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<br /> <br />REQUEST FOR COUNCIL ACTION <br />Date: 6/17/2024 <br />Item No.: 9.c. <br />Department Approval City Manager Approval <br /> <br /> <br />Item Description: Joint Meeting with the Finance Commission <br />1 <br />2 Background <br />3 Each year the City Council meets with various commissions to review activities and <br />4 accomplishments and to discuss the upcoming year’s work plan and issues that may be <br />5 considered. <br />6 <br />7 Since the last joint meeting on June 5, 2023, the Finance Commission has conducted the <br />8 following discussions or activities: <br />9 Reviewed Commission purpose, scope, duties, and functions <br />10 Reviewed excess cash reserve fund for 2022 and 2023 <br />11 Received and reviewed 2023 audit reports <br />12 Reviewed and made recommendations on the 2024-2043 Capital Improvement Plan <br />13 Toured the Maintenance Facility to get a better understanding of the capital needs <br />14 Reviewed and provided recommendations on the 2024 Budget, Tax Levy and Utility <br />15 Rates <br />16 Reviewed the classification and compensation study <br />17 Reviewed and obtained understanding of vehicle replacement schedules. <br />18 Reviewed and made recommendation on Electric vs Diesel Fire Engine purchase <br />19 Reviewed 2023 Investment Portfolio performance <br />20 Reviewed equity investment results throughout the year <br />21 The Finance Commission is looking for the City to implement equity investments into its <br />22 financial portfolio. Attachment 1 is an example of the potential return on equity investments <br />23 which was prepared by Commissioner Bester. The Commission wants to make sure that <br />24 the City Council will approve the resolution to enter into these investments when the <br />25 Finance Director brings it forward. <br />26 <br />27 The 2024 Finance Commission work plan is as follows: <br />Page 1 of 3 <br />Qbhf!86!pg!331 <br /> <br />