Finance Committee Agenda and Packet 2024 04 18

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City Council Finance Committee Meeting Minutes March 21, 2024 Page 2 of 4 2023 Year End Cash and Investments Report: The Director of Finance presented the 2023 Year End Cash and Investments Report. The report was included in the meeting packet. It was noted that the 2023 year to date rate of return was 4.61%. Committee Comments: Councilmember Kern commented on taking advantage of the rates while maintaining a low level of risk. Councilmember Hoefner commented that section 6.7 of the policy needs to be updated to match our practice. Staff will review and include this in the financial policy updates that are being considered in 2024. Public Comments: none 2023 Bag Tax Year End Report: The Financial Analyst presented the 2023 Year End Bag Tax Revenue and Compliance Reports. The report was included in the meeting packet. Committee Comments: There was a discussion on the difference between the data for business compliance and filing compliance. Councilmember Fahey asked if the Walgreens on McCaslin is in compliance. The Financial Analyst will research and provide this information to the committee and Councilmember Fahey. The City Manager commented that the city has previously been in contact with Walgreens and that they were in compliance after that contact was made. The Financial Analyst will confirm if they have continued to be in compliance with the program. Public Comments: none Bag Tax Programming Update The Sustainability Manager presented a Bag Tax Programming and Revenues update. The programming update presentation was included in the meeting packet. The Sustainability Specialist provided a presentation on the commercial bag tax programs. The Sustainability Manager presented potential new bag tax programs. Staff requested feedback from the committee on current and proposed programs and recommended continuing commercial and residential waste diversion programming funded through the bag tax. Staff also recommended continuing exploration of additional commercial sustainability programming, prioritizing programs that result in the most GHG reduction per dollar spent. Committee Comments: � '1