Good morning.

The time is now 8 30, and we can go ahead and call our fiscal committee meeting to order.

Sorry, this was gonna say CD.

Um, so first is a resolution recognizing Grand Rapids African American Museum and Archives, also known as grandma, as a local civic organization.

So moved.

Support.

Moved and supported.

I am not seeing any uh representatives from grandma, but Mr.

Strom, is there anything you want to say on this one?

Uh we had been contacted by the organization.

Uh they have an event coming up that uh we needed to kind of roll up our sleeves and get this work uh approved so they could get a license in time.

Uh they obviously, as you all probably know, are uh organization in good standing and compliant with all the state laws.

So we're happy to move this forward for for them for their event.

Great.

Yep, I think their event is next week.

So um a great organization has a new home in our city.

So all those in favor, aye.

Any opposed?

Item carries.

Thank you.

Um item number two is a resolution authorizing execution of a memorandum of understanding with Kent County for uh fiscal year uh 2025 burn memorial justice grant, also known as JAG for funds totaling 196,530.

So moved.

Support moved and supported.

Mr.

Tucker.

Yes, this is an MOU that uh concerns parties between the City of Grand Rapids and Kent County.

We uh have to present a joint application for these funds, uh, these justice assistance uh grant funds from the Department of Justice.

We do this with the county every year.

We've done it historically.

Um our funds will be uh appropriated through our neighborhood investment plan um and serve to support activities through that plan.

Uh Kent County will uh commit funds to their emergency operations center and within the sheriff's office.

The funds total 196,530 dollars.

There is a public comment period between April 9 and April 24 that we are receiving public comment.

Thank you, Mr.

Tucker.

Um, colleagues questions.

Okay, a standard item.

All those in favor, aye.

Any opposed?

Item carries.

Thanks so much.

Um, next is a resolution authorizing the publication of a supplemental notice of intent to issue additional bonds pursuant to Act 34 of the public acts of Michigan 2001 as amended to finance the cost of additional capital improvements and declaring the city's intent to reimburse itself for costs of such improvements from proceeds of these bonds.

So moved.

Support moved and supported, Miss Claren.

Uh yes, this is our first step towards our next bond issuance.

So this one is specifically for the fire training center campus.

Uh we have secured um state funding through grants, roughly 15 million um is going to be contributed towards this.

The remainder about 31 is our gap that we need to bond for.

So we set the notice of intent a little north of that just because we are so far out from when they actually get in the ground, and oh my gosh, what's that?

So we leave like a couple million just in case we have any incidentals that come up, but we do um estimate you know, we we think that 35 million not to exceed is a fair amount uh issue for this.

Great.

Uh this will start the 45-day referendum period at that time.

Um after which I'll come back and do the bond authorizing resolution when we want to proceed to price.

Okay.

Thank you so much.

Colleagues, questions for Miss Claren?

May I?

Yes.

Um, a couple of things, just so people understand the referendum is that mean a public comment period.

Yes.

Okay.

So people can comment on this.

I know there's been some discussion in the community um at certain levels about how we are uh continuing to bond.

Obviously, this is one for the public good because we're doing our fire training center.

Um can you just give me like a high level are there more bonding that we're anticipating doing?

Sure.

If you look, and actually um when I return next meeting, uh, when we introduce the budget, you'll see our forecast of bond issuances that are gonna be out there, usually every few years.

We have one related to street lighting, water and sewer.

Um, and one reason we use bonding as a tool is it's an it recognizes that these assets are intergenerational.

We want to pay for them with you know over time opposed to using you don't always want to pay, you know, right now cash.

Um these these assets are going to be around for you know they have a useful life of well fire training center for buildings is usually about 50 years, so um it's going to be paid with um you know proceeds from tax revenue over 50 years.

So people that get to benefit from that asset are paying for it over time, you know.

You pay for it for a little bit, then your children get to pay for it for a little bit because it also serves them.

So that's that's one of the um you know arguments why bonding, especially for an asset like this is a good idea.

Um it's a shared asset across generations.

Um and then uh yeah, yeah, I'll make you know.

I do actually have already built the slide of here's our upcoming bond issuances, so I'll be able to besides street lighting and water are always the recurring ones.

Um, you know, there's always a couple more out there.

I think we might have something related to parks as well.

Thank you.

That's always very helpful.

Great.

Yep, and during our budget process, I mean, we that was just last year, but it the time goes by fast, there'll be a full review, then any that you know that certainly anything new would come before us for consideration.

So all right.

Um, all those in favor?

Aye.

Any opposed item carries.

Um, next item number four is the bid res bid list resolution for April 14th, 2026.

Do you have a motion?

So moved.

Support.

Moved and supported.

Okay.

Uh we just have excuse me.

Uh we just have eight items this morning.

Um, all fairly routine.

If there are any questions myself, what the departments are here to answer.

Thank you, Ms.

Claren.

Colleagues, any questions for Ms.

Claren or others?

Okay.

Not hearing or seen anything.

