Oct 07, 2025 Fiscal Committee Meeting

ALL RIGHT. GOOD MORNING EVERYBODY. IT IS 830.

[00:00:02]

WE'VE GOT NINE DIFFERENT ITEMS BEFORE US, ONE OF WHICH WILL PROBABLY HAVE SOME DISCUSSION THAT CAME TO US FROM COMMITTEE OF THE WHOLE.

SO WE'LL HAVE OUR INTERIM CITY ATTORNEY SHARE SOME MORE INFORMATION ONCE WE GET TO THAT.

BUT KICKING THINGS OFF, ITEM NUMBER ONE, WE'VE GOT A RESOLUTION

[1. Resolution approving an Extension of Contracted Services with Ovell Rome and Associates (DBA Ask Ovell) for Interim Human Resources Leadership in an amount not to exceed $100,000 (for a total authorized contract amount of $200,000)]

ALL RIGHT. DOUG MATTHEWS, ASSISTANT CITY MANAGER.

NORMALLY THIS IS AN ITEM WE'D HAVE THE HR DIRECTOR BRING FORWARD, BUT UNDER THE CIRCUMSTANCES, HERE I AM.

AS YOU ALL KNOW, WE'VE BEEN IN THE PROCESS OF FINDING A NEW PERMANENT HUMAN RESOURCES DIRECTOR. DURING THAT INTERIM TIME, OVAL BARBIE HAS BEEN SERVING IN THE ROLE AND DOING AN EXTRAORDINARY JOB.

WE ANTICIPATE LET'S SEE, WE'RE GOING TO BE SEEING THOSE INITIAL CANDIDATES NEXT WEEK, SO WE'RE HOPING TO BE ABLE TO HAVE SOMEBODY ON BOARD AT THE BEGINNING OF THE YEAR. THIS WILL PROVIDE ONGOING LEADERSHIP AS WELL AS SOME TRANSITION TIME IN BETWEEN THE NEW PERSON COMING ON BOARD, WHERE HE'LL BE ABLE TO SHARE WHAT HE'S LEARNED OVER THE TIME THAT HE'S BEEN HERE.

AWESOME. THANKS. ANY QUESTIONS OR DISCUSSION, COLLEAGUES? ALL RIGHT.

HEARING NONE. ALL THOSE IN FAVOR SAY AYE. AYE.

THOSE OPPOSED THE MOTION CARRIES.

ITEM NUMBER TWO, WE'VE GOT A RESOLUTION AUTHORIZING A JOINT USE AGREEMENT WITH AT&T

[2. Resolution authorizing a joint use agreement with AT&T regarding shared use of the utility wood pole infrastructure]

ALL RIGHT. MOVED AND SUPPORTED.

GOOD MORNING. GOOD MORNING. COMMISSION. I WANT TO TAKE AN OPPORTUNITY TO KIND OF TEE THIS ONE UP FOR OUR NEW ELC MANAGER, RYAN TIMMER, WHO WAS RECENTLY PROMOTED INTO THAT POSITION. HE'S GOING TO TALK ABOUT IT, BUT I WANT TO INTRODUCE YOU ALL TO HIM.

THANKS FOR BEING HERE. CONGRATS ON YOUR ON YOUR NEW ROLE. THANKS. APPRECIATE THAT. GOOD MORNING ALL. GOOD MORNING.

SO WE'RE SEEKING APPROVAL FOR A RESOLUTION, A JOINT USE RESOLUTION WITH AT&T FOR THE SHARED USE UTILITY INFRASTRUCTURE THAT WE SHARE WITH THEM IN THE RIGHT OF WAY.

GRAND RAPIDS AND AT&T, WE BOTH OWN POLES IN THE RIGHT OF WAY, AND WE'VE BEEN USING EACH OTHER'S POLES FOR MANY YEARS NOW.

THE CITY HAS 2207 POLES THAT WE ATTACH ON AT&T, AND AT&T HAS 1086 POLES THAT THEY ATTACH TO THE CITY.

SO THIS PROPOSAL OF THIS AGREEMENT ESTABLISHES A COLLABORATIVE WORK FOR THE SHARED USE OF THE UTILITY POLE INFRASTRUCTURE.

WE HAVE SOMETHING SIMILAR WITH CONSUMERS ENERGY THAT WE PASSED IN 1980.

AND THIS PROPOSED JOINT USE AGREEMENT WILL STREAMLINE OPERATION AND FORMALIZE FORMALIZE A LONG STANDING COOPERATIVE RELATIONSHIP BETWEEN THE CITY AND AT&T.

GREAT. THANKS. ANY QUESTIONS OR COMMENTS, COLLEAGUES.

COMMISSIONER COULD I ADD THIS? I REALLY APPRECIATE RYAN AND HIS WORK AND BRUCE ALONG WITH THAT AND THE CITY ATTORNEY'S OFFICE. THIS HAS BEEN A LONG STANDING ISSUE OF JUST CHASING BILLS BACK AND FORTH WHEN WE BOTH SHARE A FACILITY.

THIS IS AN OUTSTANDING AGREEMENT THAT MIRRORS THE OTHER ONES THAT WE HAVE WITH UTILITY PROVIDERS. AND I'M FULLY SUPPORTIVE OF THIS BECAUSE IT REALLY WAS A BURDEN ON US TRYING TO FIGHT BACK AND FORTH, TRYING TO COLLECT MONIES THAT REALLY WE SHOULDN'T HAVE BILLED IN THE FIRST PLACE, BECAUSE THIS IS REALLY A PARTNERSHIP AGREEMENT WITH OUR UTILITY COMPANIES.

AWESOME. NOPE. THANKS FOR ADDING THAT. ALL RIGHT.

HEARING AND SEEING NO OTHER COMMENTS.

ALL THOSE IN FAVOR SAY AYE.

AYE. THOSE OPPOSED. THE MOTION CARRIES.

ITEM NUMBER THREE. WE'VE GOT A RESOLUTION TO AUTHORIZE THE CITY TREASURER TO DO BUSINESS

[3. Resolution to Authorize the City Treasurer to do business with RBC Capital Markets, LLC as a Broker / Dealer]

SO MOVE. SUPPORT. ALL RIGHT.

MOVED IN. SUPPORT. I'LL TURN IT BACK OVER TO YOU. GOOD MORNING, COMMISSIONERS, WITH THIS ITEM TODAY. WE LOOK FORWARD TO WORKING WITH RBC.

THEY ARE ONE OF THE LARGER PROVIDERS OF UNDERWRITERS OF LARGE MUNICIPAL BONDS.

IN FACT, THEY JUST DID A LARGE ONE WITH THE STATE OF MICHIGAN.

AND BY HAVING THEM AS ONE OF OUR BROKER DEALERS, WHEN THEY'RE THE LEAD UNDERWRITER, WE WILL BE ABLE TO GET A LARGER CHUNK OF OUR INVESTMENT CHOICES AVAILABLE TO US.

AND SO WE REALLY WANT TO PARTNER WITH THESE TYPES OF ORGANIZATIONS, BECAUSE WHEN YOU FALL TO THE SECOND AND THIRD TIER OF UNDERWRITING, THEN YOUR YOUR PRO-RATA ALLOTMENT GOES DOWN.

