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Board of Finance elects officers, hears First Source review and backs four-year investment ordinance structure
Summary
The Board of Finance elected Sheila Naskowski president and Terry Warner secretary, reviewed a roughly $200 million investment portfolio managed by First Source Bank and forwarded an ordinance to set some investment categories for four years to the Committee of the Whole.
The Board of Finance elected Sheila Naskowski president and Terry Warner secretary during an organizational meeting and annual review of the city's investment portfolio. The board also reviewed a presentation from First Source Bank on the city's portfolio and forwarded an ordinance (Bill 4-25) that would adopt a four-year framework for the city's investment policy to the Committee of the Whole with a favorable recommendation.
The meeting opened with roll call and nomination votes. A motion to elect Sheila Naskowski as board president passed by roll call: eight ayes, one nay (Council Member Bowden Simpson). A subsequent vote to elect Terry Warner as secretary passed unanimously in the roll call recorded by the clerk.
The board then heard Paul Gifford, chief investment officer at First…
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