Mercy Ndungu of Prudent Man Advisors LLC spoke with the Wyoming City Council at its May 21 meeting about setting up an investment advisory agreement with the city. The city’s investment portfolio was recently transferred to PMA after Morgan Stanley decided to no longer service governments’ portfolios at the beginning of this year.
Ndungu said PMA has over 35 years of experience and only works with government entities.
“We focus only on public clients. We do not work with private money,” she said.
Goals for the fund, according to Ndungu, include, in order, safety, liquidity and yield.
“You want to generate some interest income,” she said, adding that PMA tries to look at the unique aspects of all cities when trying to help craft the best portfolio.
“You’re the experts. The council is not,” Mayor Lisa Iverson said. “We look to you as the experts and then to the city administrator who is next in line.”
“I would like to work on some even longer-range planning, higher yields on longer range portfolios,” City Administrator Robb Linwood said. He added that the city could invest $5.5 million to $6 million from several sources.
“We have [dollars] that are not working as hard as they could right now, sitting in funds,” he said.
Councilwoman Linda Nanko-Yeager wanted to make sure that the council would still get portfolio updates. It was agreed that updates would continue. The council voted to move forward with the agreement.
Public works hires
The council also voted to hire someone for a seasonal public works maintenance position. Originally, the city intended to hire two candidates, but when the position was first advertised and two candidates were selected, they decided they did not want to work together every day and declined the position. The job was reposted with only one candidate, David Fisher, being selected. The city may still hire a second seasonal public works maintenance position. Candidates have to be 18 years or older. The position is full time but cannot exceed 67 days of employment. The pay is $13 per hour.
Yeager opposed the hire.
The city is in the process of hiring a new public works superintendent and expects to have an employment agreement for the council to approve at the next council meeting.
In other business, Monica Wick represented Girl Scout troop #57321 during the meeting. This troop adopted Ashton Park last year and installed beautifying plants. Wick said there were some issues with access to water and some of the plants died. This year, the girls have consulted with a nursery in Stacy.
“[We] want to add more drought tolerant perennials and more mulch,” she said.
They planned to work on the park last week and plant on May 30.
“That is awesome; thank you so much,” Iverson said. She asked the group to take pictures for the city to share on its social media pages.