Financial Advisory Board

City of Naperville 400 S. Eagle Street Naperville, IL 60540 Meeting Minutes Monday, April 30, 2018 6:00 PM NEU Financial Advisory Board Financial Advisory Board Meeting Minutes April 30, 2018 A. CALL TO ORDER: Chairman Wik called the meeting to order at 6:03 p.m. B. ROLL CALL: Present: Chairman Wik; Member Davidson; Member Gannon; Member Millington; Member Wade Absent: Member Isaac; Member Klein; John Krummen - Council Ex-Officio Also Present: Rachel Mayer, Finance Director; Erik Hallgren, Financial Services Supervisor; Franco Bottalico, Budget Analyst C. PUBLIC FORUM: None D. REPORTS: 1. Approval of January 29, 2018 Minutes Member Davidson made a motion, seconded by Member Gannon, to approve the January 29, 2018 meeting minutes. The motion carried by the following vote: Aye: 5 - Wik, Davidson, Gannon, Millington, Wade Nay: 0 2. Quarterly Review of Investments Mike Piotrowski from Marquette Associates updated the FAB on its 1st quarter report. It was the consensus of the FAB for Mike Piotrowski to revise the quarterly reports to include additional information on market value history at an aggregate level, and money market funds. 3. Review of Q1 Financial Performance Erik Hallgren presented the CY2018 budget performance report for quarter 1. Erik Hallgren stated that he has included a year-to-date projections column to this report, and noted some slight variances due to the transition to a new ERP system. F. OLD BUSINESS: 1. Update on Revisions to the City’s Investment and Cash Management Policy Rachel Mayer updated the FAB that the City Council has adopted their recommendations to the cash investment policy as ordinance. E. NEW BUSINESS: City of Naperville Page 1 Printed on 12/21/2018 Financial Advisory Board Meeting Minutes April 30, 2018 1. Review of the City’s Financial Advisory Board Dashboard Erik Hallgren presented the FAB a dashboard of the City's finances. It was the consensus of the FAB to have the dashboard be no more than two pages. The first page will include information that changes on a monthly basis such as certain taxes, and the second page will consist of static information that doesn't change as frequently such as employee headcount, reserve levels, etc. 2. Review the City’s Current Reserve Policies The FAB discussed the City's current reserve policies. It was the consensus of the FAB to establish a working group at the next meeting to create a framework on the reserve policies. Rachel Mayer stated that one goal is to understand what the appropriate reserve levels are. G. ADJOURNMENT: Member Davidson made a motion, seconded by Member Wade, to adjourn the regular FAB meeting of April 30, 2018 at 7:28 p.m. The motion carried by the following vote: Aye: 5 - Wik, Davidson, Gannon, Millington, Wade Nay: 0 Rachel Mayer, Finance Director Franco Bottalico, Budget Analyst City of Naperville Page 2 Printed on 12/21/2018