HomeMy WebLinkAboutCouncil Minutes - August 19, 2015.pdf
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August 19, 2015
Mayor Richard Woodland
Council Members:
President Sally Smith Jordan Busby
Donna Benfield Jerry Merrill
Christopher Mann Brad Wolfe City Staff:
Stephen Zollinger – City Attorney
Matt Nielson – Finance Officer
Blair D. Kay – City Clerk
John Millar – Public Works Director
Val Christensen – Community Development Director
Scott Johnson – Economic Development Director
5:00 P.M. Budget Asset Allocation Discussion
Cultural Development Administrator Daniel Torres from the Economic Department
presented a proposal to have a Historical Buildings Committee. He proposed to have a
Historical Building Committee to oversee the care of the city venues. He recommended
having City Council and Staff representation on the committee. Currently the City Council
Liaison group consists of Jerry Merrill, Donna Benfield and Sally Smith. Staff members
would include John Millar, Keith Davidson, Val Christensen, Scott Johnson, Matt Nielson,
and the new Cultural Director/Museum Curator. Community volunteers would make up the
rest of the Historical Building Committee.
Cultural Development Administrator Torres asked City Council to continue the
discussion September 02, 2015 at the next City Council meeting starting at 5:30 P.M… The
City Council will review the proposal to have a Historical Buildings Committee with more
discussion at the next meeting of City Council.
August 19, 2015 at 5:30 P.M. Joint Meeting: with the Madison County Commissioners
A. Rexburg/Madison County “Airport Master Plan”
City of Rexburg
Attending: Council President Smith, Council Member Benfield, Council Member Wolfe,
Council Member Busby, Council Member Merrill and Mayor Woodland.
Council Member Mann asked to be excused.
Madison County
Attending: Commissioner Todd Smith and Commissioner Jon Weber.
Commissioner Kimber Ricks asked to be excused.
35 North 1st East
Rexburg, ID 83440
Phone: 208.359.3020 x2313
Fax: 208.359.3022
blairk@rexburg.org
www.rexburg.org
City Council Meeting
August 19, 2015
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City Engineer Keith Davidson introduced Rick Patton from GDA Engineers to present
the Rexburg/Madison County Airport Master Plan Study. He referred to a discussion with a
BYU-I employee concerning quad copters (drones). FAA drones are a different size; this
discussion is more related to quad copters or smaller drones.
City Engineer Davidson mentioned the drone policy from
FAA restricts flying drones within a five mile radius of an
airport. People flying drones have to get permission to fly in the
area of an airport; so, the city does not want to be taking calls to
fly drones in Rexburg. He reviewed an overhead picture where
the recreational aircraft (drones) would not be allowed to fly in
the approach slopes (blue area) to the airport (provided by the
Airport Board) where planes come into the airport and fly out of
the airport. The recreational aircraft (drones) need to be below
400 feet in elevation to avoid air traffic flying in and out of the
airport at 500 foot. They are seeking approval for the restricted
zone by a resolution or ordinance to provide the public needed
information concerning the flying of recreational aircraft in
Rexburg. This proposal has been approved by the Airport
Board too.
Rick Patton with GDA Engineers presented the issue of
recreational drones being restricted by the FAA. It would
probably apply to recreational aircraft being launched from the
airport too. He indicated they have a web site to review the
Rexburg Airport Study and associated discussion files. You can
go to www.gdaengineers.com for more information and register
with a logon to get future emails to receive meeting dates and
times, etc.
County Commissioner Weber indicated there are other airport entities having the same
issues; information may be available from these entities too.
Rick Patton indicated the FAA has only recently come out with drone language; they also
require professional photographers to register and follow FAA regulations. The
photographer’s restrictions would include any pictures taken within a five mile radius of the
Airport; this would include all of Rexburg. If you sell the pictures, you would fall under this
restriction which would include real estate pictures for real estate transactions. People taking
these pictures should be calling the Airport Board for approval. The Airport Board is
proposing to follow the FAA regulations for airport security.
