01-08-2009 VC WS-M MINUTES OF THE WORKSHOP SESSION
VILLAGE COUNCIL OF NORTH PALM BEACH, FLORIDA
JANUARY 2009
Present: William Manuel, Mayor
Darryl Aubrey, Sc.D., President Pro Tarn
Edward M. Eissey, Ph.D., Councilman
T.R. Hernacki, P.E., Councilman
Jimmy Knight, Village Manager
Leonard Rubin, Village Attorney
Melissa Teal, CMC, Village Clerk
Absent: David B. Norris, Vice Mayor
ROLL CALL
Mayor Manuel called the meeting to order a# 7:45 p.m. All members of Council were present,
except Vice Mayor Norris. All members of staff were present.
VILLAGE INVESTMENT PROFESSIONAL
Discussion was held concerning the selection of PFM Asset Management, LLC as the Village's
investment advisor.
Village Manager Jimmy Knight Hated that Ordinance 2008-17, which amended the Village's
Investment Policy, provides for hiring of an SEC Registered Investment Advisor. Mr. Knight
reported that Administration interviewed three investment advisors and recommend that Council
engage PFM Asset Management, LLC (PFM) to invest funds on behalf of the Village. Mr. Knight
Hated that Steven Alexander, Managing Director of PFM Asset Management, LLC wrote
F.S. 218.415, the Statute on local government investment policies. Mr. Knight stated that PFM
will manage the Village's core funds for eight basis points, which equates to $5,600 per year.
Mr. Knight directed Council to PFM's power point presentation, which details PFM's local
government experience, provides a recommended portfolio structure, and a sample quarterly
investment report. Mr. Knight reported that PFM will manage Village investments; however, all
movements must be verif ed and authorized by the Village Manager and the Finance Director.
PFM will give a presentation at Council's first Regular Session in February.
ADJOURNMENT
With no further business to come before the Council, the meeting adjourned at 8:20 p.m.
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Melissa Teal, CMC, Village Clerk