AND SO THIS IS GOING TO GIVE US A LOT MORE FLEXIBILITY TO GET SOME OF THOSE BIGGER ISSUES. REALLY. WE THEY JUST ISSUED OVER $575 MILLION FOR STATE OF MICHIGAN, AND THEY WERE ACTUALLY HOUSING UNITS.

AND THOSE ARE THE THINGS THOSE ARE THE SOCIAL BONDS, THE ITEMS THAT WE WANT TO PARTICIPATE IN AND GAIN MORE OF, BECAUSE THAT WE REALLY WANT TO ELEVATE THAT IN TERMS OF HOUSING WITHIN THE STATE OF MICHIGAN. OKAY. THANKS.

ANY QUESTIONS ON THIS ONE? ALL RIGHT. ALL THOSE IN FAVOR SAY AYE.

AYE. THOSE OPPOSED. THE MOTION CARRIES.

[4. Resolution authorizing a Budget Substitution in the amount of $1,596,115 for the City-match portion of four DWRF-funded capital projects]

[00:05:07]

MOVED AND SUPPORTED. GOOD MORNING. GOOD MORNING.

COMMISSIONERS UTILITY FINANCIAL OFFICER.

THIS IS A BUDGET SUBSTITUTION.

JUST MOVING SOME MONEY AROUND. BACK IN JULY, WE ISSUED A BOND THROUGH THE STATE'S DRINKING WATER REVOLVING FUND THAT THE PROCEEDS FROM THAT ISSUANCE ARE GOING TO COVER THE MAJORITY OF THESE FOUR PROJECTS.

HOWEVER, THERE ARE CERTAIN EXPENSES RELATED TO THESE CAPITAL PROJECTS THAT ARE NOT ELIGIBLE FOR THAT FUNDING.

AND SO WE'RE JUST MOVING SOME OF THE CITY'S CASH, SOME OF THE WATER DEPARTMENT'S CASH AROUND TO COVER THOSE PORTIONS OF THESE PROJECTS.

OKAY. THANKS. ANY DISCUSSION COLLEAGUES? ALL RIGHT. ALL THOSE IN FAVOR SAY AYE.

AYE. THOSE OPPOSED IT CARRIES.

ITEM NUMBER FIVE, WE'VE GOT A RESOLUTION AUTHORIZING BUDGET SUBSTITUTION FOR PHASE TWO

[5. Resolution authorizing a Budget Substitution for Phase 2 of the Grit Tank Improvements at the Water Resource Recovery Facility in the amount of $700,000]

GOOD MORNING. WELCOME. GOOD MORNING, COMMISSIONERS JAMES OOTES, ENVIRONMENTAL SERVICES MANAGER. WHAT YOU HAVE BEFORE YOU TODAY IS A RESOLUTION AUTHORIZING A BUDGET SUBSTITUTION FOR $700,000 TO COMPLETE PHASE TWO OF THE GRIT TANK IMPROVEMENTS.

THIS WILL BE A TRANSFER OF FUNDS FROM THE SEWER CAPITAL PROJECTS AND WILL NOT HAVE ANY IMPACT ON OUR FINAL SANITARY SEWER BUDGET.

GREAT. THANKS. COLLEAGUES.

ANY QUESTIONS? ALL RIGHT.

HEARING NONE. ALL THOSE IN FAVOR SAY AYE.

THOSE OPPOSED. THE MOTION CARRIES.

THAT WILL BRING US TO ITEM NUMBER SIX.

[6. Bid List Resolution for October 7, 2025]

ALL RIGHT. MOVED IN. SUPPORT. I'LL TURN TO OUR CFO, MISS KAREN. HI. GOOD MORNING.

COMMISSIONERS. WE ONLY HAVE THREE ITEMS THIS MORNING. ONE ITEM THAT MIGHT LOOK A LITTLE BIT UNUSUAL AS YOU'RE PAGING THROUGH THE THE ITEMS IS NUMBER TWO, NEUTRON HOLDINGS. THIS IS OUR MOBILITY PROVIDER, LIME. YOU'LL SEE THAT IT'S JUST A CONTRACT EXTENSION.

IT'S FOR NO COST FOR A YEAR.

WHILE THE DEPARTMENT PUTS TOGETHER A REQUEST FOR PROPOSAL TO GO BACK OUT AND SEE, SEE WHAT THE OTHER OPTIONS ARE. SO I JUST WANTED TO NOTE THAT ONE FOR YOU.

YEP. THANKS. AND I KNOW THAT'S SOMETHING WE'VE DISCUSSED IN CITY MANAGER HAS KEPT US POSTED ON JUST FOR CONTINUITY OF SERVICES TO EXTEND THAT.

BUT OF COURSE ALWAYS WANT TO BE, YOU KNOW, OFFERING UP TO YOU KNOW, OTHER ORGANIZATIONS THAT CAN PROVIDE BETTER SERVICES OR EVEN BETTER PRICING IF POSSIBLE, TO US. SO HAPPY TO SEE THAT EXTENDED.

SO, COLLEAGUES, ANY OTHER QUESTIONS OR COMMENTS ON THOSE? I HAVE A COMMENT I WOULD LIKE TO SHARE.

THE PERSPECTIVE OF MY COLLEAGUE IN THE THIRD WARD, COMMISSIONER PURDUE WANTED TO TABLE THE LIME SCOOTER CONTRACT DUE TO SHE'S A.

LAST YEAR AROUND THE ANNUAL REVIEW TIME, SHE REQUESTED THAT WE TALK MORE ABOUT HELMET AND, YOU KNOW, HEAD SAFETY FOR ALL OF OUR RIDERS AND OUR NEIGHBORS, VISITORS WHO USE THE LIME SCOOTER.

SO THAT WAS A CONCERN OF HERS.

I DON'T SHARE THAT SAME CONCERN, BUT JUST WOULD LIKE TO HEAR FROM MY COLLEAGUES AND SEE IF ANYONE ON THIS COMMITTEE WOULD LIKE TO TABLE THIS UNTIL LIME CAN PROVIDE US WITH A PLAN OF GOING FORWARD ABOUT WHAT THEY WILL DO TO ENSURE SAFETY FOR FOLKS WHEN RIDING.

OKAY. OKAY. CAN I ASK THE DEPARTMENT OR MAYBE TONY BY TABLING IT, DOES THAT MEAN WE STOP SERVICE, OR IF WE'RE NOT APPROVING THIS TODAY, WHAT DOES THAT MEAN? JUST SO THE COMMISSIONERS UNDERSTAND, WE'RE GOING TO DELAY. GOOD MORNING, JESSICA SMITH, A MOBILE DEPARTMENT DIRECTOR.

YES. SO TABLING THIS, WE'RE AT THE END OF OUR CONTRACT, AND I AM BRINGING THIS TO YOU ALL AT THE LAST MINUTE.

BUT THE THIS IS THE END OF OUR CONTRACT WITH LIME.

AND SO THIS IS AN EXTENSION JUST TO CONTINUE THOSE SERVICES FOR NOW.

AND BUT HAPPY TO SPEAK TO ANY SAFETY IMPLICATIONS OR ANY QUESTIONS THAT YOU MAY HAVE. SURE. YEAH. ONCE AGAIN, I DON'T SHARE THESE CONCERNS, BUT I'M WONDERING IF WE CAN TAKE THIS OFF OF CONSENT SO WE CAN HAVE A BIGGER CONVERSATION AT KYLE SO COMMISSIONER PERDUE CAN SHARE HER CONCERNS? YEAH, I GUESS I'LL TURN TO OUR INTERIM CITY ATTORNEY.

