Finance Committee Agenda and Packet 2023 06 15

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City Council Finance Committee Meeting Minutes May 18, 2023 Page 2 of 4 trends. Next Fed meeting is in June. The Director of Finance noted the City has a lot of short-term investments that will be affected by the trends. Chandler Asset Management noted the investment portfolio's objectives and presented updates on the City's portfolio. Questions from the Committee: Councilmember Dickinson asked for clarification on the inflation trends and there was a discussion about inflation. Councilmember Most noted that local home sales are slower and older families are moving out and younger families are coming in. Desirability is an important factor for people moving to Louisville. Councilmember Dickinson asked for clarification on the types of investments in the portfolio. Councilmember Hamlington asked about strategies to shift investments to plan for possible recession and corporate investment options. Councilmember Hamlington asked if the City's experience with the Marshall Fire and planning for possible future catastrophic events changes our reserves or short/long term investments? The Finance Director noted that these are separate items and this won't change the investment strategy as the City is very liquid in its investments. Questions from the public: None. Parks and Open Space Sales and Use Tax Extension: The Director of Parks, Recreation and Open Space presented an update on the Parks and Opens Space Sales Use Tax extension. The final task force meeting was held this week and polling responses were presented at the meeting. Polling indicated approximately 84% approval rating to continue and even an increase. A few community members were vocal about additional funding for open space maintenance and acquisition. A meeting will be scheduled this week to look at ballot language and a possible increase to be included or if increase should be a separate ballot initiative. Feedback was received about the current allocation of the tax. Questions from the Committee: Councilmember Dickinson noted that the ballot issue looks positive and the details of the ballot measure will need to be determined. The City Manager noted that the Finance Committee should continue to consider options for if the measure doesn't pass. Councilmember Dickinson agreed. Marshall Fire Update: The Director of Finance provided an update on the Marshall Fire recovery costs and preliminary estimated unrecoverable costs. The City is working with the State on the FEMA requests. The Director of Finance noted that the City is getting about $20M in assistance. Full impact and lessons learned will be provided to the committee at a future meeting when more information is available. 4/75