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REQUEST FOR COUNCIL ACTION <br /> Date:February 14, 2022 <br /> Item No.: 7.b <br />Department Approval City Manager Approval <br /> <br />Item Description: Joint Meeting with the Finance Commission <br /> <br />Page 1 of 2 <br />BACKGROUND 1 <br />The City established a joint meeting between the City Council and Finance Commission to review the 2 <br />Commission’s activities during the past nine months, to receive any Commission guidance or 3 <br />recommendations, and to identify potential topics for future discussion. 4 <br /> 5 <br />Since the last joint meeting on April 25, 2021, the Finance Commission has conducted the following 6 <br />discussions or activities: 7 <br /> 8 <br />• Reviewed 2020 Audit reports 9 <br />• Reviewed EDA Loan Programs, Community Development Building Fees, Park Dedication 10 <br />Fees, and Antennae Leases 11 <br />• Reviewed RFP results for Recycling 12 <br />• Reviewed and made recommendations on the 2022-2041 Capital Improvement Plan 13 <br />• Reviewed and recommended cash reserve level policy changes 14 <br />• Toured Maintenance Facility as a part of the Campus Master Plan 15 <br />• Reviewed and made recommendations on the 2022 Budget, Tax Levy and Utility Rates 16 <br />• Discussed Finance Commission Scope Duties and Functions – based on citizen communication 17 <br />regarding when the Finance Commission is involved in financial decisions 18 <br /> 19 <br />During the last few months, the Finance Commission identified a few topics that they desired to share 20 <br />and discuss at the joint meeting. 21 <br />• Discussion regarding whether the Council would reconsider adding equities investment option 22 <br />to the Investment Policy 23 <br />• A review of the items on the 2022 Finance Commission Work Plan which includes: 24 <br />1) 2021 Audit & Annual Report 25 <br />2) 2023-2042 Capital Improvement Plan 26 <br />3) Discussion with Police Chief – any unmet needs in that area 27 <br />4) Review and recommendations regarding the 2023 Budget, Tax Levy, and Utility Rates 28 <br />5) Continued discussion on the Scope Duties and Functions of the Finance Commission 29 <br />• A general discussion on the Finance Commission Scope Duties and Functions, if there are areas 30 <br />the Commission should focus on for the Council. 31