AUDIT/FINANCE COMMITTEE October 17, 2017 Approved Minutes  After determining that a quorum is present, the Audit/Finance Committee of the City of Denton, Texas, met in a regular meeting on October 17, 2017, at 10:30 a.m., in the City Hall Conference Room, at City Hall, 215 E. McKinney Street, Denton, Texas at which the following items were  considered: PRESENT: STAFF PRESENT:  Mayor, Chris Watts; Mayor Pro Tem Sara Bagheri; Council Member, John Bryan Langley, Deputy City Manager/COO; Mario Canizares, Assistant City Manager: Chuck Springer, Director of Finance; Antonio Puente, Assistant Director of Finance; Cody Wood, Assistant Controller; Caroline Finley, Treasury Administrator; and Kristy Looper, Recording Secretary.  Ryan  The following items were considered:  OPEN MEETING:  1. Consider approval of Audit/Finance Committee minutes of September 12, 2017.  Mayor, Chris Watts made a motion to approve the minutes. Council Member, John Ryan 2. Receive a report, hold a discussion, and give staff direction regarding revisions to the City Chuck Springer, Director of Finance, reviewed some changes being made to the Investment Policy and told the committee that State law requires the adoption of the Investment Policy annually. The debt service reserve funds for utility bonds are no longer required, therefore this portion of the investment policy has been removed. The City's investment committee has been changed to reflect new titles, including the City Auditor who is proposed to be a non-voting member. If someone is unable to attend the investment committee they will be able to send someone in their place in order to constitute a quorum. Lastly, the proposed Investment Policy adds insured collateral savings deposits as investment type and with a limitation of no more than Mayor Pro Tem, Sara Bagheri made a motion to recommend approval of the Investment Policy. 3. Receive a report, hold a discussion, and give staff direction regarding revisions to the City Chuck Springer, Director of Finance discussed the proposed minor changes to the Debt Service Management Policy including membership changes to the Debt Management Committee with  seconded the motion. Motion carried unanimously.  of Denton's Investment Policy.  15% ofthe total investment portfolio.  Mayor, Chris Watts seconded the motion. Motion carried unanimously.  ofDenton's Debt Service Management Policy.  1    title changes and the inclusion of City Attorney as a legal advisor and the City Auditor as a non- voting member. A second minor change were made to clarify that interfund accounting transactions necessary for the City's year-end financials are not considered interfund loans per Mayor, Chris Watts made a motion to recommend approval of the Debt Service Management Policy. Mayor Pro Tem, Sara Bagheri seconded the motion. Motion carried unanimously. 4. Under Section 551.042 of the Texas Open Meeting Act, respond to inquiries from the Audit/Finance Committee or the public with specific factual information or recitation of policy, or accept a proposal to place the matter on the agenda for an upcoming meeting  the policy.  AND  Under Section 551.0415 of the Texas Open Meetings Act, provide reports about items of community interest regarding which no action will be taken, to include: expressions of thanks congratulations or condolence; information regarding holiday schedules; an honorary or salutary recognition of a public official, public employee, or other citizen; a reminder about an upcoming event organized or sponsored by the governing body; information regarding a social, ceremonial, or community event organized or sponsored by an entity other than the governing body that was attended or is scheduled to be attended by a member of the governing body or an official or employee of the municipality; or an announcement involving an imminent threat to the public health and safety of people in the With no additional business to be addressed, the Committee adjourned at 10:51 a.m.  municipality that has arisen after the posting of the agenda.  JOHN COMMITTEE CHAIR ay CITY OFI DENTON,TEXAS  KRISTY LOOPER Fon RECORDING SECRETARY CITY OF DENTON, TEXAS  2