HomeMy Public PortalAbout02.21.2023 Work Session MinutesMedina City Council Work Session Minutes 1
February 21, 2023
MEDINA CITY COUNCIL WORK SESSION MEETING MINUTES
OF FEBRUARY 21, 2023
The City Council of Medina, Minnesota met in work session on February 21, 2023, at
6:00 p.m. at the Medina City Hall, 2052 County Road 24, Medina, MN.
I. Call to Order
Members present: Martin (virtual attendance), Reid, Albers, Cavanaugh, and
DesLauriers
Members absent: None
Also present: City Administrator Scott Johnson, Planning Director Dusty Finke,
Public Safety Director Jason Nelson, City Clerk Caitlyn Walker, and Finance Director
Erin Barnhart
II. Motion to Delegate the Duties to Preside over the Meeting to Council
Member Albers
Cavanaugh made a motion to delegate the duties to preside over the meeting to Council
Member Albers. Reid seconded the motion. A roll call vote was performed:
Albers aye
Cavanaugh aye
Reid aye
Martin aye
DesLauriers aye
Motion passed unanimously.
III. Medina Investment Brokers Discussion
Chris Sullivan of Oppenheimer & Co. Inc. and Mike Meyer of RBC Capital Markets
presented on the City’s investment portfolio. Sullivan explained the City’s strategy of
using a bond ladder for investments which provides steady returns over time. This is a
typical investment strategy for cities. They explained that the City has been seeing
unrealized losses on its financial statements due to the market post pandemic. This is also
true for other cities and is not unique to Medina. Cavanaugh questioned why the city did
not change the bond period when interest rates were very low. Sullivan and Meyer
explained a bond ladder is a systematic approach to investing that provides stability over
time and removes the need to predict future interest rates. Barnhart explained that when
there is additional cash to invest, they do invest in shorter-term certificates of deposit to
be able to optimize investments in periods of low interest rates.
IV. Council Chambers Audio Visual Update
Johnson provided an update on the integration of a virtual city council participant in the
City Council meetings and the overall audio and visual production of the city council
videos. Johnson explained that staff is researching options to improve the microphone
Medina City Council Work Session Minutes 2
February 21, 2023
capabilities to improve the audio quality. The Council requested staff also research
improvements to the screens in the council chambers to make the presentations more
visible. Barnhart explained the City receives franchise and peg fess that can be used to
make investments in the technology in the council chambers.
V. Adjournment
DesLauriers made a motion to adjourn the meeting at 6:58 on February 21, 2023.
Cavanaugh seconded the motion. A roll call vote was performed:
Albers aye
Cavanaugh aye
Reid aye
Martin aye
DesLauriers aye
Motion passed unanimously.
_________________________
Kathleen Martin, Mayor
Attest:
____________________________
Caitlyn Walker, City Clerk