City and Borough of Juneau
Assembly Finance Committee Meeting
Wednesday May 23, 2007
I. Call to Order
II. Roll Call
III. Approval of Minutes
IV. Community Funding Requests
A. Juneau Small Business Development Council (SBDC)
The SBDC is requesting $50,000 in funding to provide support for programs that provide substantive business assistance counseling and workshops.
In FY07, the SBDC also requested $50,000 and the Assembly granted $25,000.
Included in your packet is a letter from Jason Dineen, State Director, and the Juneau SBDC FY08 Budget.
B. Sealaska Heritage Institute
The Sealaska Heritage Institute is requesting $25,000 in funding for assistance with Celebration 2008, a biannual event. There is $10,000 currently provided for this event in the FY08 Revised Budget, which is the amount CBJ had contributed in FY06. Since FY90, CBJ has provided varying amounts, between $0 and $10,000, for Celebration.
Included in your packet is a letter from Rosita Worl, President, Sealaska Heritage Foundation, outlining their request.
V. CBJ Vehicle Policy
The AFC approved a motion to review the policy regarding the use/take home of CBJ owned vehicles.
Included in your packet are memos and policies from Mr. Swope; Greg Browning, Police Chief; Eric Mohrmann, Fire Chief; and Joe Buck, Public Works Director, regarding the “after hours use” of CBJ vehicles.
VI. Central Treasury Investments
This past year the City and Borough received a significant public donation to fund the future operating costs of the Jensen Arboretum. Under the terms of the donation, these funds are to be used to fund current and future operating costs. In response to this donation and in meeting future operating needs, the Treasury Division of Finance reviewed investment alternatives. This review included contracting with Callan Investment Services and meeting with Parks and Recreation to develop suggestions for code and policy changes. The review included a long-term risk-return evaluation. Enclosed in the packet are suggested code and policy wording changes.
Staff is recommending that we implement a fourth investment portfolio structure. This new portfolio structure assumes the donation principle is not expended and the interest earned on the principle used to fund operating costs. The recommendations include the acquisition of equity investments. The portfolio structure for this fourth investment portfolio includes the following asset allocations:
|Broad Domestic Equity||35% ± 5%|
|International Equity||14% ± 5%|
|Domestic Fixed||51% ± 5%|
These asset allocations are targeted to helping balance returns and reduce total risk exposure. The policy also restricts the maximum amount that can be placed into the new portfolio at $5,000,000 (Central Treasury) plus the restricted donations or foundation funds.
VII. Information Items
A. Southeast Alaska Avalanche Center
This past winter the CBJ contracted with Southeast Alaska Avalanche Center (SEAAC) to provide avalanche-forecasting services. The City Manager is proposing a program similar in scope to that provided for the FY07 winter/spring avalanche season. Last season’s program consisted of 9 weeks of daily avalanche advisories, primarily targeting the higher risk downtown avalanche areas. The total cost to the CBJ of last year’s program was $37,500. The total program cost was $45,000 with an understanding that $7,500 would come from sources outside the CBJ. We have contacted Mr. Bill Glude, SEAAC, about providing a program for next winter. Mr. Glude did submit a proposal for a 6-month program, November through April, at a total cost of $156,100. Mr. Glude has not yet responded to the question of providing a program similar to the 2007 winter/spring program.
B. Pending Items List
C. Budget meeting schedule and Assembly action dates