CAN YOU TAKE ONE THING OFF OF THERE? YEAH, I THINK WE HAD THIS LAST WEEK A SIMILAR SITUATION ARISE WHERE BECAUSE THERE'S JUST THREE ITEMS ON HERE, I WONDER IF THERE'S A BENEFIT TO JUST REMOVING THE ENTIRE BID LIST FROM KYLE OR. I'M SORRY, FROM CONSENT OR CITY CLERK FROM AGENDA MANAGEMENT PERSPECTIVE THAT WOULD BE. WOULD YOU PREFER THAT WOULD BE FINE. SO. SO A COUPLE SO A COUPLE OPTIONS IS SOMEONE HERE CAN MAKE A MOTION TO TO WE HAVE A MOTION ON THE FLOOR TO APPROVE THE BID LIST. CORRECT. SO ANY COMMISSIONER CAN ASK TO HAVE ANYTHING

[00:10:02]

YEP. I GUESS FROM A THIS BOARD STANDPOINT, I WOULD PREFER TO KEEP IT, YOU KNOW, APPROVE IT. I DON'T SHARE THOSE CONCERNS EITHER.

IF COMMISSIONER PURDUE WANTS TO DISCUSS MORE BY TAKING IT OFF CONSENT, WE CAN CERTAINLY CROSS THAT BRIDGE AT THAT MEETING, BUT I'D PREFER TO JUST PASS AS IS WITH THE GIVEN MOTION, AND THEN WE CAN WE CAN DO SO THEN.

DOES THAT SOUND FAIR? YEAH.

AND I'LL FOLLOW UP WITH SAYING, YOU KNOW, I AM I'M HOPEFUL THAT WE CAN CONTINUE AS WE I BELIEVE WE HAVE MORE OF THAT ANNUAL REVIEW TODAY.

AT KYLE. AND YOU KNOW, TALKING ABOUT BIKE SAFETY.

PEDESTRIAN SAFETY IS REALLY IMPORTANT.

SO I'M HOPING THAT WE CAN HAVE MULTIPLE CONVERSATIONS ON THIS, SO. BUT I WILL. I PLAN TO VOTE.

YES. AND JUST LET ME BE CLEAR, BECAUSE I'M NOT, LIKE, AGAINST IT. BUT TO BE CLEAR, IF WE TAKE IT OFF CONSENT AND IT COMES TO CAO, THEN WE CAN VOTE ON IT.

THEN IT WOULD GO TO THE 2:00 MEETING AT THE TWO, SO WE CAN VOTE ON IT AT THE 2:00 MEETING.

OKAY. BECAUSE I JUST IN RESPECT OF, YOU KNOW, HER THOUGHTS AND CONCERNS, I PERSONALLY WE'VE HAD A CONVERSATION ABOUT IT. I THINK WE'VE WE'VE ALL TALKED ABOUT IT IN THE LAST COUPLE OF WEEKS OR SO.

YES, THAT IS A CONCERN.

BUT I GUESS IT'S MORE AROUND WHAT IS THE DATA, RIGHT? WHAT ARE THE NUMBERS SHOWING? WHAT INCIDENTS HAVE HAPPENED? HOW MANY FATALITIES HAVE WE HAD? WHAT HAVE THEY DONE TO ACTUALLY, UP TO THIS POINT, MITIGATE SOME OF THOSE BECAUSE THEY CAN'T DO EVERYTHING.

YEAH. RIGHT. AND SO WHAT HAVE THEY DONE.

AND WHAT DOES THE DATA LOOK LIKE IN IN THE SAFETY OF UTILIZING THESE SCOOTERS.

SO I'M I'M OKAY WITH, I THINK BEING RESPECTFUL AND ALLOWING HER TO SHARE THOSE THOUGHTS AND US HAVING THAT CONVERSATION.

IF WE CAN VOTE ON IT AT AT 2:00.

YEP. OKAY. YEAH. AND I KNOW I DON'T WANT TO SHORT SIGHT MOBILE GR HAS DONE SOME, SOME GREAT WORK ON THIS WHEN I SERVED ON THAT BOARD. I KNOW WE HAD A TON OF DISCUSSIONS ABOUT SAFETY WHEN IT COMES TO SCOOTERS. AND SO I DON'T KNOW, MAYBE MISS SMITH, YOU COULD PROVIDE SOME INFORMATION AT THAT MEETING ABOUT JUST I DON'T KNOW WHAT MOBILE GR HAS TALKED ABOUT OR WHAT EFFORTS HAVE BEEN DONE.

SO THANK YOU, COLLEAGUES.

YES OF COURSE. SO SO WITH THAT, I'LL CALL THE QUESTION ON THE BID LIST.

IF ALL THREE OF YOU VOTE IN FAVOR OF THIS, IT WILL GO ON CONSENT.

IF ANYONE VOTES NO, FOR THE PURPOSES OF THIS COMMITTEE HEARING, IT WILL BE OFF OF CONSENT, AND THE COMMISSION WILL VIEW IT INDEPENDENTLY FROM THE CONSENT AGENDA.

BUT COMMISSIONER PURDUE COULD MAKE A MOTION TO REMOVE IT FROM CONSENT.

THAT'S RIGHT. THE 2:00 MEETING. OKAY. ALL RIGHT.

OKAY. AWESOME. SO WITH THAT, ALL THOSE IN FAVOR SAY AYE.

AYE. I'M AN EYE. THOSE OPPOSED? IT CARRIES. ALL RIGHT, SO THAT BRINGS US TO NUMBER SEVEN.

[7. Resolution referring proposed changes to Committee of the Whole for City Commission Policy 100-06 adding fiscal disclosure requirements for elected officials]

ALL RIGHT. MOVED IN SUPPORT. AS I MENTIONED, THIS CAME TO US FROM CAO ORIGINALLY.

SO I'LL TURN TO OUR DEPUTY CITY ATTORNEY HERE. AND HE CAN GIVE US SOME BACKGROUND AND OVERVIEW OF WHAT THIS CONSISTS OF.

ALL RIGHT. WELL, FIRST OF ALL, LET ME SAY THIS IS NOT PERSONAL TO ME.

SO I WILL ACCEPT WHATEVER FEEDBACK YOU SAY.

AND I ENCOURAGE YOU TO PROVIDE AS MUCH OR AS LITTLE FEEDBACK AS YOU THINK IS APPROPRIATE.

THIS WAS THIS ALSO DOES NOT REPLACE THE CURRENT STATE LAW AND OUR CURRENT POLICY THAT REQUIRES CONFLICTS BE DISCLOSED IN REAL TIME.

SO IF YOU KNOW YOU HAVE A CONFLICT ON AN AGENDA ITEM.

THAT'S ALWAYS GOING TO BE THE CASE THAT YOU MUST DISCLOSE THAT.

AND YOU CAN SEEK ADVICE FROM THE CITY ATTORNEY'S OFFICE TO DETERMINE IF YOU DO HAVE A LEGAL CONFLICT ON A PARTICULAR ITEM IN FRONT OF YOU.

SO THAT WILL ALWAYS BE THE CASE.

