Financial Advisory Board

400 S. Eagle Street City of Naperville Naperville, IL 60540 Meeting Minutes - Final Financial Advisory Board Monday, July 24, 2023 6:00 PM Finance Conf. Room 133 A. CALL TO ORDER: Chairman Soenke called the meeting to order at 7:00 p.m. B. ROLL CALL: Also present: Mike Piotrowski, Marquette Associates; Jesus Jimenez, Marquette Associates; Raymond Munch, Deputy Finance Director Present 7- Mark Gizzo, Gautan Grover, Edward Harvey, Josh McBroom, Michael Soenke, Curtis Williams, and Jeff Walker C. PUBLIC FORUM: Michael O'Connor introduced himself to the Board. O'Connor submitted an application to volunteer on the Board and was interested in experiencing a meeting firsthand. D. REPORTS: Receive the 2023 2nd quarter investment report Mr. Piotrowski and Mr. Jimenez of Marquette Associates presented the quarterly investment report to the Board. Mr. Piotrowski began with an overview of current economic conditions and an outlook on financial markets. He noted that inflation is easing, however, the labor market remains tight.Mr. Jimenez followed with an overview of the investment portfolio performance in the second quarter. As of June 30, 2023, the portfolio's market value was $224.79 million, inclusive of cash and investments. The fixed income investments saw a return of -0.7% in Q2, which outperformed the benchmarks. Receive the 2023 2nd quarter budget report Mr. Munch reviewed budget performance through the first half of 2023. He noted that revenues remain relatively strong in most areas. Expenses in the major operating funds are at or below budget. Capital project spending remains much lower than anticipated due to project delays. E. NEW BUSINESS: Approve the minutes of the April 24, 2023 meeting The minutes were approved. City of Naperville Page 1 Printed on 10/31/2023 Financial Advisory Board Meeting Minutes - Final July 24, 2023 F. OLD BUSINESS: Receive the update on the Fixed Income Money Manager selection process The Board discussed the current timeline for the selection of new money managers. An RFP is to be released by July 28, 2023. That process will be finalized for Board review in October, and a recommendation to City Coucil for award is expected in November. G. ADJOURNMENT: Board Member Walker made a motion, seconded by Board Member Gizzo, to adjourn the meeting at 7:16 p.m. The motion carried by unanimous voice vote. /S/ Raymond Munch Raymond Munch Deputy FInance Director City of Naperville Page 2 Printed on 10/31/2023