OPENPUBLICA · PUBLIC MEETING RECORD
Record of Proceedings

Board of Finance Meeting - January 28, 2026

Other Meetings (J-Z) — Wednesday, January 28, 2026
BodyIndianapolis, Indiana
SessionOther Meetings (J-Z)
DateWednesday, January 28, 2026
StatusFILED
Video Record
0:00 / 1:07:04

Transcript — Verbatim
0:02

Having a quorum, we will all go ahead and begin the meeting.

0:06

This is the 2025 Board of Finance meeting for the consolidated city of Indianapolis in Marion County.

0:14

Today is Wednesday, January 28th, and we are in room 260 of the city county building.

0:22

I will call this meeting to order and let's begin.

0:26

I am Barbara Lawrence.

0:28

I am the Marion County Treasurer, and this is my favorite meeting of the year.

0:34

Joe.

0:36

My name is Joseph O'Connor.

0:38

I'm the county assessor.

0:41

Controller Abby Hansen.

0:44

Question Young, CFO for IPS, representing IPS.

0:50

Joe Glass, director of the Indianapolis Bond Bank.

0:55

Okay, let's begin with every year.

0:58

We have to elect the board president and secretary of the board.

1:03

I am perfectly willing to serve again unless someone wants to take over the duties and responsibilities of getting this meeting together.

1:13

I nominate Barbara Lawrence to be the board president.

1:19

I second.

1:21

Okay.

1:21

Moved and seconded all in favor, say aye.

1:24

Aye.

1:24

Aye.

1:25

Opposed.

1:26

I'm not sure how I want to vote on this one.

1:30

Okay, next up is the position of board secretary.

1:35

I would like to nominate Joe O'Connor.

1:40

Second.

1:44

Moved and seconded all in favor, say aye.

1:46

Aye.

1:47

Aye.

1:47

Opposed, same sound.

1:49

Here's your chance.

1:51

Okay.

1:53

Let's begin.

1:54

Let's move on with approval of the minutes from the January 31st, 2025 meeting.

2:01

I love these minutes because they are so thorough and they have been vetted and reread.

2:09

Rodney read them, I read them.

2:12

Allison Sandoval in our office does a great job of putting these together.

2:18

So if you have any comments, corrections, additions, or other editorial comments, please let me know.

2:29

I think I had one comment on the IPS update.

2:34

The last line where it says last year I addressed pending Indiana General Assembly legislation that will pass IPS for the next fiscal year.

2:44

That is something that did have great impact.

2:48

So there probably could be many, many, many, many pages written on what the impact of that is.

2:53

But to capture that in one line, probably need that same line again this year in the minutes at some point.

2:58

Okay.

2:58

Well, we can we can do that.

3:01

Okay, so was there any correction to it or just okay?

3:06

So uh you've had the chance to read the minutes.

3:10

Do I have a motion to approve the minutes?

3:13

I moved to approve.

3:14

Second.

3:15

Moved and seconded.

3:16

All in favor say aye.

3:18

Opposed, same sound.

3:20

Minutes are hereby approved.

3:22

Moving right on to the meet of the matter, the presentation of investment reports and review of investment policy.

3:31

Let's start with the city of Indianapolis.

3:35

And if everyone who presents could introduce themselves at the top of their presentation.

3:52

Good morning.

3:53

Good morning.

3:54

Good morning.

Discussion Breakdown — Share of Meeting
Fiscal Sustainability█████████████████████████████████████████████66%
Procedural██████9%
Data Analysis██████9%
Library Services███5%
Public Education███4%
Airport Operations██3%
Public Works█2%
Public Records Management█2%
Summary of Proceedings

Board of Finance Meeting - January 28, 2026

The Marion County Board of Finance held its annual meeting on January 28, 2026, in Room 260 of the City-County Building. The meeting was chaired by Barbara Lawrence, Marion County Treasurer. The board elected officers, approved prior meeting minutes, and received annual investment reports from seven city and county entities. The meeting concluded with adjournment.

Consent Calendar

  • Unanimous election of Barbara Lawrence as Board President (motion by Joseph O'Connor, seconded).
  • Unanimous election of Joseph O'Connor as Board Secretary (motion by Abby Hansen, seconded).
  • Unanimous approval of the minutes from the January 31, 2025 meeting, with a minor editorial note acknowledged regarding an IPS legislative impact line. Approved by voice vote (all aye).