City Engineer Davidson said this is a start to have a drone policy that can be modified in
the future as more experience is obtained.
City Engineer Davidson presented the Airport Master Plan. There were two proposals
from the Airport Board:
1. Extend the runway at the current location.
2. Relocate the runway.
Note: (The Airport Board recommended expanding the runway by relocating the airport.)
David Taylor from the Airport Board explained the buffers needed to comply with FAA standards
for airport security for extending the runway is prohibitive in the current location. The hangers are
too close together and the houses are too close to the airport. He wants to do the right thing for the
community. He explained that jets traveling at a B1 speed of 140 knots could have many issues like
sucking in birds, etc.
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(Knots is how the speed of aircraft and boats is measured. Both miles per hour and knots are a speed which is
the number of units of distance that is covered for a certain amount of time.)
1 knot = 1 nautical mile per hour = 6076 feet per hour
1 mph =1 mile per hour = 5280 feet per hour
The down side is the investments in the current facility. The county, city, and airport hangar owners
have significant investments of around a million dollars in the airport that will be defined as junk if
the airport is moved. He wants people to look back in thirty years and say “they did the right thing
for the community.”
The choice is staying the same as we are now “or” increasing the size of the runway for future
community growth by allowing the business world to have an airport resource that will allow them
to come and go for business purposes.
Council Member Smith said the community is
in favor of moving the airport when they went
through the Envision Madison process. They
have talked about moving the airport for a long
time.
Economic Development Director Scott
Johnson said surveys from Envision Madison
indicated by a 75% margin that the public
would support moving the airport to allow
access to more business traffic which would
include business jet traffic.
David Taylor indicated the airport is a conduit
which would allow the community to grow.
Other items including schools and roads are
needed to allow our community to grow. He
referred to St. George Airport as an example of
moving the airport out of town; however,
development began to appear around the
airport causing growth in the City of St. George.
Denver is another example of an airport built
out of town.
Rick Patton spent some time talking about the Airport Master Plan. Business jets want to
come into the airport; however, they just can’t due to safety because of the proximity to the
river, etc. There is a constrained site and an unconstrained site. Rexburg’s airport is in a
constrained site due to roads, houses, and the river. Aircraft look different in a constrained
site verses an unconstrained site. They have received five letters of intent to bring larger
aircraft into the airport if it is extended. These are jets that bring in movers and shakers to
do business in Rexburg.
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To get letters in writing on company letterhead is very unusual; it is incredible, it is just a
stepping stone. Usually, we may get one email endorsing a project. There are people out
there that are serious about using the airport to bring in business to Rexburg. It really shows
a line out there of what you have now and what you could have with business access to the
airport. The inventory study shows the existing airport can be built to be very safe for the
existing traffic.
There is a daily use cargo aircraft (B1) using the airport now. A (B1) aircraft is in a certain
approach category with a certain wing span.
Wing span separation and runway length are the defining factors for aircraft to use an airport.
Weather factors also play a part in the pilot’s decision to use an airport runway or not on a
certain day. The type of aircraft the University wants to use and other businessmen want to use
requires a longer runway.
We are at the point of making a decision of looking for serving the needs of an
unconstrained airport or continue to use a constrained airport. A new airport would need up
to 650 acres for appropriate separations.
David Taylor indicated the elevation of Rexburg is at about 5,000 feet which requires a
longer runway due to the thin air. The weather gets worse as you go north from Rexburg.
Two miles north of Rexburg has more snow in the winter; there is a lot of difference just
north of Rexburg.
Council Member Busby reviewed the 15 mile constraints. David Taylor said there are
suitable locations for a new airport. The plan is not to compete with the Idaho Falls Airport;
it is to provide a place for new businesses to come to Rexburg in a plane. We are like Provo
in our infancy.