THIS IS AN ADDITIONAL LAYER OF ANNUAL DISCLOSURES THAT HELP THAT WOULD, IN THEORY, HELP THE COMMUNITY KNOW WHAT SORT OF INCOME AND WHERE THAT INCOME COMES FROM AND WHAT SORT OF LIABILITIES OR DEBTS YOU MIGHT HAVE OUTSIDE OF THE ORDINARY COURSE OF OTHER DEBTS, LIKE MEDICAL DEBTS.

WE'VE EXCLUDED AND SOME THINGS LIKE THAT.

I'LL REMIND YOU THAT THIS IS NOT GOING ON THE CONSENT AGENDA TODAY.

THIS IS REFERRED TO THE FISCAL COMMITTEE BY CAO TO DO SOME WORK HERE, AND TO TRY TO FIGURE OUT WHAT THE CONTENT OF THIS PROPOSED CHANGE MIGHT BE.

THE IDEA WOULD BE THAT THIS COMMITTEE, WITH A VOTE OF TWO OR MORE MEMBERS, WOULD MAKE RECOMMENDATIONS BACK TO CAO, AND THEN THAT WOULD GIVE A BROADER ABILITY FOR THE COMMITTEE OF THE WHOLE TO DISCUSS AND DECIDE WHAT THE FINAL CONTENT WOULD BE IF WE COME UP WITH FINAL CONTENT TO RECOMMEND TO THE COMMITTEE OF THE WHOLE.

WHAT I WOULD INTEND TO DO IS THEN BRING A REDLINED POLICY TOGETHER WITH A SAMPLE FORM,

[00:15:06]

BUT TO REMIND YOU, WE HAD A CAO SESSION ON JULY 29TH WHERE THIS CONCEPT WAS KIND OF PRESENTED AND THE MAYOR HAS BEEN ESPECIALLY EXCITED ABOUT THIS.

IT MIRRORS SOME OF HIS WORK IN THE STATE LEGISLATURE.

ON SEPTEMBER 9TH, AFTER THE JULY 29TH MEETING, YOU HAD ASKED THE LAW DEPARTMENT TO DO SOME RESEARCH REGARDING MODEL POLICIES OR ALTERNATIVE POLICIES ACROSS THE STATE.

WE BROUGHT TO YOU FOUR FOR DIFFERENT SAMPLES OF POLICIES.

AND THE FEEDBACK THAT I HEARD WAS, LET'S KIND OF START WITH THE STATE POLICY THAT CLEARLY KIND OF HITS ON SOME OF THE CATEGORIES THAT THE COMMISSION WAS INTERESTED IN AND THEN GO FROM THERE.

IN THE MEANTIME, I HEARD FEEDBACK FROM THE MAYOR AND FROM SOME OF YOU THAT PERHAPS SOME COMMISSIONERS MIGHT NOT BE INTERESTED IN THIS LEVEL OF ADDITIONAL REPORTING.

I HEARD SOME CONCERNS THAT THIS MIGHT INVITE MISREPORTING OR INVITE UNDERREPORTING.

AND WHAT DOES THAT MEAN MOVING FORWARD? SO IN ORDER TO TRY TO AVOID SOME OF THOSE PITFALLS, WE DID INCREASE THE THRESHOLDS OF THE DOLLAR AMOUNTS THAT ARE REQUIRED FOR DISCLOSURE.

SO IF YOU OWN A $800 MOUNTAIN BIKE, THAT ISN'T NECESSARILY AN ASSET THAT YOU NEED TO DISCLOSE. BUT FOR THOSE MORE EXPENSIVE REAL ESTATE HOLDINGS OR INCOME THAT YOU EARN THAT IS A MEANINGFUL INCOME FOR YOUR ANNUAL REPORTABLE INCOME.

THOSE THINGS ARE INCLUDED IN THIS POTENTIAL FISCAL DISCLOSURE.

DOCUMENT. THE THE MAYOR HAD SUGGESTED THAT SPOUSAL INCOME WAS, AGAIN, SOMETHING THAT HE THOUGHT WAS IMPORTANT.

SO YOU'LL SEE IN THE FIRST SECTION, I'M GOING INTO NUMBER THREE ON THE PROPOSED RECOMMENDATION BACK TO COUNCIL.

SPOUSAL INFORMATION AND INCOME A SPOUSE WOULD EARN WOULD BE REPORTABLE EMPLOYMENT INCOME.

OVER $5,000 IN THE ANNUAL REPORTING PERIOD WOULD BE REPORTABLE ROLES WITH ORGANIZATIONS.

SO SERVICE TO NONPROFITS OR OTHER COMMUNITY ORGANIZATIONS WOULD BE SOMETHING THAT YOU WOULD DISCLOSE, DESPITE IT NOT NECESSARILY BEING A CONFLICT.

THIS IS A LEVEL OF TRANSPARENCY THAT THE STATE ELECTED OFFICIALS ARE REQUIRED TO DISCLOSE ASSETS. REAL PROPERTY VALUED OVER $10,000.

INVESTMENTS OVER $10,000.

AND OTHER ASSETS OR BUSINESS ASSETS EXCEEDING THAT $10,000 THRESHOLD WOULD BE DISCLOSABLE LIABILITIES. DURING THE REPORTING PERIOD, MORTGAGES, LOANS OR CREDIT LINES, YOU MAY EXCLUDE MEDICAL DEBT, UNSECURED DEBT FROM A FINANCIAL INSTITUTION OR FEDERAL GOVERNMENT, OR REVOLVING DEBT FOR A BUSINESS OR REGULAR BUSINESS DEBT.

ANY EMPLOYMENT AGREEMENTS THAT ARE REACHED AND OFFERED TO EXTEND AFTER YOUR TERM OF OFFICE WITH THE CITY WOULD BE THE FINAL CATEGORY OF DISCLOSURE.

AGAIN, THESE ESSENTIALLY MIRROR WHAT THE STATE ELECTED OFFICIALS HAVE CODIFIED IN THE STATE LAW WE HAVE INCREASED THE THRESHOLDS A LITTLE BIT TO MAKE THE REPORTING, HOPEFULLY A LITTLE BIT EASIER AND MORE MEANINGFUL FOR, FOR COMMISSIONERS AND ELECTED OFFICIALS.

AND THAT IS WHAT'S BEFORE YOU TODAY.

HAPPY TO ANSWER ANY QUESTIONS OR HEAR ANY REVISIONS.

THE TIMING OF THIS GOING BACK TO COUNCIL, THIS ISN'T NECESSARILY TIME SENSITIVE.

SO IF THIS COMMITTEE REQUIRES MORE TIME TO DO WORK ON THIS, YOU'RE YOU'RE WELCOME TO DO THAT.

BUT THIS IS THE FIRST WORK SESSION ON THIS PARTICULAR POLICY CHANGE.

AWESOME. THANKS. I WANT TO NOTE, TOO.

I MEAN, THIS ISN'T AN ATTEMPT TO BE LIKE A GOTCHA TOWARDS, YOU KNOW, ANY ELECTED OFFICIAL.