Discussion Items

Presentation of Annual Investment Reports (2025)

  • City of Indianapolis (presented by Janae Rotan, Deputy Controller, and Sierra Leith, Administrator of Accounting):

    • Total investment earnings: $36,906,891 with a combined yield of 4.26% (down from 45.5 million and 5.1% in 2024) due to Federal Reserve rate declines.
    • Average monthly balances by account: Chase pool $21.2 million, Trust Indiana $452.8 million, securities $337.6 million, Huntington $54.8 million.
    • Portfolio at year-end: $319 million (down from $354 million in 2024).
    • Budgeted interest: $10.8 million; actual interest in budgeted funds: $15.6 million.
    • Investment policy renewal planned for December 2026 with no material changes.
    • Discussion: Board member asked about the “bank rate safe and sound rating” (3.5 for Chase, 4.2 for Huntington). Presenter did not recall the specific metric.

  • Capital Improvement Board (CIB) (presented by Tim Kier, CFO):

    • Annual investment earnings: $9.97 million (budget $10.25 million, 2.7% under budget).
    • Average monthly balances: ~$278 million, with a large outflow in November ($71 million for hotel construction) and inflow in December ($30 million from concert ticket sales).
    • Overall average interest rate: 3.58% (down from prior year due to Fed rate cuts).
    • Investment policy renewed in February 2025, next renewal in 2027.
    • Outlook: Investigating longer-term investments in a decreasing rate environment.

  • Health and Hospital Corporation (HHC) (presented by James Simpson, Interim CFO):

    • 2025 interest earnings: $56 million (down $7.5 million from 2024). Budgeted $40 million.
    • Average monthly balance: $1.4 billion (slightly above 2024). 190 days cash on hand.
    • Average rate of return: 4% (down from 4.8% in 2024).
    • Headwinds: Loss of $30-38 million in Health First Indiana funding; budget deficits in general fund and Eskenazi fund (~$25 million each); state and federal policy changes (340B, directed payment).
    • HHC board approved phase three of a five-year strategic plan for financial improvement.
    • Transfers of $33.5 million to cumulative building fund for EMS and Hasbrook Building renovations (without raising taxes).
    • Active management: considering longer-term investments (3-5 years) and renewing junior bonds for a five-year term.
    • Question: Renovation scope for 3838 North Rural building described as a complete renovation over 18-24 months.

  • Indianapolis Airport Authority (presented by Joshua Hurd, Financial Analyst):

    • Interest earnings: $21.7 million (average rate 3.93%), exceeding budget by $9 million.
    • Majority of funds at Bank of New York and Fifth Third Bank; debt service reserves backed by forward delivery agreements yielding 5%.
    • Exceeded budget primarily due to unplanned interest from 2025A bond proceeds.
    • Active rolling investment strategy aligned with liquidity targets by quarter and fund.
    • Investment policy updated in January 2026 to include portfolio diversification.
    • Held investments with maturities >2 years at year-end (listed on page 16 of report).

  • Indianapolis Public Schools (IPS) (presented by a representative):

    • Combined monthly average balances: $178 million (bank $25 million, investments $153 million).
    • Total interest: $7.6 million with an average annualized yield of 4.2% (highest among presenting entities, noted by board).
    • Banking relationships: JP Morgan Chase, Merchant Bankier, Trust Indiana, BMO, Flagstar, Stock Yards Bank.
    • Annualized yield for bank accounts: 3.43%; for investment accounts: 4.41%.
    • Referred to Distressed Unit Appeal Board (DUAB) report required by state statute, posted on IPS website, covering enrollment, fund balances, surplus/deficit, referendum revenue, and other financial indicators.

  • Indianapolis-Marion County Building Authority (presented by Steve Vice, Director of Finance):

    • Average investment balance down nearly 20% from 2024 due to completion of several large projects (CCB parking garage, corner building, APC jail demolition).
    • Interest income: $735,000 (down 47% from $1.4 million in 2024) due to lower balances and lower interest rates.
    • Combined average interest rate: 2.75% (down from 3.698%).
    • Investment policy approved in December 2025 with no changes; next review in four years.
    • Discussion: Board member asked about allocation between checking (Chase) and Trust Indiana; presenters acknowledged Trust Indiana yields ~1.5% higher but prioritized liquidity for varying payment needs.

