2024 Board of Finance Annual Meeting - January 31, 2025
STREAMING COPY IN PREPARATION — RECORDING AVAILABLE FROM THE ORIGINAL SOURCE
2024 Board of Finance Annual Meeting - January 31, 2025
The Board of Finance for the consolidated city of Indianapolis and Marion County held its annual meeting on January 31, 2025, at 10:15 AM EST in Room 260 of the City-County Building. The meeting was required by statute (IC 5-13-7-2) and served as a review of public investment portfolios, with no voting except on officer elections. Entities presented their 2024 investment reports.
Consent Calendar
- Approval of minutes from the January 30, 2024 meeting: Moved and seconded, approved unanimously.
- Election of Board President: Barbara Lawrence was nominated and re-elected unanimously.
- Election of Board Secretary: Assessor O'Connor was nominated and re-elected unanimously.
Discussion Items
- City of Indianapolis Investment Report (Janae Roten, Deputy Controller): Total portfolio $170.6 million, interest earned $45.5 million, combined yield 5.10% (up from 4.76% in 2023). Held U.S. Treasuries and one agency, all maturities under 2 years.
- Capital Improvement Board (CIB) (Art Codroff, Controller): Total interest earned $12.4 million, average interest rate 4.56% (up from 4.27% in 2023). Average uninvested funds reduced from $21M to $2M. Discussed impact of recent events: admissions tax down $4.5M, hotel/restaurant activity up 40% in November 2024.
- Health and Hospital Corporation (HHC) (James Simpson, Interim CFO): Total interest earnings $63.3 million, average rate 4.8% (up from 4.7% in 2023). Average monthly balances $1.3 billion. Discussed Health First Indiana funding ($12M in 2024, $23M in 2025). Noted capital projects: Public Health Lab, Indianapolis EMS headquarters, Hasbrook Building renovations.
- Indianapolis Airport Authority (Keith Rexing, Manager): Average monthly balance $498.6 million, interest earnings $22.5 million, average rate 4.52%. Exceeded budgeted interest by $12 million. Used forward delivery agreements. No investments over 2 years.
- Indianapolis Public Schools (IPS) (Pat, retiring after 25 years; Neri Gabriel): Combined average balance $218.6 million, total interest $11.1 million, overall yield 5.09%. Used CDs and money market accounts. Noted liquidity needs for construction projects.
- Distressed Unit Appeal Board (DUAB) Presentation (Neri Gabriel): Required annual report for school districts. Discussed IPS financial condition and three legislative bills: HB 1136 (dissolve IPS by 2028, convert to charters), SB 518 (redirect property tax increments to charters, estimated $100M loss), HB 1501 (create two appointed entities for facilities and transportation). Speaker warned of potential negative impacts on community and urged involvement.
- Indianapolis Marion County Building Authority (Steve Weiss, Director of Finance): Total interest earned $1.2 million, average rate 3.7%. Received $37M debt service reserve in 2022, now mostly spent. Used Trust Indiana for flexibility.
- Indianapolis Marion County Public Library (Lolita Campbell, CFO): Total interest earned $3.1 million, average yield 3.9% (up 1.7% from 2023). 78% of operating budget from property taxes. Noted partnership with schools.
- Marion County (Rodney Shine, Chief Deputy Treasurer): Average balance $420 million, interest income $21.2 million, combined yield 5.05%. Used CDs and competitive bidding. Large swings due to property tax collections (peak $827M in May). Investment policy renewed December 2024.
Key Outcomes
- Barbara Lawrence re-elected as Board President.
- Assessor O'Connor re-elected as Board Secretary.
- All investment reports were received and noted; no votes were taken on the reports.
- Meeting adjourned by motion.
Meeting Transcript
Thank you. I next time I will have a gavel. We had that discussion and I oh no, I'll just use my hand and my frail little voice. Okay, good morning everyone. This is the 2024 Board of Finance meeting for the consolidated city of Indianapolis in Marion County. It is uh Friday, January 31st, the absolute last day that we could have this meeting. Uh we are located in room 260 of the City County Building in Indianapolis. Uh I will call this meeting to order. Uh just a little background because this meeting is only held once a year, and it's one of those things where literally we get ready for the meeting and we go, okay. So who do we invite? What's what's the topic? All of those types of things. So it's once a year meeting, and our purpose is statutory in nature. We are authorized by the Indiana General Assembly under Code Site 5-13-7-2, where the members are identified and the parameters of the board are set up. We do not vote on anything except the election of officers. We are here as a review board and have discussion and to sort of provide a public forum for everyone to discuss their numbers and for the public to be made aware of what investments are going on and what our yields are and those and that type of information. So with that, I would like to change the order of a couple of things in on the agenda. I'd like to go to number three first. Uh approval of the minutes from the January 30th, 2024 meeting. Um these were sent out on Monday. They are in your packet. Um as anyone, I know Abby, you weren't here last year, but we I did read the meeting meeting minutes really thoroughly, so I know what had taken place, so I knew what to do this year. Um and Joe, you weren't here last year either. So are there any questions, additions, corrections, modifications on the minutes? Do I have a motion? I move we approve the uh meeting meeting minutes. Seconded. Moved and seconded. All in favor say aye. Opposed, same sound. Um moving on to the election of the board president and secretary again. This is authorized. Uh understand that we would elect uh a president and a board secretary at each at each annual meeting, and they stay in office until any ensuing meetings or the next annual meeting. So I would be honored and privileged to serve as president again, and the information is compiled and maintained in the treasurer's office, and I'm happy to continue that role. I nominate Barbara Lawrence as president. Ah, isn't it wonderful? Do I have this second? Okay, that was closer than the election in November. Uh okay, moved in second all in paper say I. Opposed. Thank you very much. Um we have because uh uh Assessor O'Connor had some issues come up this morning. Uh he is not here, but indicated his willingness to serve, continue to serve as secretary. Um I will put that to the board if there's anyone else that would like to serve as secretary. It's not a heavy lifting role, but um we're happy to do that. Anyone else want to serve? I would like to nominate Sessor O'Connor as board secretary. I second that. All in favor. I oppose, same sound.
openpublica.com