IT'S MORE OR LESS JUST OUR WAY TO SHOW YOU KNOW, ADDITIONAL TRANSPARENCY, JUST LIKE MANY OTHER ELECTED OFFICIALS DO. AS MENTIONED AT THE STATE. SO WITH THAT, I'LL TURN TO MY COLLEAGUES AND SEE IF THERE'S ANY QUESTIONS OR COMMENTS THAT THEY HAVE GENERAL THOUGHTS.

AND THEN I JUST HAD A COUPLE SMALL PROCEDURAL QUESTIONS, BUT OTHER THAN THAT, I'LL LET YOU BOTH GO FIRST IF YOU'D LIKE.

YEAH, I, I TAKE ISSUE WITH A NUMBER OF THINGS THAT ARE LISTED IN HERE.

FIRST OF ALL, JUST FOR CLARITY THE DIFFERENCE BETWEEN THE STATE AND CITY IS VAST IN HOW THEY DO BUSINESS. THERE IS OPPORTUNITY AT THE STATE LEVEL FOR LOBBYING FOR SPECIFIC THINGS WITHIN THAT BOUNDARY THAT THEY MAY HAVE ACCESS TO CERTAIN FUNDS OR CERTAIN THINGS TO

[00:20:05]

RIGHT. IT'S VERY DIFFERENT HERE AT THE CITY BECAUSE WE HAVE A LOT OF PARAMETERS IN PLACE AND GUIDELINES. WE DON'T HAVE ACCESS TO THE ENGINEERING FUNDS, WE DON'T HAVE ACCESS TO EXECUTIVE DEPARTMENT FUNDS.

WE DON'T HAVE ACCESS TO THOSE THINGS.

WHAT WE DO AS A BODY IS VOTE ON THE THINGS THAT ARE PRESENTED TO US AS A COMMISSION AND TALK ABOUT WHAT THOSE THINGS ARE.

AND OUR RESPONSIBILITY TO ME AS COMMISSIONERS IS TO ENGAGE WITH COMMUNITY TO GET THEIR VOICE. WE'RE THE CONDUIT FOR THEIR VOICE INTO THIS BODY TO HELP MAKE DECISIONS AS IT PERTAINS TO POLICY. SO I FEEL LIKE WHAT WE HAD IN PLACE WAS SUFFICIENT FOR THAT.

I DON'T REMEMBER A TIME, AT LEAST MYSELF PERSONALLY, WHERE THERE HAS BEEN ANYTHING THAT HAS COME UP THAT EITHER THE CITY CLERK OR CITY MANAGER HAS NOT SAID, WE'RE BRINGING THIS.

YOU'RE A PART OF THAT. YOU MIGHT REMEMBER.

SO WHEN THIS COMES UP, MAKE SURE TO RECUSE YOURSELF.

AND I FEEL LIKE THAT HAS HAPPENED.

I THINK WE ARE DIGGING INTO THE WEEDS WHEN WE START ASKING FOR PEOPLE'S.

YOU NEED TO KNOW HOW MANY HOUSES I OWN.

YOU NEED TO KNOW WHAT YOU KNOW, WHAT OTHER INCOME, BECAUSE I DO A LOT OF THINGS IN THE COMMUNITY.

BUT IF IT'S ANYTHING THAT PERTAINS TO THE CITY, I HAVE ALREADY REMOVED MYSELF FROM THAT.

SO WHEN THE GROW 1000 STARTED, I WAS THE ONE THAT HELPED THEM START THAT PROGRAM AND DO THE MENTORING PIECE, AND WAS OVER THAT MENTORING PIECE FOR YOUNG PEOPLE. ONCE I BECAME A COMMISSIONER, I STEPPED BACK FROM THAT.

RIGHT. AND SO WE HOLD PEOPLE TO A HIGHER LEVEL OF INTEGRITY AND CHARACTER IN THIS POSITION, AND I THINK IT JUST DOESN'T APPLY.

SO THAT'S MY OPINION. I'M I'M A NO ON IT.

OKAY. NOPE. APPRECIATE YOU SHARING YOUR THOUGHTS. AND TO I WANT TO REITERATE I TOTALLY AGREE. I THINK AS A BODY WE DO A GREAT JOB OF YOU KNOW, BEING FORTHRIGHT IF THERE IS SOME SORT OF, YOU KNOW, EVEN PERCEIVED CONFLICT AND JUST GOING ABOVE AND BEYOND TO TO MAKE SURE WE'RE NOT PUTTING OURSELVES IN A FUNKY SITUATION.

SO I DO AGREE WITH THAT PIECE FOR SURE.

ANY THOUGHTS, COMMISSIONER KILGORE? YEAH. THANK YOU COLLEAGUES. I'M VERY SUPPORTIVE OF THESE MEASURES. YOU KNOW, IN 2015, THE STATE AS A WHOLE RECEIVED AN F GRADE FROM THE CENTER FOR PUBLIC INTEGRITY AND GLOBAL INTEGRITY.

SO, YOU KNOW, IT'S BEEN TEN YEARS SINCE THAT NOT MUCH HAS CHANGED.

WE'RE STILL ENOUGH IS ENOUGH.

AND I THINK THIS IS A REALLY AWESOME OPPORTUNITY TO MODEL TO OUR STATE OF HOW LEADERSHIP LOOKS AND HOW THERE'S NOTHING TO HIDE.

AND JUST CONTINUING TO SHOW STATE LAWMAKERS AS WELL.

I WAS VERY SUPPORTIVE OF THE BRIGHT ACT.

SO THAT'S BRINGING REFORMS AND INTEGRITY, TRANSPARENCY AND ETHICS.

THIS HASN'T REALLY PASSED THROUGH THE STATE HOUSE.

SO THIS REFORM THAT IS TRYING TO HAPPEN AT THE STATE WHERE YOU KNOW, YOU MAKE RULES FOR BAD ACTORS.

AND THAT'S WHAT I'M HOPING WE DO HERE.

BOTH MY COLLEAGUE IN THE THIRD WORLD AND MYSELF RAN AGAINST FOLKS WHO HAD A LOT OF MONEY IN DIFFERENT PLACES AND WERE SUPPORTED BY VERY WEALTHY PEOPLE.

AND I WONDER SOMETIMES, ONCE FOLKS GET HERE SOME OF THE FOLKS WHO THEY'RE BEHOLDEN TO. AND I'D MUCH RATHER HAVE FOLKS NOT BE BEHOLDEN TO, LET'S SAY, BIG DEVELOPERS.

WE ARE CONSTANTLY PASSING THINGS YES OR NO TO BIG DEVELOPMENTS IN THE CITY.

AND I'D RATHER NOT HAVE OUR ELECTED OFFICIALS BE BEHOLDEN TO DARK MONEY OR SPECIAL INTERESTS. SO I THINK THIS IS A GREAT WAY THAT WE CAN MODEL THIS AND SHOW TRANSPARENCY, INTEGRITY AND THE BEST ETHICS THAT WE HAVE HERE.

SO I'M SUPPORTIVE OF IT.

AND I'M HOPEFUL THAT WE CAN BRING BACK TO KYLE WHAT WE CURRENTLY HAVE HERE.

I THINK IT'S SUFFICIENT.

I THINK IT GOES A LITTLE BIT FURTHER THAN THE STATE LAW, WHICH IS GOOD HERE. AND HOPEFULLY WILL SHOW THE STATE AS A WHOLE WHAT LEADERSHIP SHOULD LOOK LIKE IN TERMS OF GOVERNMENT TRANSPARENCY.