  • Marion County Public Library (presented by Lolita Campbell, CFO):

    • Total interest earned: $2.8 million with an average yield of 3.54%.
    • Banking relationships: JP Morgan Chase (62% of funds), Hoosier Fund (13%), Trust Indiana (11%), Fifth Third (8%), US Bank (7%).
    • Average monthly bank balances: Chase $48.8 million; other investments $31 million.
    • Interest yield for Chase: 3.39%; for other accounts: 3.78%.
    • Investment policy last approved November 2024, next review in 2028 (not provided in packet; board requested copy).
    • Discussion: Board member questioned moving funds from Chase to higher-yield accounts; the CFO noted Chase holds operating funds and liquidity is paramount but will consider in future policy review.
    • Board member commended library partnership with IPS on shared library system and highlighted early literacy initiatives.

  • Marion County Treasurer's Office (presented by Rodney Schein, Chief Deputy):

    • Total interest income: ~$20 million (19.9 million) for 2025, similar to 2024 despite rate cuts, due to increased levies and income tax receipts.
    • Average liquid investment yield: 4.23%; non-liquid (1-3 year maturities): 4.61%.
    • Holdings at year-end: $61 million with average maturity of 665 days; expanded maturities to three years mid-year to capture mid-4% yields before rate cuts.
    • Cash flow characterized by low balances early in year and spikes in May/June and December from property tax collections.
    • Investment policy renewed December 2024, no changes anticipated.
    • Presentation of IndyGo report noted: IndyGo does not present to this board (their Board of Finance serves that role) but reports were included in packets; board member confirmed presentation to their board occurred in December 2025.

Key Outcomes

  • Board elected Barbara Lawrence as President and Joseph O'Connor as Secretary for the upcoming year.
  • Meeting minutes from February 2025 were approved unanimously.
  • All annual investment reports were received and discussed; no formal votes were taken on the reports.
  • Board acknowledged receipt of IndyGo's report via packet.
  • Board member noted IPS achieved the highest average rate of return (4.2%) among all entities.
  • Meeting adjourned by unanimous motion.

Meeting Transcript

Having a quorum, we will all go ahead and begin the meeting. This is the 2025 Board of Finance meeting for the consolidated city of Indianapolis in Marion County. Today is Wednesday, January 28th, and we are in room 260 of the city county building. I will call this meeting to order and let's begin. I am Barbara Lawrence. I am the Marion County Treasurer, and this is my favorite meeting of the year. Joe. My name is Joseph O'Connor. I'm the county assessor. Controller Abby Hansen. Question Young, CFO for IPS, representing IPS. Joe Glass, director of the Indianapolis Bond Bank. Okay, let's begin with every year. We have to elect the board president and secretary of the board. I am perfectly willing to serve again unless someone wants to take over the duties and responsibilities of getting this meeting together. I nominate Barbara Lawrence to be the board president. I second. Okay. Moved and seconded all in favor, say aye. Aye. Aye. Opposed. I'm not sure how I want to vote on this one. Okay, next up is the position of board secretary. I would like to nominate Joe O'Connor. Second. Moved and seconded all in favor, say aye. Aye. Aye. Opposed, same sound. Here's your chance. Okay. Let's begin. Let's move on with approval of the minutes from the January 31st, 2025 meeting. I love these minutes because they are so thorough and they have been vetted and reread. Rodney read them, I read them. Allison Sandoval in our office does a great job of putting these together. So if you have any comments, corrections, additions, or other editorial comments, please let me know. I think I had one comment on the IPS update. The last line where it says last year I addressed pending Indiana General Assembly legislation that will pass IPS for the next fiscal year. That is something that did have great impact. So there probably could be many, many, many, many pages written on what the impact of that is. But to capture that in one line, probably need that same line again this year in the minutes at some point. Okay. Well, we can we can do that. Okay, so was there any correction to it or just okay? So uh you've had the chance to read the minutes. Do I have a motion to approve the minutes? I moved to approve. Second.

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