Grand Rapids Fiscal Committee Meeting - July 21, 2026
Grand Rapids Fiscal Committee Meeting - July 21, 2026
The Grand Rapids Fiscal Committee convened on July 21, 2026 at 8:30 AM and adjourned at 9:02 AM. The meeting included 17 agenda items, all of which were approved unanimously. Key discussions and decisions are summarized below.
Discussion Items
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Investment Policy Amendment: Approved changes to the investment policy for retiree health care defined benefit plans, recommended by a new investment advisor. Changes were described as minor and clarifying.
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Broker Dealer Adjustments: Removed two broker dealers from the authorized list (due to lack of interest) and added Breen Capital LLC. The city treasurer emphasized maintaining competitive offers.
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Composting Grant: Accepted a $335,000 grant from the Wege Foundation for a wood grinder to support the city's composting initiatives. Total equipment cost is $975,000, with additional contributions from Public Works and Parks departments. A commissioner asked about the size of the equipment.
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Experienced Grand Rapids Contract: Approved $150,000 for fiscal year 2027 to promote Grand Rapids. $100,000 is general support and $50,000 is for specific initiatives; the contract includes promoting diversity and local businesses.
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Police Recruit Class: Authorized up to 10 recruits to attend Grand Valley State University (cost up to $102,235). Current sworn strength is 302; budgeted for 312. Training includes multiple phases before solo patrol.
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Aerial Imagery Payment: Approved $10,603.97 for oblique aerial imagery used by the assessor's office.
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KETA Reimbursement: Approved $24,953.38 to Grand Rapids Public Schools for PEG and franchise fee expenditures.
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Capital Improvement Bonds: Authorized up to $54.45 million in bonds for the fire training center and Scribner Avenue facility. The city plans to enter the market in August.
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Park Capital Budget Substitution: Initially approved a $240,750 budget substitution for park projects (bike park, Lincoln Park, master plan, signage). Due to a clerical error, the committee later approved a corrected $245,750 substitution, superseding the first.
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Lift Station Projects: Approved $908,185 budget substitution for Orchard Vista and Alpine Estate lift stations.
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Biosolids Authority Budget: Adopted the Grand Valley Regional Biosolids Authority FY27 operations and maintenance budget.
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Water System Bonds: Approved a series ordinance authorizing up to $21.05 million in junior lien revenue bonds through the state's Drinking Water Revolving Fund. $9 million for lead line replacements, balance for water main replacements. 20-year maturity at 2.5% interest, with up to $5.39 million principal forgiveness.
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Budget Ordinance Amendment: Approved Amendment No. 1 to the FY27 budget ordinance, including the addition of an administrative aid for the city commission, a domestic violence specialty court grant, environmental services, police department homeland security grant for a 3D laser scanner (for crime scene documentation), and several parks grants. Commissioners expressed strong support for all items.
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Bid List Resolution: Approved the July 21, 2026 bid list, including bulk road salt.
Reports
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Comptroller's Warrant Report (Item 16): Reported $75.3 million in cash payments released, including $18.4 million in payroll and $2.5 million in income tax warrants. Travel spend for the first 11 months of FY27 was $1.8 million (81% of $2.3 million budget). 26 small claims were paid totaling $68,000. The new internal auditor, Summer Harris, was introduced.
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Treasurer's Report (Item 17): Provided an economic update: CPI dropped from 4.2% to 3.5%; noted uncertainty with the new Federal Reserve Chair Warsh. The city's investment portfolio is $655 million, earning 3.33%. Expects to receive over $150 million in property taxes in the next two weeks. Celebrated that GR Pay digital payments are nearing $1 billion in total, with over $200 million collected electronically this year.
Key Outcomes
- All 14 resolutions (Items 1-15, with Item 10 superseded by a corrected Item 18) were approved unanimously.
- The comptroller's and treasurer's reports were received and filed.
- The meeting adjourned at 9:02 AM.
Meeting Transcript
Good morning. The time is now 8 30, and we can go ahead and call our fiscal committee meeting to order. Oh, and I was just gonna ask. There you are, Mr. Compshouler. So good morning, everybody. Um, we have a full full seats today. So I said I was gonna make everybody get up and walk because or get up and dance because of the World Cup and Shakira's hit single. But uh Commissioner Kilgore said, can we wait till later today? So it is nice to see everyone. We've had a little break, and so we're trying to bring some levity to the meeting. There's been a lot going on, and we have a lot. We have 17 items today, so let's go ahead and get started. First is a resolution to amend the city's investment policy statement for retiree health care defined benefit plans. Can I have a motion? So moved? Support. Moved and supported, Mr. Bowl. Good morning, madam chair and commissioners. Um the the city recently retained a new uh investment advisor for management of uh trust funds for defined benefit uh retiree health care plans. That uh investment advisor uh recommended some relatively minor changes to our existing investment policy, and that is what is before you today. Um I wouldn't classify any of the changes being made as you know particularly major or substantial. A lot of it is trimming around the edges and uh clarifying uh some verbiage here and there. But I'm uh certainly welling willing to uh answer any questions you may have. Great, thank you, Mr. Bolt. Any questions, colleagues? Um, I would agree with the sentiments of that of that statement. Um I would say that's pretty typical when you move to a new provider, they might have some changes and things that they would see. Questions? Hearing and seeing none. All those in favor? Aye. Any opposed? The resolution carries. Thank you. Item number two is a resolution to repeal authorization to buy or sell securities with certain broker dealer firms. Do you have a motion? So moved. Support. Are you gonna take this one as well for them for the treasurer? Such a delegate leader. I'm sorry, yes. I not only am I delegating delegating a little bit here, but Mr. Bolt actually brought this forward to us and said, you know, as he as he looks at the different broker dealers that we have and the structure we have, the context that he has in the industry and what he's done. Some people will come forward and say, hey, what do you think about us being part of your bidding process? And so he will vet those those various uh groups, but also at the same time, my challenge to Mr. Bolt is are the ones that aren't bidding on our work, should we be able to take those off? And so for the next two items, this is Mr.
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