SO VERY SUPPORTIVE OF IT IN BRINGING THIS TOWARDS KYLE.

OKAY. GREAT. THANKS. YEAH, I JUST SHARE A COUPLE OF MY THOUGHTS.

I AGREE, AND I'M SUPPORTIVE OF THIS AS WELL, I THINK WE'VE DISCUSSED THAT AT COW JUST YOU KNOW, WANTING TO BE INTENTIONAL WITH, YOU KNOW, BUILDING TRUST WITH GOVERNMENT AND THE PUBLIC.

I THINK THAT'S, YOU KNOW, OBVIOUSLY A PHILOSOPHICAL CONVERSATION, BUT YOU KNOW, IN SUPPORTING THIS TOO, I'M NOT DOING SO OUT OF A CONCERN.

OR, AGAIN, YOU KNOW, A GOTCHA AGAINST CERTAIN COMMISSIONERS ELECTED OFFICIALS NOW OR IN THE FUTURE. IT'S MORE IN MY ESTIMATION, JUST KIND OF LIKE YOU SAID, GOING ABOVE AND BEYOND JUST TO SHOW TRANSPARENCY AND BEING FORTHRIGHT WITH WITH THE PEOPLE THAT WE REPRESENT.

SO I, I GUESS JUST KIND OF HAD SOME QUESTIONS MORE ABOUT LIKE A COUPLE DEFINITIONS.

SO UNDER THE LIABILITIES PIECE, MAYBE THERE'S A DEFINITION ALREADY IN THE FULL POLICY SOMEWHERE. BUT THINGS LIKE THE UNSECURED DEBT FROM A FINANCIAL INSTITUTION I

[00:25:03]

OKAY. AND IF THERE ARE QUESTIONS, I THINK THE CITY ATTORNEY'S OFFICE STANDS BY.

HAPPY TO HELP ANYONE. AS WE GET INTO THE HABIT, POTENTIALLY, OF FILLING OUT NEW FORMS. WE WANT TO BE A RESOURCE TO YOU TO HELP US ANSWER SOME OF THOSE QUESTIONS ALONG THE WAY.

YEP. AND THEN JUST THE OTHER ONE, TOO.

SO I KNOW UNDER THE ASSETS.

SO J LISTING SECURITIES OR INVESTMENTS.

I MEAN, I GUESS MYSELF AS AN EXAMPLE, I DON'T, YOU KNOW, TRADE INDIVIDUAL STOCKS OR BONDS OR THINGS LIKE THAT, BUT HAVE JUST, YOU KNOW, A GENERAL RETIREMENT ACCOUNT.

SO I ASSUME IT WOULD JUST BE SUFFICIENT TO MAYBE JUST SAY YOU KNOW, GENERAL FOR ONE RETIREMENT ACCOUNT MANAGED BY XYZ BROKER OR SOMETHING OF THAT, LIKE, THAT'S THAT'S HOW I'VE SEEN IT REPORTED AT THE STATE LEVEL.

AND I THINK THAT, YOU KNOW, THAT FOR ME AS AN ATTORNEY WOULD BE SUFFICIENT. I THINK IF THE COMMISSION DESIRES SOMETHING DIFFERENT, YOU'D HAVE TO MAYBE MORE FINE TUNE THAT DEFINITION AS YOU GO.

THE NICE THING ABOUT THIS POLICY IS YOU CAN ALWAYS MAKE ADJUSTMENTS IF YOU FIND YOURSELF SEEKING CLARITY OR NEEDING SOME MORE CLARITY AS YOU FILL THESE FORMS OUT AND OPERATIONALIZE THIS, IT'S NOT UNCOMMON THAT YOU MIGHT FIND SOMETHING THAT NEEDS TO BE A LITTLE BIT MORE FINE TUNED.

AND WE COULD BRING BACK A SIMPLE RECOMMENDATION TO REVISE THE POLICY AGAIN.

YOU'D LIKE TO GET IT RIGHT THE FIRST TIME AROUND, BUT NO HARM IF IF YOU GOT TO DO SOME TINKERING ALONG THE WAY.

YEP, YEP. NO, THAT'S A GOOD REMINDER TOO.

WE'RE NOT WRITING SOMETHING IN CONCRETE. WE'RE WE'RE, YOU KNOW, STARTING WITH PUTTING OUR BEST FOOT FORWARD AND SOMETHING THAT WE IDEALLY YOU KNOW, THINK COVERS ALL OF OUR BASES. BUT ALWAYS, LIKE YOU MENTIONED, HAVE THE OPPORTUNITY TO FURTHER REFINE THEM OVER TIME.

SO THAT WAS REALLY ALL MY QUESTIONS.

LIKE I SAID, I'M SUPPORTIVE.

SO CURRENTLY THE MOTION ON THE TABLE IS TO REFER THIS AS WRITTEN BACK TO COMMITTEE OF THE WHOLE. COMMISSIONER, I KNOW YOU MENTIONED YOU'RE NOT SUPPORTIVE, SO I ASSUME THIS WILL JUST I GUESS PROCEDURALLY, WHAT HAPPENS THEN, IN THAT CASE, THE WAY THE AGENDA ITEM WOULD BE PROPOSED TO COMMITTEE OF THE WHOLE WOULD BE THIS FISCAL COMMITTEE WITH A21 VOTE IS RECOMMENDING THESE PROPOSED CHANGES TO THE POLICY.

WE CAN BE VERY TRANSPARENT IN THE REPORT, BACK OUT TO COMMITTEE OF THE WHOLE, AND YOU'LL HAVE MORE OPPORTUNITIES TO MAKE SOME REQUESTED CHANGES THERE.

OKAY. AND THAT COMES BACK TODAY.

NO, I'LL WORK WITH THE CITY MANAGER.

PERHAPS THE SECOND MEETING IN OCTOBER.

BUT DEPENDING ON WHAT THE AGENDA LOOKS LIKE FOR COMMITTEE OF THE WHOLE AT THAT TIME WE MAY PUSH IT TO NOVEMBER.

REALLY, IF THIS GOES INTO OPERATION, I THINK THE QUICKEST REPORT WOULD BE DUE IN MAY OF 2026. SO WE'VE GOT SOME TIME.

OKAY. THANK YOU. I ALSO WANTED TO ADD ON THERE SORRY, CITY ATTORNEY, THERE IS A PIECE IN THERE ABOUT ELECTED OFFICIALS AND JUST WONDERING WHY IT DIDN'T INCLUDE APPOINTED AS WELL.

SURE. OPPONENTS HAVE CONTRACTS.

SO YOU CAN HOLD THE APPOINTED OFFICIALS TO WHATEVER SORT OF DISCLOSURES YOU THINK ARE APPROPRIATE WITHIN THEIR INDIVIDUAL CONTRACTS.

YOU SELF-GOVERN YOURSELVES IN TERMS OF THE DISCLOSURES THAT YOU'RE GOING TO MAKE TRANSPARENT TO THE PUBLIC.

AND I WOULD THINK THAT EACH INDIVIDUAL APPOINTED OFFICIAL MIGHT WANT TO TALK TO YOU MORE ABOUT WHETHER OR NOT IT WOULD BE APPROPRIATE.

