HomeMy WebLinkAbout2014-05-05 Finance Committee Minutes
FINANCE COMMITTEE MINUTES
May 5, 2014 at 6:03pm
Council Members: Blanchette, Plourde, Durgin, Nealley, Sprague, Baldacci, Graham,
Civiello
Staff Members: Cyr, Conlow, Goding, Seymour, Farrar
Others: Cutara
1. Consent Agenda
a. Report of Bids Awarded by Staff – April 2014
Councilor Durgin moved, Councilor Graham seconded, approved.
2. Bids/Purchasing
a. Third Party Administrator – Workers Compensation – Maine Municipal
Association
Finance Director Deb Cyr explained that the City has been self insured and self
administered for Workers Compensation since the late 80’s. The environment has
changed drastically over the years. The staff member who performs the administrative
duties will be retiring and staff recommendation was to outsource the administration
piece to a third party administrator.
The City put out a request for proposals and received 5 responses back. The Selection
Committee reviewed all the submissions and recommended bringing back 3 of those
firms to speak with them further. It is the unanimous recommendation of the
committee that the contract be awarded to Maine Municipal Association.
Councilor Durgin moved, Councilor Baldacci seconded, so approved with one opposed
from Councilor Nealley.
3. Presentation by City’s Financial Advisor
Joe Cutara, City’s Financial Advisor of Moores & Cabot, passed out hand outs that he
reviewed. He explained a more transparent rating process due to the triple A, double
A, etc. crisis that caused the banking and housing crisis. Rankings were changed in
different areas and these can be found in detail in the hand outs. Mr. Cutara also
explained the City’s scores and the change in criteria which can be found in the
information. Councilors discussed the information received.
Adjourned at 7:02pm.