04/18/2017 MINUTES - Laserfiche WebLink

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PEDC Board Meeting Minutes April 18, 2017 Page 2 of 5 Ms. Brownfield answered that about $1,800.00 was for Lamar County Days. Mr. Wilson pointed out on the last page of our Monthly Expenses Worksheet that the PEDC's total cash and reserve balance was $3,459,719.06 at the end of March. Mr. Banks asked why there were no numbers on the first page of the Monthly Expenses Report under the line for Lamar County Days. Ms. Brownfield apologized for not breaking the numbers out between Marketing /General and Lamar County Days. Mr. Banks referred us back to the Cash Flow Analysis and questioned how much of our Cash Balance was in both the Lone Star and Texas CLASS investment pools. Also, how have these balances changed since September 30ffi of 2016? Mr. Anderson said that he sends Ms. Brownfield a Balance Sheet that includes the balances of the investment pools every month. Mr. Brockman asked that the Balance Sheet be included in the Board Packets every month. Mr. Brockman made a motion to accept the March financials for 2017. Mr. Banks seconded the motion. Vote was 3 -ayes and 0 -nays. Discuss with Mr. Gene Anderson the investments we have with the Lone Star Investment Pool and Texas CLASS Investment Pool. Mr. Paris spoke of the Investment Pools highlighted on page 8 of the Auditor's Report "Investments in the Lone Star investment pool and the Texas CLASS investment pool are not insured or guaranteed by the FDIC or any other government agency." Mr. Banks asked that Mr. Anderson clarify why the investment pools were not insured or guaranteed. Mr. Anderson stated that there are six investment pools and we invest in two of those pools. The pools are created by state statue under Government Code Section 2256.016 and were setup for cities, schools, counties and other state authorized type agencies. The primary advantage of these investment pools is that a public entity has its money in a safe place and has ready access to its money. The investment pool can only invest the entity's money in ways that follow the state statue. Mr. Banks asked if the investment pools were like a mutual fund. Mr. Anderson replied that they were similar, but they can only invest according to the state statue, they need to maintain a triple -A rating and no -fee to manage the money. Mr. Paris asked if the investment pools were a low risk bond type structure which you could liquidate money quickly. Mr. Anderson stated that it was very low risk. Mr. Wilson said that it was like a money market fund. Mr. Banks asked who pays the investors and who pays the pool's staff. The answer was with the spread or margin just like a bank. Mr. Banks stated he brought up the investments section because the auditor has had it in the audit for the last three years, maybe more. Mr. Anderson said that the auditors placed these as footnotes for information purposes only; not as findings in the audit. The Board thanked Mr. Anderson for answering their questions. Discuss and Possibly approve JC Darnell Computer Service and Jazzy Frog web maintenance contracts. Mr. Paris stated that we wanted to reestablish JC Darnell's contract and have Jazzy Frog's contract ready to reestablish when their contract comes due. For the computer network services we took verbal requests for bids on monitored backups and maintenance contracts on hardware and software. The second set of verbal requests for bids was for five hours of quarterly website updates and web hosting for our website. Mr. Paris recommended to the board that we stay with JC Darnell. He is a bit more expensive, but he understands our computer network and he is local for quick response. The yearly fee is $4,572.00. We could establish a year contract with the option of a one year extension. Jazzy Frog has a yearly fee of $500.00 that includes five hours each quarter of website updates. Jazzy Frog is local to the Paris area, too. Mr. Brockman asked if JC Darnell's amount of $4572.00 was similar to the amount of the contract for last year. Mr. Paris responded