Rick Patton said we need to design the airport for B2 aircraft which requires a 75 foot wide
runway for light business aircraft. Council Member Merrill asked what types of aircraft are
envisioned in 30 to 50 years. Will we need a longer runway or will the aircraft need a shorter
runway?
Rick Patton said we want to plan for the future growth of the aircraft industry for B2
aircraft with a load of 75,000 lbs. and plan for the next generation (C2) of aircraft. The
airport owners would need to set the criteria and parameters; then go look for a site. FAA
would not fund the extension of the current runway. Airport revenue from the transition
would need to go into the new airport.
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David Taylor said FAA is listening to see if the community moves forward with plans for a new
airport.
City Engineer Davidson explained the current upgrades needed at the current airport
include shoulder grading; even cutting down trees at the golf course where they are in the
airspace of the airport.
David Taylor said the FAA is listening to the airport planning for the future; either move
forward with a plan to comply with the FAA regulations or the FAA will move the funding
to another location.
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Craig Cobia from the Airport Board indicated that not very long ago FAA was not able to
put this project on the planning calendar; however, things have changed and they are willing
to fund this airport move if the community moves forward with a plan.
Rick Patton indicated the FAA requires airport revenue to stay with the airport system.
Generally speaking, they put in 90% (which comes for the aviation users like ticket tax) and
the community does 10%. A current hanger owner would be compensated for his hanger at
the current airport from airport system revenue to help with startup funds for the new
airport.
City Engineer Davidson indicated the cost for a new airport in 10 years would be in the
neighborhood of $30,000,000. At a 90/10 ratio, the city and county would have a $3,000,000
commitment which could be covered out of the sale of the current airport. Rick Patton used
an example of a new airport in Wyoming for a total cost of $22,000,000 built on pasture
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ground. The new airport could be phased in without a taxi way to hold the initial cost down.
$30,000,000 might be on the high side but not out of the ball park. David Taylor said the city
and county need to start budgeting now for a future airport move out of the City to take
advantage of the FAA’s funding for a new airport. Rick Patton indicated the Wyoming
project was ready to go with the funding match; so, they were moved up on the FAA
discretionary funding list of projects to a current active project. This allowed their airport
project to be moved up two years ahead of schedule.
David Taylor gave examples of small communities in Wyoming like Thermopolis and Powell,
Wyoming that have larger airports.
Council Member Wolfe suggested starting now to move on the new community airport.
Discussion with the proximity of the Idaho Falls Regional Airport meeting the needs of
Rexburg. The business principals want to have a local airport in Rexburg to land and do
business in Rexburg.
They can avoid the time and expense of going through a commercial airport with security
checks, etc. An example is the UPS plane that lands daily in the Rexburg Airport because it is
better for their business than landing in Idaho Falls. Businesses have 30 million dollar jets to
move around the world to do their business. The idea is to bring these business people to
Rexburg to bring jobs. The plan is to build a 30 million dollar airport with the city and
county sharing a 3 million dollar match. The bottom line is the need to provide a serviceable
airport that business wants.
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County Commissioner Jon Weber said we are talking about two types of airports. One is
for public transportation; the other is for businesses to use for job creation.
Council Member Wolfe said the business growth allowed with a new airport would cover
the cost of the match money in a few years. Eric Conrad explained his experience with
using Learjet’s to travel around the country to do business; he worked for a company that
had 42 States and 3,000 contacts. The most travel he did from Denver was using five
Learjet’s to go to three states in one day. You can’t do that from a commercial airport.
Council Member Wolfe said it is not what we want; it is what they require to do business in
Rexburg.
Economic Development Director Scott Johnson added another use for a new airport; the
possibility of chartered flights from Jackson, Wyoming stopping in Rexburg to take students
going home on break to a location like California.
City Engineer Davidson said the request is to allocate funds to go look for a new site.
Rick Patton said there is a process to move forward including the Master Airport Plan and
an environmental assessment. His contact in the FAA has never seen five letters of intent to
bring larger aircraft into an airport in this state. There was not an opportunity for funding in
the past with the FAA; however, there is a window of opportunity now. Safety and security
is the responsibility of the community to provide to the public. Funding is possible if the
community moves in that direction.
