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Board hears that BlackRock implementation is delayed; agreements still need signatures
Summary
Board members said a previously approved BlackRock implementation has not been executed because agreements still require general counsel review and signing by county council channels; staff said they will follow up and hoped for an update by the next meeting.
Board members raised operational barriers to implementing previously approved manager changes. Chair (Jason) said the BlackRock execution has been approved by the common council but that the agreements still need to be signed by the county general counsel’s office; he told the group he and staff would follow up with counsel and with HCG to get an update by the next meeting.
Members warned that multi‑step internal processes can introduce months of delay and potential market cost; one member noted that delayed execution can expose the plan to opportunity costs and market movement. Staff agreed to check subscription deadlines and attempt a short special meeting if necessary to finalize a contract once the legal and council channels are cleared.
