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Finance Commission Minutes October 11, 2016 – Draft Minutes Page 6 of 8 documents prepared. Other cities are preparing some of these documents because this was 223 something that their City Councils had requested. If there are tax payer dollars and resources 224 used, he would like to ensure that it is something that the City Council wants. 225 226 Chair Schroeder stated this would be helpful to the Council because it would be in writing and 227 they would have time to review it and also it would provide greater transparency for the City. 228 The information would be helpful for the Finance Commission as well when looking at the CIP. 229 230 Commissioner Hodder stated annually may be too much. 231 232 Commissioner Bachhuber stated if the City Council would not find this useful then it would not 233 make sense to have this done. 234 235 Chair Schroeder suggested setting up a format of what this could look like and ask for input from 236 the Council. If they are not interested, then it would be something the Commission would not 237 work on. 238 239 Commissioner Zeller stated the justifications are being done and reviewed at the time the 240 Department is proposing to move forward with a project or asset replacement. He clarified Chair 241 Schroeder is suggesting these justifications be done a year earlier than what they are being done. 242 243 Chair Schroeder stated she would put together samples and send an email to the City Council and 244 request guidance prior to moving forward. 245 246 247 Review Investment Policy & Consider Performance Benchmarking 248 249 Commissioner Zeller stated the Commission had reviewed this Policy last year. 250 251 Finance Director Miller stated this Policy had been reviewed in 2014 and 2015. 252 253 Commissioner Bachhuber asked what the size was for the City’s investment portfolio. 254 255 Finance Director Miller stated in fluctuations between $35-$40 million. This discussion was 256 brought up because the Commission had asked the City Council if they should review the 257 investment portfolio and the performance of the portfolio and determine if this was meeting 258 performance benchmarks. 259 260 Commissioner Bachhuber asked if the City would get a better return on their portfolio if they 261 paid an outside source to manage it form them. 262 263 Finance Director Miller stated there are some cities that use professional investment companies 264 but these cities typically have larger portfolios. From his experience this is something that is the 265 Finance Director’s responsibility. He is not sure that the City’s portfolio would be large enough 266 to capture enough return to cover the additional cost. 267 Item 3: Attachment A