David Taylor indicated if the community moves forward to build a new airport; under the
best circumstances, it would take a decade to complete.
Rick Patton indicated there are three airports vying for the pot of money hanging over
them; it is Rexburg, Burley and Hailey. The FAA is going to have to do something
somewhere with this big pot of money hanging over them. Hailey will eventually have to
move; depending on what is going on there for about three hundred million dollars. The
approval for funding is based on the completion of the Airport Master Plan, the
Environmental Assessment, and the availability of funding. The priority for funding is going
to be those ready to move forward.
Discussion on airport liability if the FAA standards are not met. Council Member Benfield
reiterated the public’s desire to move the airport based on the Envision Madison process.
City Engineer Davidson reviewed the funding allocation formula used by FAA to fund
airport maintenance. Rexburg gets $150,000 from FAA per year to maintain the airport. It is
separate funding from the funding process for a new airport.
Discussion on the process to move forward.
Council Member Busby moved to approve the scope of work for GDA Engineering on
the Airport Master Plan and look for options for extending the length of the airport runway
including moving the airport; Council Member Merrill seconded the motion; Mayor
Woodland asked for a vote:
Those voting aye Those voting nay
Council President Smith None
Council Member Benfield
Council Member Wolfe
Council Member Merrill
Council Member Busby
The motion carried
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Madison County Commissioner Todd Smith moved approve the scope of work for
GDA Engineering on the Airport Master Plan and look for options for extending the length
of the airport runway including moving the airport; Madison County Commissioner Jon
Weber seconded the motion;
Those voting aye Those voting nay
Jon Weber None
Todd Smith
The motion carried
7:00 P.M. City Hall – Pledge to the Flag
Rick Schmitt led the pledge.
Ian Zollinger said the prayer.
Roll Call of Council Members:
Attending: Council President Smith, Council Member Benfield, Council Member Wolfe,
Council Member Busby, Council Member Merrill and Mayor Woodland.
Council Member Mann asked to be excused.
Public Comment on non-controversial issues: not scheduled on the agenda (limit 3
minutes):
Presentations: Heidi Fransen presented information regarding O.U.R. Run to Break the
Chain a Community Race. They have raised $6,000 dollars in donations; she hopes to raise
more funds. She said Recreation Director Yeatman has been very helpful. He has allowed
her to use the City’s race equipment. Ms. Fransen stated she hopes to have booth vendors at
Smith Park the day of the race. The booths will be set up to be carnival themed and sell
items like cotton candy. She said Mr. Yeatman also said he would ask the City’s Carousel
staff to help make cotton candy to sell that day.
Council Member Busby stated he is concerned with the vendors selling their products at a
City park. Ms. Fransen clarified the vendors will not be selling business based products.
Council Member Merrill asked about the number of people who have signed up for the
race. Heidi Fransen stated due to a late start in advertising, their numbers are not as high as
she would like them to be. She hope to get at least 300 to 400 participants.
Mayor Woodland stated the title of the race is O.U.R. Run to break the chain. The “O.U.R.
stands for Operation Underground Railroad.
Request from Heidi on August 11, 2015
Blair,
Thanks. I noticed you had (Can city sponsor) on the agenda. We actually already have the
city as a sponsor- I came to a city council meeting back in April and did a presentation about
it and the city voted unanimously to sponsor the event. So now, I just want to give an
overview of our progress and what we still need help with. I talked to Bob today (don’t know
his last name- he’s in the recreation department). I will meet with him Wednesday before the
council meeting to see what the city can offer as far as assistance toward the race- tables,
loud speaker system, traffic cones, tables, coolers, etc. He will also help me set up a tentative
map for the setup of the event. I will be able to share that info with the council, as well.
I’m not sure what you want as far as information for the presentation, but basically I will
want to discuss the following:
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1. Update on sponsors we have acquired for the race and how they plan to be
involved.
