MINUTES
Village of Evendale
Special Council Meeting
February 17th, 2011
The Village of Evendale Special Council Meeting was called to order by Mayor Apking at 7:00pm.
Roll call- The following council members were present: Ms. Carolyn Smiley-Robertson, Mr. Stiney Vonderhaar, Mr. John Ranz, Jr., Mr. Chris Schaefer, and Mr. Doug Lohmeier. Mr. Bill Puthoff was absent. Also present Tim Burke, Village Solicitor, and Barb Rohs, Village Clerk, Village Treasure, Maureen Flavin and Chief Financial Officer, George Snyder.
Mr. George Snyder addressed council and explained the process the Center for Local Government used when searching for investment advisors that would be beneficial to local governments. Through this process, SJS Investments and other investment advisors answered the RFP. Mr. Snyder asked SJS Investments to make a proposal to the Village of Evendale for investment advice. Evendale is currently working with Fifth Third Bank but is looking for additional support. SJS Investments has already made this presentation to the finance council committee.
Mr. Kirk Ludwig, Director of Institutional Investment Management with SJS Investments, made a presentation to council regarding the investments of their bonds and how his firm could act in an advisory role to help manage the Village of Evendale’s bond portfolio.
A brief history and overview of SJS Investments was given to council. SJS Investments has $930MM assets under management. They currently manage $200MM in public funds with 22 different public clients. 25% of their portfolio is public funds and 75% is community foundations, pension funds and high net worth individuals.
Mr. Ludwig explained the SJS process of determining risk and return, establishing a benchmark, managing the portfolio and making investment decisions. Questions and answers were taken throughout the presentation. Much has to do with the investment policy statement of the Village of Evendale. Recommendations will be made to modify the current investment policy. The proposed investment portfolio with be diversified. Decisions on potential investment will be communicated through email.
Currently, there is $8MM in a money market at Fifth Third Bank. Mr. Snyder is recommending that SJS Investments to manage $5MM at this time.
This will only be the first reading of the ordinance because Bill Puthoff is not in attendance. Mr. Puthoff will meet with Mr. Snyder to go over presentation.
The Mayor presented Ord. # 11-11 ORDINANCE AUTHORIZING THE CHIEF FISCAL AND ACCOUNTING OFFICER TO ENTER INTO AN AGREEMENT WITH SJS INVESTIMENT CONSULTING, INC. TO PROVIDE INVESTMENT ADVICE TO THE VILLAGE OF EVENDALE CONSISTENT WITH THE SJS INVESTMENT MANAGEMENT PROPOSAL SUBMITTED TO THE VILLAGE OF EVENDALE DATED FEBRUARY 9, 2011, AND DECLARING AN EMERGENCY. A motion to read Ord. #11-11 by title only was made by Mr. Schaefer, seconded by Mr. Vonderhaar and unanimously approved on roll call. This is the first reading.
No Other Business
A motion to adjourn was made by Mr. Vonderhaar and seconded by Mr. Lohmeier and unanimously approved on roll call. Meeting was adjourned at 8:30.
_______________________
Mayor
Attest:
__________________________
Village Clerk
| 