All those in favor?

Aye.

Any opposed?

Item carries.

Um, item number five is our Comptroller's warrant report for the period of March 17, 2026 through March 30th, 2026, and the amount of 30 million four hundred and eighteen thousand one hundred and seventy-nine dollars twenty cents.

Um, Mr.

Comptroller.

Good morning.

Good morning.

For the period reference, there cash payments were released totaling approximately 30.4 million dollars, which includes uh 5.9 million dollars for employee payroll expense.

Um, and then on the income tax warrants, there is a negative figure there.

Um, I don't have a high degree of confidence that that is been reported correctly.

So uh we have some people looking into that, and if a correction needs to be issued, uh it will be uh in terms of uh quantity of payments, five thousand six hundred and fifty-six uh income tax refunds were issued and one thousand three hundred and thirty-nine uh accounts payable checks and electronic payments.

Um, as noted in the memo, uh these funds were issued for payment by individuals not uh in the city compontler's office and not in accordance with the terms of the Grand Rapids City Charter.

We also do have a second report uh in here this morning, which is our quarterly small claims report uh for the months of January, February, and March.

And that report is showing that uh the city has paid out a total of uh just over 40,000 across uh 33 claims, and the details um and incidents leading to those claims are also uh included in the report.

And that concludes uh both the reports that I have for you this morning.

All right, thank you.

Um questions, colleagues.

That is received and filed.

Um item number six is the treasurer's report for the period of March 18, 2026 through March 31st, 2026.

Mr.

Treasurer.

Good morning, commissioners.

If I keep this short and sweet, you're faster than O'Connor.

Ha ha.

Um really there's not there's not a lot going on right now.

Uh economic conditions remain stable.

We did have an uptick in inflation.

We're looking at the Fed right now, is not predicted to do any rate changes now for quite a while.

We might not see any for the rest of 2026.

Um, but again, we still haven't felt the whole uh inflationary issues of higher energy prices or other things that are going on globally that really impact our community.

So we're keeping an eye on that.

One thing that we are noticing now is uh the interest rate yield curve is starting to normalize.

And so if we continue to see that normalization occur, then we're gonna look to change the way we invest.

So instead of having short and long term, we're gonna place investments out over the entire curve.

So that's what we try to do is make sure that when we're looking at our economic forecast and we're looking at where the interest rates are, that we're building that so we have a nice strength to make sure we have uh adequate funds for the city.

And we're we are still highly liquid.

Um, one of the things that we just did is we just purchased some MISHTA bonds that were all about affordable housing in the state of Michigan.

Um we wanted to buy 20 million dollars.

We were prorated seven million, and so that's some of the the um challenges we have because we would have liked to have gotten all 20, but we were not able to do that.

Um, in fact, after this meeting, I'm leaving for Lansing because we're hoping to get our public act 20 investment legislation kicked forward.

I we're meeting with representative Slaw uh this morning, so we've agreed to amendment, so hopefully we can get that kick started.

And if we can get that moving and gets through the House, the Senate, and signed by the governor, then that extra $13 million we're looking to get out and buy bonds with.

We might be able to go out and get those bonds in other states.

And so that's important for us because as an organization, we are only allowed to buy Michigan municipal bonds, but this would give us another facet for our investment program to go out and find other bonds to fulfill our investment needs.

Great.

Thank you so much.

I was with some of your friends last week, GFOA people at a conference.

So they had lots of positive things to say about the city of Grand Rapids.

Awesome.

Colleagues, questions for the treasurer.

This has been a busy year for you the last couple of years.

I have a I have a GFOA presentation on Thursday, and I'm presenting at two different conference sessions in late June, early July.

So will you tell people what the acronym is that might be watching that don't know what it is?

C FOA is government finance officers association, and we've been members and not just me myself, but I know that a number of the fiscal services staff, Comptroller staff have all been members of this organization.

They provide excellent training.

Um there are conferences in Chicago this year.

Um the hope is that you know we're gonna have another conference in August that's Michigan Municipal Treasurers and the Association of Public Treasures of the US and Canada will be here in Grand Rapids.

So I'll have 350 of my closest buds that are gonna be down here doing a lot of training and education and learning uh over at the Amway.

And so they're excited because they want to go see either Five Finger Death Punch or Hillary Duff.

I mean, that's that's the amphitheater, you know, opening up.

Those they're they're wanting to know what other events are in the community, and they're they're absolutely excited to be here.

Thank you, and thank you for that.

You know, I you know, uh being a little cute, but I think it is important for people to know that throughout this country, and even you mentioned Canada, that there are a number of individuals who really look to the city of Grand Rapids, and and you know, you always talk about the team, not just yourself, but the number of people who are entrusted with our finances and the you know, the pup this is the public's money and working um and working to that and ensuring that of the highest regard.

So thank you for sharing a little bit of that.

And it's always good for Chicago.

We can save some some travel costs.

So uh, with that, that a report is received and filed, and we are adjourned at 8 41.

Um, thank you.