The Finance and Personnel Committee met on March 9, 2026, at 5:30 PM to review the quarterly investment report and act on several financial items, including vouchers, line of credit amendments, lien reductions, hiring requests, and multiple contract awards. The meeting included discussion of lead service line replacement requirements, fleet vehicle needs, and an objection to a recorded vote.
Welcome to the finance and personnel committee meeting. Uh Sir Clerk, please take roll. Here. All right, thank you. Uh first item is an information only item. It is a the quarterly investment report uh for the quarter end of December 31, 2025. Yes, thank you, sir. Uh so again, this is through the end of 2025. So uh obviously we've had some uh changes since then, but we'll highlight where the portfolio ended at the end of the year. Um just sort of generally the feds cut uh rates by 50 basis points or half a percent in the last quarter of the year. Unemployment trended higher, resulting in net new job creation near zero. Uh but on the positive side, signs of growth and disposable personal income and resilient consumer spending. Our uh portfolio performance is outlined in the memo um year end for our core account, total return of six percent. Um in our short-term account, which we are in the process of closing, um, is at four point one eight percent, and our motor fuel tax account at four point six two percent. Uh the portfolio is in compliance with our investment policy, um, and I'm happy to answer any questions anyone has. Thank you. Are the any questions? All right. Seeing none, thank you for summarizing the lengthy report. Alderman Toomber. Yes, sir. Um, I think to point out also that in the 12 months ended, uh there was two million in the core account, two million eight hundred and forty-three thousand four hundred and nineteen dollars in interest earned. Uh short-term account 149,337. MFT account 280,322. So we have uh over three million dollars in interest earned. Um and so again, going back that I've insinuated before is is uh thank you to all in council and administration at the time that uh got this going. I also uh want to give uh uh a thank you to PFM management, asset management. Um they're they're very transparent on these on the portfolios. Uh you know, to have which are generally because of this strictly fixed income. Um to have the par value coupon uh yield to maturity at cost is is uh very transparent. You don't see that in some other manners, so or in some other institutions. So it does create transparency, which I think not only we but the taxpayers like as well. So thank you. Um not just transparent but very uh frugal on their fees, which is nice as a taxpayer to see that as well. It is, thank you. All right, so uh moving on. Uh item one of the quarterly reports or committee reports is the approval of vouchers in the amount of eight million four hundred and seventy-seven thousand four hundred and seven dollars and sixty-seven cents. Is there a motion to approve vouchers? Any questions or comments on vouchers? Seeing none, all is a favorite and keep it aye. Aye. Opposed? Item B is an approval of the eighth amendment to the agreement with associated bank to extend the lease on a line of credit for an additional year. Is there a motion to approve? Any questions or comments for staff? Seeing none all the reach, go ahead. When is that due to be paid off? Uh so uh Rave is making uh monthly payments towards principal. I would estimate based on the balance we have today and the rate at which they're uh making payments that we've got about two years left. Thank you.