2. Update on our budget (which grows as we get more sponsors) and how we
plan to use the funds.
3. Update on progress- what we have already taken care of and what we still need to
work on
4. Volunteers- Is anyone from the city is interested in helping with the event?
5. Advertising information: Where/how we are advertising and future
advertising plans. Social media pages, registration information, etc…
I think that’s about it. Do you need me to be more specific or is that enough information?
Heidi
Committee Liaison Assignments for 2015:
A. Council Member Christopher Mann: Golf Board · Emergency Services Board · MYAB
Council Member Mann asked to be excused
B. Council Member Jordan Busby: GIS Oversight · Airport Board · Traffic & Safety
Council Member Busby reported the Airport Board met. They decided to allow GDA to
continue the study with expanding the airport’s runway.
C. Council Member Donna Benfield: Police · Trails of Madison County · IBC · Teton Flood
Museum Committee
Council Member Benfield reported Kenneth Marlor with the Rexburg Police Department
will graduate from Post Academy on August 28th. The Police Department has also been
training on active shooter scenarios. They will be at the BYU-Idaho campus tomorrow
training on one of these scenarios. They have invited the Campus Security and Ambulance
Response Team to the training.
Council Member Benfield said she has received a letter from city residents, stating what a
great job the Animal Shelter staff is doing. They stated the treating of the animals and the
customer service they witnessed was exemplary. She also received a letter regarding the
Police Department’s active shooter scenarios training. She said the letter stated, the training
is one of the best trainings he has seen, he had attended several of them.
D. Council Member Smith: Legacy Flight Museum · Rexburg Arts Council (Romance Theatre &
Tabernacle Civic Center, Orchestra) · M.E.P.I.
Council President Smith reported the Legacy Flight Museum will meet in September.
Rexburg Arts Council did not meet. M.E.P.I. held an executive board meeting today. They
will meet again on September 14th.
E. Council Member Jerry Merrill: School Board · Parks & Recreation · Urban Renewal Agency
Council Member Merrill reported the School Board sponsored the Celebrate Youth event
at Porter Park. He said he attended the celebration; there were over 1,200 people in
attendance. The event was great fun. Council Member Merrill asked City Attorney Zollinger
about the land exchange between the City and Madison School District for the baseball
fields. City Attorney Zollinger indicated it will be discussed at the School Board’s next
meeting.
Council Member Merrill reported the Urban Renewal Agency met last week to discuss the
proposal for the development project on the corner of 1st North. Cory Sorensen is putting
together an investment group to build a mix use project with restaurants on the bottom
floor, two story apartments on the top floor of the building and underground parking. He
has been back and forth with Urban Renewal with several proposals. There will be a public
meeting tomorrow regarding the North Interstate District. The City of Sugar City submitted
a letter with their concerns. He encouraged the public to attend the meeting, it will be held in
the ECPIDA building.
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F. Council Member Brad Wolfe: Planning & Zoning · Beautification Committee
Council Member Wolfe reported Planning & Zoning met a couple of weeks ago; there was
a public hearing that was canceled. The public hearing was for a daycare center. They were
seeking a Conditional Use Permit (CUP). He indicated the CUP couldn’t be approved,
because the daycare is in a residential zone and due to the number of children enrolled; it is
too high per code. City Attorney Zollinger stated staff has encouraged the owner to find a
new location.
Council Member Wolfe reported Planning and Zoning also reviewed the PUD regulations.
They were discussing possibly reducing the size of acreage for a PUD or if the number of
units should be the deciding factor for a PUD. He said they decided to table the discussion
to allow time to gather more information.
Public Hearings: None
Items for Consideration:
Staff Reports:
A. Public Works: – Public Works Director Millar reported the replacement of the curb,
sidewalk and gutter work at the Cresthaven Subdivision was completed today. They had
budgeted $25,000.00 and were well below budget. He said the Cresthaven homeowners
were pleased with the work. All of the paving and concrete has been completed at the 2nd
North project from Center Street to 2nd East. They are still working on patching in some
grass, they hope to complete the project next week. He said another project being
worked on is the sidewalk project; it will start by the golf course and end at the south
interchange.
