Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance topic
No spam. Unsubscribe anytime.
Corcoran names finance director and pushes to complete franchise agreements as revenue strategy
Summary
New finance director Matt Selmyer joins staff as the city moves to finish franchise agreements (electric, gas, broadband) and to explore revenue diversification including interest income and investments.
Corcoran introduced Matt Selmyer as its new finance director and outlined revenue diversification priorities, including finishing outstanding franchise agreements and improving interest-income oversight.
Staff said Selmyer started Jan. 12 and the city will follow a "gradual release" of responsibilities from its contracted provider Abdo, who will remain a partner on selected projects. Selmyer said he was "just happy to be here."
On revenue, staff said securing franchise agreements (cited providers: Wright/Right Hennepin Electric, CenterPoint Energy, Comcast and other broadband providers) offers a near-term sustainable revenue opportunity. The city spent two years advancing its first franchise agreement; staff proposed bringing remaining franchise agreements to council by the end of the fourth quarter and estimated at least a year of work on others.
Staff also flagged broadband as a challenging area because federal rules can create carve-outs for providers; Woodbury was cited as an example of a city that secured a broadband franchise agreement and staff said they will study Woodbury’s approach and consult Minnesota League of Cities resources. Separately, staff said the new finance director will help evaluate investment portfolio performance and increase attention on interest income as a measurable outcome.
