HomeMy WebLinkAboutMinutes 2003-11-25 MINUTES
CITY COUNCIL
CITY OF SOUTH SAN FRANCISCO
SPECIAL MEETING
NOVEMBER 25, 2003
MUNICIPAL SERVICES BUILDING
COMMUNITY ROOM
33 ARROYO DRIVE
1. Call to Order 6:40 p.m.
2. Roll Call Present:
o
(Cassette Tape No. 1)
Councilmembers Femekes, Garbarino and
Gonzalez, Vice Mayor Green and Mayor
Matsumoto
Absent:
None
Public Comments None
Review questions for City Treasurer interview
Councilmembers agreed to the interview questions as follows and to take tums asking two
questions each:
o
Please share your thoughts with the Council on how you perceive the position of City
Treasurer, and specifically how you see the relationship between the City Treasurer and the
City Council. (Matsumoto)
2. What related work or professional skills do you believe you bring to this pos:tion? (Green)
Three goals are often listed for a city's investment portfolio: yield, safety, ar_d liquidity. What
do those terms mean to you, and as far as the city's investments, in which priority order should
those three goals be ranked, and why? (Green)
Do you have any thoughts on whether in the future it might be in the City's best interest to
either continue to have an elected Treasurer, or rather have a professional sta5f Treasurer that is
under the direction of the City Manager and therefore the Council? (Garbarino)
o
If you were faced with a situation where you could invest $2,000,000 of the City's funds in a 2
year CD from a local bank at 2.0% interest, but the City could earn 2.5% by investing in a 2
year U.S. Agency instrument, such as a Fannie Mae, how would you deal with that investment
choice? How do you think you would balance a desire to invest in the local community against
the possibility of earning additional dollars for the City? (Garbarino)
6. Are you familiar with the three different investment pools offered by San Ma:eo County to its
investors? If so, how are those pools different? (Femekes)
7. What would your thoughts be on your investment approach during times ofr!sing interest rates,
and why? (Fernekes)
At times a City Treasurer will purchase a U.S. Government Agency security, such as one with
the Federal Home Loan Bank, which has a "call" feature. Can you describe lbr us what you
understand a call feature to be, and what risks such a feature may pose. (Gonzalez)
What do you think the role of the Treasurer is vs. the role of the Finance Department, which
deposits city funds and processes city disbursements? When should their roles be collaborative,
and when would there be a necessary check and balance between the two roles? (Gonzalez)
10. This completes the City Council's questions. Are there any additional comments you would
like to make to us? (Matsumoto)
It was further agreed to ask follow-up questions if germane or for clarification.
Councilman Gonzalez suggested a follow-up question include whether or not the
applicant will select a deputy treasurer to take over during their absence.
5. Interview applicants for the Office of City Treasurer
Applicants were interviewed in the following order:
· Richard Battaglia- 6:48 p.m.
· Gloria Taormina- 7:04 p.m.
Consideration of appointment to the Office of City Treasurer or call an ele:tion to fill
vacancy of the Office of City Treasurer
Mayor Matsumoto asked Councilmembers to vote by ballot and submit ba-lots to the City
Clerk for results.
City Clerk Payne tallied the vote and announced that four ballots were cas': for Richard
Battaglia and one ballot cast for Gloria Taormina.
Motion-Gonzalez/Second-Green: Resolution No. 102-2003, to appoint Richard Battaglia
to the Office of City Treasurer, term expiring November 8, 2005. Unanimously approved
by voice vote.
7. Adjournment
Being no further business, Mayor Matsumoto adjourned the meeting at 7:20 p.m.
Submitted by:
Cle'r~
Sylv/a M. Payne, City
City~" ' of South San Francisco
A:roved:
K~~%!tsu!oto, Mayor
City of South San Francisco
SPECIAL CITY COUNCIL MEETING NOVEMBER 25, 2003
MINUTES PAGE 2