Public Works Director Millar also reported on the Airport project, it is under
consturction to repave the ramp. There were some soft spots under it, which will need to
be dug out and stabilized. He met with the engineer to go over the final plans for the
sewer project on the bio-soilds. They had a few modification; however, the engineer
should have it ready to bid in two weeks.
Public Works Director Millar reported on the water project, it is under design and
moving forward. He said they still need to work with the Madison School District to
acquire the land for the water wells.
Council Member Benfield asked how the Super Walmart project is coming along.
Public Works Director Millar said they are on schedule. He indicated the entire roof has
been installed, they have half of the floor in and most of the parking lot has been paved.
The scheduled completion date is February 15th. Council Member Benfield asked about
what looks like a moat on the property. City Attorney Zollinger indicated it will be used
as a storm water detention pond; however they have requested a modification, which
may change the appearance of the moat.
Council Member Busby asked when the street by BMC West will be striped. City
Attorney Zollinger said the truck used to stripe the street is broken down. The City hires
Idaho Traffic Safety to stripe the streets. As soon as they repair their truck they will start
the work needed in the City.
Council Member Merrill asked if the striping work will continue on down to the
intersection of University Boulevard and the new McDonalds. Public Works Director
Millar stated there will striping that intersection. They had to postponed the striping,
because of work needing to be completed there.
Council Member Busby said he is concerned with the left hand turn when heading
South at the intersection of University Boulevard. He fears there might be an accident,
because most people think both lanes can be used to go straight. He would like to see
signage indicating left turn only. Public Works Director Millar said he has a striping plan
in place for that intersection.
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Finance Department: – CFO Matt Nielson reviewed the new investment policy; it
was compiled by the investment committee. The policy is implemented to keep the
City’s funds safe.
Chief Finance Officer Nielson reviewed Resolution 2015-09 proposed investment
policy. He said the last investment policy was updated in 1980 it was essentially a copy of
the State of Idaho’s investment policy. The Investment Committee went though and
revised the policy. They are asking for a resolution to replace the old policy with the new
revised policy, which would replace any prior resolutions regarding investment policies.
He indicated the purpose of the investment policy is to provide prudent investment of
public funds.
Chief Finance Officer Nielson reviewed the Investment Objectives (section 3); the 1st
is safety in preserving the City’s money and capital. The 2nd is liquidity to meet cash flow
needs. The 3rd is yield; he said most of the City’s investments are low yield and low risk.
The yields are compared to benchmarks; however most cities compare it to LGIP which
is the local government investment pool. He said the return on LGIP is about .18 or 18
basis point. The diversified bond fund’s average return is 2%. He indicated it amounts to
a very small return.
Chief Finance Officer Nielson reviewed the Suitable and Authorized Investments
(section 5) and the Portfolio Parameters (section 6). He said the City is limited to
investment instruments included in Idaho Code Section 50-1013. The City commonly
invests in cds, bonds, agencies, and money markets etc. He indicated another thing the
City does, is to secure its money with FDIC, NCUA, which is contributed to credit
unions and collateralizations etc. Chief Finance Officer Nielson said they established
Portfolio Parameters which would allow the City to invest in different types of
investment and not limit it to just one type of investment. He indicated they are allowed
to invest up to 50% in certain levels, this increases the City’s diversification. He said
when the City goes out to get bonds; it gets them on the secondary market through
competitive bids. Sometimes it is with different agents and other times it the same agent
giving us multiple options. The City’s maximum maturities are typically 5 years; however,
we may invest longer if there is a City project further out than 5 years. CFO Nielson
indicated cities are allowed to invest in their own LID’s.
