Item Description:
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Commendation of Richard F. Budolfson for 50 years of service to Hennepin County
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WHEREAS:
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Richard F. Budolfson served Hennepin County, the organization and its taxpayers, continuously for 50 years, beginning on October 14, 1975, with an 11-year tenure as an employee, and ending on October 31, 2025 upon completion of 39 years of voluntary service as a member of the Investment Policy Advisory Committee in the Office of Budget and Finance; and
WHEREAS, Mr. Budolfson brought to Hennepin County his education and experience, including:
• A Diploma from Minneapolis Roosevelt High School,
• Bachelor of Science degree, cum laude, from Macalester College, 1961
• Master of Business Administration degree, from the University of Chicago, 1963
• Credential as a Chartered Financial Analyst
• Experience as an economist with the Minneapolis Federal Reserve Bank from 1963-1966
• Experiences in private sector financial positions from 1966-1975; and
WHEREAS, Mr. Budolfson was hired by Hennepin County as its first Investment Manager, a position in which he:
• Instituted the county’s first advanced cash and investment practices, multiplying investment earnings during his tenure by a magnitude of ten to reduce property taxes
• Architected the county’s investment policies and strategies that were novel and forward-thinking for local governments and remain in use to this day
• Created and burnished Hennepin County’s reputation in financial markets as knowledgeable and savvy
• Contributed to raising the county’s credit rating to triple-A that endures to this day
• Assisted in drafting Minnesota local government investment laws; and
WHEREAS, Mr. Budolfson educated and counseled all his successors in the Office of Budget and Finance; including as an adjunct professor of finance at the University of St. Thomas to former county chief financial officer David Lawless; and
WHEREAS, Mr. Budolfson went on to manage much larger assets at TCF Bank and National Bank of Detroit, but remained in service to Hennepin County as a charter member of its investment advisory committee for 39 more years; and
WHEREAS, Mr. Budolfson, despite losing ocular vision, travelled faithfully at his own expense from out-of-state to attend every investment advisory committee meeting in-person - pre-pandemic - to offer valuable insights into financial markets and risk management.
Resolution:
BE IT RESOLVED, the Hennepin County Board of Commissioners thanks Richard F. Budolfson for 50 years of uninterrupted stewardship and generous contribution of his expertise in maintaining the financial well-being of Hennepin County.
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Background:
recommendation
Recommendation from County Administrator: Recommend Approval