Freeze all new hire and vacant positions except those deemed to be a necessity.
Review all planned capital expenditures.
Delay all "non-essential" spending or equipment replacement purchases.
B. Further Action - If the above actions are insufficient to offset the revenue deficit and the shortfall
continues to increase, the City Manager will further reduce operating expenses to balance the variance.
Any resulting service level reductions, including workforce reductions, will be addressed by the City
Council.
IV. FINANCIAL CONDITIONS, RESERVES, AND STABILITY RATIOS
The City of Georgetown will maintain budgeted minimum reserves in the ending working capital/fund
balances to provide a secure, healthy financial base for the City in the event of a natural disaster or other
emergency, allow stability of City operations should revenues fall short of budgeted projections and provide
available resources to implement budgeted expenditures without regard to actual timing of cash flows into
the City.
Operating Reserves – The City will maintain reserves at a minimum of seventy-five (75) days (20.83%) of
net budgeted operating expenditures.
FINANCIAL IMPACT:
SUBMITTED BY:
Micki Rundell, Director of Finance and Administration
Cover Memo
Item # C
City of Georgetown, Texas
November 10, 2008
SUBJECT:
Joint Workshop with Arts and Culture Board including a discussion regarding the Arts and Culture Board's
proposed 2008-2009 budget and a review of the work done by the Board in 2007-2008 -- Eric Lashley,
Library Services Director and Ruth Roberts, Chair of Arts and Culture Board
ITEM SUMMARY:
None
FINANCIAL IMPACT:
SUBMITTED BY:
Cover Memo
Item # D
City of Georgetown, Texas
November 10, 2008
SUBJECT:
Sec.551.071: Consultation with Attorney
1. Advice from attorney about pending or contemplated litigation and other matters on which the
attorney has a duty to advise the City Council, including agenda items
2. Legal issues related to the City of Georgetown' s power supply contract with LCRA and potential
litigation pertaining to same
3.Mark Shelton v. City of Georgetown, et al;Cause No. A07CA063; in the United States District Court
for the Western District of Texas, Austin Division
4.Lear v. Jimmy Lewis Fennell and City of Georgetown,Cause No. A08-CA-719LY, in the United
States District Court for the Western District of Texas Austin Division
5.First Citizens Bank & Trust Company v. City of Georgetown,Cause No. D-1-GN-08-02325, 53rd
Judicial District, Travis County, Texas
6. Discussion of legal issues related to payment obligations for the Public Utility Improvements under
the "Development Agreement with Forestville Associates, a Maryland General Partnership, regarding
development of Wolf Ranch" dated September 11, 2003
7. Discussion of legal issues related to Development Agreement and Utility Agreement for the Water
Oak Subdivision (ABG Subdivision)
8.Berry Creek Partners v. City of Georgetown,Cause No. 08-767-C277, in the District Court of
Williamson County, 277th Judicial District
9. Consideration and possible action to approve new engagement letters with all outside counsel
currently assisting the City of Georgetown on various matters.
ITEM SUMMARY:
None
FINANCIAL IMPACT:
None
SUBMITTED BY:
Jessica Hamilton, Assistant City Secretary
Cover Memo
Item # E
City of Georgetown, Texas
November 10, 2008
SUBJECT:
Sec.551.086 Competitive Matters
1. Deliberation regarding future City of Georgetown Power Supply Options -- Jim Briggs, Assistant City
Manager for Utility Operations
ITEM SUMMARY:
None
FINANCIAL IMPACT:
None
SUBMITTED BY:
Jessica Hamilton, Assistant City Secretary
Cover Memo
Item # F
City of Georgetown, Texas
November 10, 2008
SUBJECT:
Sec.551.072 Real Property
1. Deliberation regarding the potential purchase of property at 105 North IH35 -- Paul E. Brandenburg,
City Manager
ITEM SUMMARY:
None
FINANCIAL IMPACT:
None
SUBMITTED BY:
Jessica Hamilton, Assistant City Secretary
Cover Memo
Item # G
City of Georgetown, Texas
November 10, 2008
SUBJECT:
Sec.551.074 Personnel Matters
1.Consideration and possible action related to the process of filling the anticipated open position of City
Secretary in December 2008
2. Discussion and possible action related to the duties and performance criteria of the City Manager
ITEM SUMMARY:
None
FINANCIAL IMPACT:
None
SUBMITTED BY:
Jessica Hamilton, Assistant City Secretary
Cover Memo
Item # H