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CFO Nielson also reviewed the
Investment Institutions and Authorized
Financial Dealers (section 8). He said a list
of these dealers will be provided. The
Authorized Financial Institutions and
Depositories will be required to provide
proof of being qualified through the State
of Idaho and SEC. He indicated Glacier
Bank may look unfamiliar; they are an
affiliate of Citizens Community Bank. The
City uses them for its CDARS program. CDARS is a CD program. The City has a
$250,000.00 FDIC and/or NCUA limit. CDARS will then go to this principal bank; the
principal bank will then disperse $250,000.00 increments into different banks. This
process secures the City’s money.
Chief Finance Officer Nielson said in the Authorized Securities Brokers/Dealers:
there is a new dealer on the list, Moreton Asset Management. He said the Investment
Committee is seeking an investment advisor as part of the City’s portfolio. He said as
they looked at the City’s cash flow needs, he believes they could move four million
dollars into the investment. He is recommending Moreton Asset Management to invest
the four million dollars in two to five year investments and follow the City’s investment
policy. Moreton Asset Management will charge a fee of 15 to 25 basis points, which is
normal. CFO Nielson said he asked Moreton Asset Management for a proposal. In the
proposal they indicated they would charge the City 10 basis points the first year, 20 basis
points the second year and every year forward. He said if the City reaches five million,
they will only charge 17.5 basis points.
Mayor Woodland asked who the members of the Investment Committee are. Chief
Finance Officer said the committee members consist of three City Council Members
from the Administrative Advisory Committee: Council Member Busby, Council
President Smith and Council Member Merrill, the CFO and Deputy Treasurer Jolyn
Briggs. CFO Nielson is recommending a change with the current City Council Member
serving on the committee, because they are on the same re-election schedule. The
Investment Committee will meet annually to review the performance strategies,
procedures and review the investment policy; any changes to the policy would be
brought to City Council for approval.
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Mayor Woodland asked Council Member Benfield to take the place of Council Member
Merrill in the Investment Committee, because they are on different re-election schedule.
Chief Finance Officer Nielson reviewed the Cash and Investments Report, the
Investment Types Reports, Investment Institution Reports and Risk Allocation Reports.
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CITY OF REXBURG
Resolution Number 2015-09
This resolution replaces any prior resolutions regarding an investment policy
for the City of Rexburg.
INVESTMENT POLICY
1. Purpose
The purpose of this document is to provide guidelines for the prudent investment of
public funds in a manner which maximizes security and provides maximum return in
preserving and protecting funds while meeting the daily cash flow demands and
conforming to all applicable federal, state and/or local statutes governing the
investment of public funds.
The Treasurer should invest idle public funds in a manner that recognizes that safety
of principal is the top priority. The second priority is liquidity. It is the duty of the
Treasurer to maintain an adequate percentage of the portfolio in short -term
securities, which can be converted to cash if necessary to meet disbursement
requirements. A high yield on investments ranks third in priority in the City's
investment strategy. Yield should be considered only after the basic requirements of
safety and liquidity have been met.
Chief Finance Officer Nielson indicated if the City decided to use Moreton Asset
Management the Risk Allocation may change slightly. Moreton Asset invests in a lot of
same investments the City currently invests in. They however have more expertise and
know where to get a higher yield. He on the other hand doesn’t have the time or
resources to look at the market each day. Council Member Merrill said the City has
evaluated Moreton Asset Management for several years and has checked their references;
they appear to be a solid company.
Chief Finance Officer Nielson is seeking City Council approval to accept the new
Investment Policy Resolution 2015-09 and to include:
Approving the list of current Investment Institutions and Authorized Financial
Dealers
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Naming those Council Members to be appointed to the Investment Committee
Treasurer to move forward with allocating a portion of our portfolio to an
investment advisor.
