Title
BUSINESS SERVICES AND INVESTMENT
Mr. A. Nuttall, Relationship Manager - Commercial Services of Meridian Credit Union thanked the Committee for the opportunity to provide a presentation on the service and investment opportunities provided by Credit Unions. He introduced J. Teal, Senior Director & Regional Manager - Commercial Services of Meridian Credit Union.
Mr. J. Teal provided background information on Credit Unions and their operational differences compared to traditional banking institutions.
Mr. A. Nuttall commented that the current City of Barrie's by-laws do not permit the inclusion of Credit Unions as a vendor for reserve management, financial planning, or day-to-day operations for a period in excess of 365 days. He noted the conditions of the City's current investment by-law for terms in excess of one (1) year and requested that the by-law be amended to include Credit Unions as an option for investment banking.
Members of the Finance and Corporate Services Committee asked a number of questions regarding the presentation and received responses from the presenters and City staff. The Committee was advised that a staff report on the changes to the City's investment policies and practices is anticipated to be presented to General Committee in September, 2015. The Committee requested that staff commit to providing the report in September.