Fiscal Committee Meeting - February 10, 2026
Fiscal Committee Meeting - February 10, 2026
The Fiscal Committee of the City of Grand Rapids met on February 10, 2026, at 8:15 AM to consider six items, including routine approvals, a grant reimbursement, and financial reports. The meeting adjourned at 8:28 AM.
Consent Calendar
- Resolution to authorize participation agreements with the Michigan Cooperative Liquid Assets Security Systems (CLASS): Approved. The city will invest liquid cash in this state-approved local government investment pool, earning 3.8% (vs. 3.5% from the existing US Bank account), with same-day liquidity.
- Resolution approving deficit elimination plan for the Michigan Indigent Defense Commission Fund: Approved. The fund had overspending due to mandated needs; the plan rolls the deficit into next year's grant per state requirements.
- Bid list resolution for February 10, 2026: Approved. Items include routine purchases such as an aerial bucket truck and HVAC heat pump replacements.
Discussion Items
- Grand Rapids Community Media Center PEG Grant Reimbursement: The committee approved a reimbursement of $207,623.98 to the Community Media Center (GRTV and LiveWire) as part of Public, Education, and Government (PEG) grants from franchise fees. Ted Diedrich from the Media Center presented an overview of their activities: in 2025, they aired 1,400 new community programs from 165 producers (over 950 hours), taught 64 certification classes to 202 individuals, held a media maker summer camp for 38 high school students (with paid participation), saw a 50% increase in edit suite reservations, documented 127 government meetings, and managed 43 nonprofit websites. They also relaunched the Rapidian website and provide reduced-cost video production for nonprofits and government. Committee members expressed appreciation for the Media Center's role in local journalism and civic engagement.
- Comptroller's Warrant Report (January 13–26, 2026): Cash payments of approximately $27.4 million, including $6.8 million for payroll and $339,000 in income tax refunds (260 refunds, 1,171 checks/electronic payments). Report received and filed.
- Treasurer's Report (January 14–27, 2026): The city's portfolio stands at $722 million earning 3.3%. Economic conditions are stable but sensitive to policy changes. Kevin Warsh has been nominated as new Fed chair, expected to take over in May. No rate changes expected soon. Report received and filed.
Key Outcomes
- All three resolutions (Items 1–3) and the PEG grant reimbursement (Item 4) were approved by voice vote with no opposition.
- The Comptroller's warrant report and Treasurer's report were received and filed without objection.
- No further business; meeting adjourned at 8:28 AM.
Meeting Transcript
All right, good morning, everybody. It is 8 15. We'll go ahead and get our fiscal committee meeting here underway. Um pretty short agenda, so hopefully we can move through these items at a reasonable pace here. So item number one, we've got a resolution to authorize participation agreements uh with the Michigan Cooperative Liquid Assets Security Systems, also known as CLASS. So moved. And I'll support. Um turn it over to Mr. Globetsky. Good morning, Commissioners. Um, I think the 70-some page document attached tells it all. No, just kidding. It's rather in depth. Um, this is a great up. This is a great opportunity for us. Umstanding uh approved uh local government investment pool from the state of Michigan, and we're now going to utilize that opportunity to place some of our liquid cash. Uh the nice thing about that is our current uh US bank account is about a 3.5% rate of return. This one's 3.8, and it's also ready money for us. So as long as we send the information or file online by three o'clock any given day, we can have money drawn back into our accounts as we need it. So it provides us with not only the safety and security of following public act 20 and our investment guidelines, but also gives us the opportunity to have a real easy dis way to go get that money. Great, thank you. Uh Commissioner, any questions? Nothing. I've got nothing either. So I'll call the question. All those in favor say aye. Aye. I'm an aye, so the motion will carry. That brings us to item number two, uh, which is a resolution approving uh deficit elimination plan for the Michigan Indigenous Defense Commission Fund. So moved. And I'll support. Good morning, welcome. Good morning. Um, I am Tricia Chapman with the Fiscal Services Department for those that that don't know me. Um this is a resolution approving uh deficit elimination plan um for the Michigan indigent defense commission fund. Um this fund is a little bit unique in that when there is a need, we are mandated to uh to to fill that need, whether or not we're at you know what point we're at with the grant. Um the uh state of Michigan has us take what any overspending that happens because of that excess need enroll it into the next year's grant, which is which is what we did and what is part of the plan. Um so this needs to be approved by Commission and filed with the state of Michigan. Awesome, thanks. Questions, comments? All right, all those in favor say aye. Aye. I'm an aye. The motion will carry. Thank you. Uh bringing us to it number three, we've got our bid list resolution uh for this week, February 10th, 2026. Oh, so moved. And support, I'll turn to uh RCFO. Uh good morning, Commissioners. We just have some routine items, including an aerial bucket, truck, um, HVAC, heat pump replacement, things of that nature.
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