Finance Committee Agenda and Packet 2023 11 16

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City Council Finance Committee Meeting Minutes October 19, 2023 Page 2 of 2 shares this information with the Economic Vitality team, and it helps guide the BAP program. The Finance Director noted that the data presented to the Finance Committee is aggregated data for confidentiality reasons whereas Economic Vitality gets more detailed information. Questions from the public: None. Q3 Cash and Investment Report: The Director of Finance presented the September Cash and Investment Report as the Quarterly Report was not available in time to add to the packet for this meeting. The monthly report was presented and discussed. Questions from the Committee: Chair Dickinson asked how much of the investments are long-term. Currently 4.7% is invested in long- term investments and the Finance Director noted that right now short-term investments have greater yield than longer term investments. Councilmember Hamlington asked if social responsibility has ever been included in the investment selection criteria. Chair Dickinson noted that the council hasn't directed investment portfolio but it's possible Council could provide guidance. The Finance Director noted that there are very few corporate debt issuers that meet our rigorous safe criteria, so we don't have a lot of choices with corporate bonds. This topic will be brought to a future meeting when our investment firm is present to answer questions. Questions from the public: None Finance Director Updates: The Finance Director mentioned that an audit plan will be brought to the committee early next year. The council approved the CLA utility billing contract for 2024. There are a couple of vacancies in the Finance Department and filling those vacancies is currently in progress. Questions from the Committee: None. Items for the Next Regular Meeting, scheduled for November 16, 2023, 9:00-11:00 AM: • Quarterly Financial Reports • Quarterly CIP Report • Q3 Sales and Bag Tax Reports • Preliminary 2024 Work Program • Review of Non -Profit Grants — Second Year of Award Cycle, if needed • Marshall Fire Updates, if needed • Open Space & Parks Sales and Use Tax Extension Update, if needed Items were approved for the next regular meeting. Adjourn: The meeting adjourned at 9:39 a.m. CI