THE APPOINTED OFFICIALS ARE BOUND BY THE CONFLICTS OF INTEREST, STATE LAW AND THE POLICY WITH ATTACHMENT A SO APPOINTED OFFICIALS WOULD HAVE TO DISCLOSE ANY CONFLICTS OF INTEREST IN REAL TIME.

BUT THIS ADDITIONAL PIECE IS SUBJECT TO NEGOTIATION WITH THOSE INDIVIDUAL EMPLOYEE CONTRACTS, IN MY OPINION.

YEAH, THAT'S A GOOD QUESTION THOUGH. COMMISSIONER. THANKS. ANY OTHER THOUGHTS OR COMMENTS? OTHERWISE I WILL GO.

YEP. GO AHEAD. YEAH. JUST JUST A FEW COMMENTS.

IF THE COMMISSION DOES, YOU KNOW, PROCEED WITH THIS REVISION.

BUT ON THE NOTE OF WHAT COMMISSIONER KNIGHT JUST POINTED OUT.

JUST MAKING SURE IT'S UNDERSTOOD THAT THE CURRENT POLICY DOES APPLY TO BOTH ELECTED AND APPOINTED OFFICIALS. AND SO IF THE COMMISSION DOES PROCEED, I THINK IT MAKES SENSE TO AT MINIMUM, YOU KNOW, MEET OUR CURRENT STANDARDS IN THE PRESENT POLICY.

I WOULD ACTUALLY EVEN ADVOCATE FOR THE COMMISSION TO CONSIDER INCORPORATING REALLY ANYONE THAT'S IN A LEADERSHIP FINANCIAL DECISION MAKING CAPACITY FOR THE CITY OF GRAND RAPIDS. SO WHETHER THAT'S NOT JUST, YOU KNOW, ELECTED AND APPOINTED BUT, YOU KNOW, DEPUTIES, PERHAPS EVEN, YOU KNOW, DEPARTMENT HEADS.

[00:30:03]

YEP, YEP. NO, I APPRECIATE YOU SHARING THAT.

AND DO YOU WANNA ADD SOMETHING? WELL, I WOULD JUST POINT OUT THAT.

FOR BETTER OR WORSE, YOU'RE NOT SUBJECT TO COLLECTIVE BARGAINING AGREEMENTS AND THE RULES AND THE LAWS AROUND PUBLIC EMPLOYEE LABOR RELATIONS ACT AND HOW A NEW WORK EXPECTATION MIGHT APPLY TO THOSE THAT ARE IN UNIONS.

WOULD TAKE SOME ADDITIONAL CONVERSATION, HAVING JUST NEGOTIATED AND SETTLED ALL OF THE CONTRACTS FOR THE CITY TO IMPOSE A NEW REQUIREMENT ON INDIVIDUALS THAT MAY BE IN COLLECTIVE BARGAINING UNITS COULD UNDO A LOT OF GREAT WORK THAT WAS JUST DONE THROUGH THE COLLECTIVE BARGAINING PROCESS. SO I WOULD CAUTION AGAINST, I THINK, THE INTENT AND THE IDEA AND THE CONCEPT IS, IS NOBLE. BUT I THINK THAT SOME OF THE PRACTICALITIES THAT COULD BE CREATED BY THAT SORT OF APPROACH MIGHT BE SOMETHING MAYBE TALKING ABOUT DURING THE NEXT COLLECTIVE BARGAINING SESSION, AS OPPOSED TO TRYING TO JAM IT DOWN WITHOUT ANY LABOR COMMUNICATION.

SURE, NO, IT'S A GOOD, GOOD CAVEAT THERE.

AND I THINK, YOU KNOW, TRANSPARENCY CAN LOOK A TON OF DIFFERENT WAYS. AND SO WHETHER, YOU KNOW, MAYBE WE THIS FORMAT IS USED FOR ELECTED OFFICIALS. AND I DON'T KNOW, WE TALK ABOUT OTHER WAYS WE CAN BE MORE TRANSPARENT WITH THE PUBLIC WHEN IT COMES TO JUST DAY TO DAY CITY OPERATIONS. I THINK THAT'S A FAIR CONVERSATION TO SO APPRECIATE YOU SHARING THAT.

SO HEARING NO OTHER QUESTIONS OR COMMENTS, I'LL GO AHEAD AND CALL THE QUESTION THEN.

ALL THOSE IN FAVOR SAY AYE.

AYE AYE. AND THOSE OPPOSED.

AYE. ALL RIGHT. THE MOTION CARRIES.

SO THAT BRINGS US TO OUR LAST TWO ITEMS HERE.

[8. Comptroller's Warrant Report for the period of September 9, 2025 through September 22, 2025 in the amount of $27,748,482.62 and Monthly Travel Report]

AND I WILL TURN IT OVER TO OUR CITY CONTROLLER AGAIN.

GOOD MORNING, COMMISSIONERS.

FOR THE PERIOD REFERENCE, THEIR CASH PAYMENTS WERE RELEASED TOTALING APPROXIMATELY $27.7 MILLION, WHICH INCLUDES APPROXIMATELY $5.9 MILLION FOR EMPLOYEE PAYROLL EXPENSE AND JUST OVER $122,000 FOR INCOME TAX WARRANTS.

IN TERMS OF QUANTITY, 418 INCOME TAX REFUNDS WERE ISSUED AND 1213 CHECKS AND ELECTRONIC PAYMENTS WERE ISSUED.

THESE FUNDS WERE ISSUED BY PAYMENTS OR BY INDIVIDUALS NOT IN THE CITY COMPTROLLER'S OFFICE, AND NOT IN ACCORDANCE WITH THE CITY CHARTER.

ALSO IN OUR REPORT HERE THIS MORNING, WE HAVE THE MONTHLY TRAVEL REPORT FOR JULY 2025 THE FIRST MONTH OF THE NEW FISCAL YEAR.

AND THAT REPORT IS SHOWING THAT.

LET ME JUST SCROLL DOWN TO IT HERE THAT WE HAVE SPENT JUST OVER $56,000 ON APPROXIMATELY $2.3 MILLION ANNUAL BUDGET FOR TRAVEL.

FOR TRAVEL. SPEND. EXCUSE ME.

OKAY, THANKS. WE'LL GO AHEAD AND RECEIVE AND FILE THAT.

AND THEN LASTLY, THAT BRINGS US TO OUR TREASURER'S REPORT FOR PERIOD OF SEPTEMBER

[9. Treasurer’s Report for Period of September 10, 2025, through September 23, 2025]

GOOD MORNING COMMISSIONERS. WITH A REPORT TODAY, WE DID HAVE A 0.25% REDUCTION IN THE FED FUNDS RATE. SO THAT'S THE FIRST STEP DOWN.

WE DON'T KNOW IF THERE'S GOING TO BE A SECOND ONE. WE DON'T KNOW UNTIL THE ECONOMIC NUMBERS COME OUT. IN FACT, WE'RE SEEING THE EFFECTS OF THE FEDERAL GOVERNMENT SHUTDOWN BECAUSE WE'RE NOT GETTING LABOR STATISTICS.

WE'RE NOT GETTING THE TYPE OF REPORTING.

