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| | 1. | | Pledge of Allegiance
Minutes note: The meeting was called to order at 1:30 p.m. The Pledge of Allegiance was said. | | | |
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| | 3. | | Minutes
Minutes note: After the Pledge of Allegiance and Roll Call, the Chair asked for a motion to adopt the October 17, 2024 Meeting Minutes. Hearing no other corrections or objections, the minutes were adopted by consensus.
Chair Hardrick reported there are no public hearings for today’s meeting and we will begin with Regular Business.
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| | 4. | | Resolution authorizing an extension to the current contract for Investment Management
Services.
Minutes note: Contracts Administrator Scott Stange provided the background with the current contract with Associated Bank. The company has been managing our investments since 2016 when we were unable to negotiate terms with the seleced proposer from a Request for Proposals. The company is willing to maintain the 10bps fee structure.
Commissioner Galvan asked how many times we are able to extend the current contract to which Mr. Stange stated this will be the last extension and the Authority will issue an RFP when this extension is up in 2028. David Schroeder of Finance & Administration offered that we are pleased with Associated Bank’s results and their responsiveness.
Commissioner Galvan moved for adoption of the resolution and it carried by a vote of 6 ayes - 0 nays. Adopted resolution is No. 11018.
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| 0 | 5. | Resolution | Resolution authorizing an extension to the current contract for Investment Management Services. | | | |
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| | 6. | | Resolution authorizing the Redevelopment Authority of the City of Milwaukee (RACM)
to expend the funds and execute documents necessary to contract for a new Enterprise
Resource Planning software.
Minutes note: Mr. Stange gave the Board some history on the Authority’s financial services software. The current contract with 4Gov has been challenging due to the software having been acquired by third parties resulting in poor performance and little technical assistance. The contract is set to expire July 31, 2025. The Authority team has been working on a replacement for over two years including trying to utilize the City’s system. In the end, the team is proposing to use Microsoft Dynamics 365 at a licensure cost of $40K per year. This is compared to $220K per year to continue with 4Gov. The implementation by OnAccurate, at a cost of $335K, is significantly less than other proposals received. The implementation will be completed by the end of June giving us one month to work out any issues.
Commissioner Smith asked whether this system will be compatible with our auditors to which Mr. Schroeder stated they had a meeting with Baker Tilly earlier today to confirm. Commissioner Jones asked about contracting levels requiring Board approval. Mr. Stange stated that any contract or amendment over $25K requires Board approval.
Commissioner Charlier asked how long the license fee will be good for. The annual fee is based on the City’s Enterprise Agreement which comes due every three years and is based on the number of users. Commissioner Charlier then asked about the implementation fee and whether it includes some ongoing support. Mr. Stange shared the firm, OnAccurate, will provide 4 weeks of support once the system is in place.
Commissioner Smith moved for adoption of the resolution and it carried by a vote of 6 ayes - 0 nays. Adopted resolution is No. 11019.
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| 0 | 7. | Resolution | Resolution authorizing the Redevelopment Authority of the City of Milwaukee (RACM) to expend the funds and execute documents necessary to contract for a new Enterprise Resource Planning software. | | | |
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| | 9. | | Adjournment
Minutes note: The meeting was adjourned at 1:56 p.m. | | | |
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