Financial Advisory Board — Naperville, IL
Date: 2023-07-24

400 S. Eagle Street
 City of Naperville Naperville, IL 60540



 Meeting Agenda

 Financial Advisory Board

Monday, July 24, 2023 6:00 PM Finance Conf. Room 133




A. CALL TO ORDER:

B. ROLL CALL:

C. PUBLIC FORUM:

D. REPORTS:
 23-0858 Receive the 2023 2nd quarter investment report

 Attachments: 2Q City of Naperville - Full Report

 23-0859 Receive the 2023 2nd quarter budget report

 Attachments: 2023 - P06 Budget Report


E. NEW BUSINESS:
 23-0852 Approve the minutes of the April 24, 2023 meeting

 Attachments: 04.24.23 FAB Minutes - DRAFT


F. OLD BUSINESS:
 23-0860 Receive the update on the Fixed Income Money Manager selection
 process

G. ADJOURNMENT:




City of Naperville Page 1 Printed on 7/20/2023

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