Council Member Busby moved to approve Resolution 2015-09 as presented; Council
President Smith seconded the motion; Mayor Woodland asked for a vote:
Those voting aye Those voting nay
Council President Smith None
Council Member Benfield
Council Member Wolfe
Council Member Merrill
Council Member Busby
The motion carried
Calendared Bills and Tabled Items:
A. LAND USE ACTION – BILLS RECOMMENDED/APPROVED IN A LAND
USE PUBLIC HEARING PROCEDURE: – NONE
B. BILL Introduction: – NONE
C. First Reading: Those items which are being introduced for first reading:
D. Second Reading: Those items which have been first read:
1. BILL 1137 Rezoning 228, 230, 232 South 4th West; & 251, 265, 273 South 5th West
Council Member Merrill moved to rezone 228, 230, 232 South 4th West; & 251, 265, 273
South 5th West from Light Industrial (LI)and Medium Density Residential 2 (MDR2) to
High Density Residential 1 (HDR1) as discussed with the following conditions and consider
BILL 1137 first read; Council Member Smith seconded the motion; Mayor Woodland asked
for a vote: Conditions:
1. The existing green (BarRick Patton) building on South 5th West on the subject
property shall be beautified and resurfaced as stated tonight by the applicant.
2. Buildings shall be a maximum of 30 feet in height.
3. An architectural design review meeting shall be held to address having a
significant landscape buffer, especially along South 5th West.
4. A P&Z Commissioner who was present at this meeting tonight shall be a
participant in this design review meeting to address this buffer.
5. Provide uniform landscaping over the entire project (old and new); landscaping
to be continued into the existing apartment complex.
Those voting aye Those voting nay
Council President Smith None
Council Member Benfield
Council Member Wolfe
Council Member Merrill
Council Member Busby
The motion carried
E. Third Reading: Those items which have been second read:
1. BILL 1136 amending the 2015Appropriation Budget.
ORDINANCE NO. 1136
AN ORDINANCE OF THE CITY OF REXBURG, IDAHO, AMENDING ORDINANCE NO. 1118, THE
APPROPRIATION ORDINANCE FOR THE FISCAL YEAR BEGINNING OCTOBER 1, 2014 AND
ENDING SEPTEMBER 30, 2015: APPROPRIATING ADDITIONAL MONIES THAT HAVE BEEN OR ARE
TO BE RECEIVED BY THE CITY OF REXBURG, IDAHO, AND BUDGET REDUCTIONS IN THE NET
SUM OF $9,340,100 AND PROVIDING AN EFFECTIVE DATE.
BE IT ORDAINED BY THE MAYOR AND COUNCIL OF THE CITY OF REXBURG, IDAHO:
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SECTION I. That ordinance No. 1118, the appropriation ordinance for the City of
Rexburg, Idaho, for the fiscal year commencing October 1, 2014, and ending September
30, 2015, be and the same is hereby amended as follows:
Discussion:
Mayor Woodland asked for a motion;
Council Member Wolfe moved to consider BILL 1136 amending the 2015
Appropriation Budget as third read; Council Member Merrill seconded the motion;
Mayor Woodland asked for a vote:
Those voting aye Those voting nay
Council President Smith None
Council Member Benfield
Council Member Wolfe
Council Member Merrill
Council Member Busby
The motion carried
Mayor’s Business:
Consent Calendar: The consent calendar includes items which require formal City Council
Action; however they are typically routine or not of great controversy. Individual Council
members may ask that any specific item be removed from the consent calendar for
discussion in greater detail. Explanatory information is included in the City Council’s agenda
packet regarding these items.
A. Minutes from August 05, 2015 meeting
B. Approve the City of Rexburg Bills
Council Member Benfield moved to approve the Consent Calendar and pay the bills;
Council Member Smith seconded the motion; Mayor Woodland asked for a vote:
Those voting aye Those voting nay
Council President Smith None
Council Member Benfield
Council Member Wolfe
Council Member Merrill
Council Member Busby
The motion carried
Adjourned at 7:45 P.M.
APPROVED:
____________________________
Richard S. Woodland, Mayor
Attest:
_______________________________
Marianna Gonzalez, Deputy City Clerk