SO WE'RE KIND OF IN A LITTLE HOLD PERIOD RIGHT NOW, WAITING TO SEE WHEN THE GOVERNMENT'S GOING TO OPEN BACK UP. WE'RE GOING TO SEE THOSE NUMBERS START CHURNING OUT AGAIN. I WAS FORTUNATE ENOUGH TO BE INVITED TO CRAIN'S POWER BREAKFAST OUT AT CASCADE COUNTRY CLUB WITH FED CEO AND PRESIDENT OF THE FEDERAL RESERVE OF CHICAGO, ALAN AUSTIN GOOLSBEE. VERY IMPRESSIVE SPEAKER, VERY ARTICULATE. HE MAKES ECONOMICS KIND OF COOL.

THE ONE THING HE REALLY DEFINITELY POINTED OUT IS, ARE THE THINGS THAT WE POINTED OUT BEFORE IS THAT THE FED HAS A DUAL MANDATE. ONE IS TO ACHIEVE FULL EMPLOYMENT, THE OTHER IS TO MAINTAIN A 2% INFLATION RATE.

THE PROBLEM IS, IS THAT BOTH OF THOSE NUMBERS ARE MOVING IN THE WRONG DIRECTION. AND THE FED ONLY HAS ONE TOOL.

THE ONLY TOOL THEY HAVE IN THE TOOLBOX IS TO CHANGE INTEREST RATES.

SO THEY'RE KIND OF LOCKED IN THERE.

YOU KNOW WE DON'T KNOW WHAT TO DO UNTIL WE HAVE BETTER NUMBERS COMING OUT OF OUR ECONOMY. AND TO HAVE TARIFFS COME INTO FULL FORCE TO, TO TO REALLY FILTER THROUGH ALL THE ECONOMIC DATA.

AND SO THAT'S THAT'S WHERE THE RUB IS RIGHT NOW.

THAT'S WHERE THE PAUSE IS RIGHT NOW.

THEY'RE NOT GOING TO OVERHEAT THE MARKET AND TURN IT DOWN. THEY'RE NOT GOING TO CONSTRICT IT TOO MUCH BY TURNING IT TOO HIGH.

SO I APPRECIATE THE FACT THAT THEY'RE TAKING THAT CAUTIOUS, DATA DRIVEN APPROACH. JUST AS WE TALK ABOUT DATA DRIVEN THINGS, IN OTHER DECISIONS WE MAKE, IT'S VERY IMPORTANT FOR THEM TO MAKE THIS

[00:35:04]

WE DO HAVE A CHART HERE.

THAT'S THE IT'S CALLED THE DOT PLOT DIAGRAM, SHOWING WHERE THEY THINK THE FED GOVERNORS ARE VOTING FOR THESE RATES TO GO.

AND REALLY WHEN WE'RE LOOKING AT, YOU KNOW, TO EVEN OUT TO 2008, THEY'RE THEY'RE HIGHLY LEVERAGED BETWEEN 2.75 AND 3.5%.

SO THAT'S WE'RE STILL TWO FULL YEARS AWAY FROM THAT OCCURRING.

SO IT SHOWS THEIR UNCERTAINTY UNTIL THEY ACTUALLY GET CONCRETE DATA.

AND I DO SAY I APPRECIATE THAT BECAUSE IF MARKETS TURN TOO FAST, THAT MEANS EVERYBODY'S TRYING TO REPOSITION AND YOU'LL SEE WILD SWINGS.

IF THEY MOVE TOO QUICKLY.

FOR OUR PORTFOLIO, WE ARE SITTING AT $788 MILLION AND WE'RE EARNING OVER 3.49%.

GREAT. THANKS. I'LL TURN TO MY COLLEAGUES, SEE IF THEY HAVE ANY QUESTIONS, THOUGHTS, CONCERNS. ALL RIGHT.

JUST ONE QUICK QUESTION.

IS THERE WITH THE FEDERAL GOVERNMENT SHUTDOWN, IS THERE ANYTHING THAT WE NEED TO KEEP OUR EYES ON AS A CITY FROM A FUNDING PERSPECTIVE OR, YOU KNOW, PROGRAMS, THINGS LIKE THAT? THE CITY MANAGER AND HIS TEAM, AND THEY'RE LOOKING TO SEE WHAT TYPES OF THINGS MIGHT IMPACT US.

IF THERE'S ANY DELAY IN ANY OF THE FUNDING FOR EITHER THE ROADS OR FOR GRANTS OR OTHER THINGS. THEY'RE REALLY HONING IN ON WHAT ARE THOSE THINGS IMPACTING THE ORGANIZATION.

AS AS FAR AS MY VIEW IN THE TREASURER'S OFFICE, WE'RE NOT SEEING ANYTHING THAT'S IMPACTING OUR OPERATION.

BUT AGAIN UNLESS IT'S TRYING TO RECEIPT THE CASH THAT'S COMING FROM THEM, THAT'S SOMETHING WE CAN'T DO IF IT'S NOT ON ITS WAY.

BUT FOR US, WE ACTUALLY ARE DOING VERY WELL, MAKING SURE OUR FUNDS ARE FULLY INVESTED AND WE'RE EARNING GOOD INTEREST RATES. AND WE'RE GOING TO SEE AGAIN CLOSELY TO SEE IF THERE'S GOING TO BE ANY MAJOR CHANGE.

AND IF THERE IS WE'LL THROW THE FLAG UP RIGHT AWAY AND WE'LL DEFINITELY ENGAGE WITH THE CITY MANAGER'S OFFICE.

AWESOME. OKAY. APPRECIATE IT.

APPRECIATE IT. WELL, THAT'S ALL I GOT. AND THAT ALSO WRAPS UP OUR SCHEDULED AGENDA ITEMS HERE. I WAS JUST GOING TO JUMP IN.

SORRY. NO, GO RIGHT AHEAD. YOU KNOW, WHILE WE'RE ON THAT TOPIC OF THE SHUTDOWN, THERE'S LEGISLATIVE COMMITTEE TODAY, SO I BELIEVE THAT'S GOING TO BE DISCUSSED.

BUT FROM A FISCAL STANDPOINT, WE HAVE BEEN LOOKING AT THAT BEYOND A FEW WEEKS. WE'RE NOT TOO WORRIED, BUT ONCE WE GET PAST, YOU KNOW, WEEK TWO, I'M WORKING WITH OUR YOU KNOW, CONNIE BOHATSCH OUT OF COMMUNITY DEVELOPMENT, AS WELL AS STEVIE PURCELL TO ASSESS WHICH GRANTS WE'RE GETTING REIMBURSEMENTS FROM THAT ARE GOING TO BE DELAYED BECAUSE OBVIOUSLY WE'RE GOING TO HAVE TO COVER THAT. SO.

SO THERE IS A RISK. I'M HOPING.

I'M HOPING THIS DOESN'T GO PAST OCTOBER.

I ALSO WILL BE DOING A FISCAL UPDATE IN NOVEMBER.

SO THAT WILL BE A, YOU KNOW, DEFINITELY A HEAVY TOPIC IN THE COMING WEEKS IF WE DON'T GET CLOSURE GOING.

BUT WE'RE HOPING FOR THE BEST RIGHT NOW. SO.

YEP, NOTHING TO WORRY ABOUT TODAY.

WELL THAT'S GOOD. THANK YOU. ALL RIGHT.

WE'LL GO AHEAD AND ADJOURN OUR MEETING. HERE IT IS, 908.

* This transcript was compiled from uncorrected Closed Captioning.