Financial Advisory Board — Naperville, IL
Date: 2024-07-29

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



 Meeting Agenda

 Financial Advisory Board

Monday, July 29, 2024 6:00 PM NEU




A. CALL TO ORDER:

B. ROLL CALL:

C. PUBLIC FORUM:

D. APPROVAL OF MINUTES:
 24-0869 Approve the minutes of the April 29, 2024 meeting


E. REPORTS:
 24-0872 Receive the 2024 2nd quarter investment report

 24-0873 Receive the 2024 year-to-date budget report through June 30, 2024


F. NEW BUSINESS:
 24-0878 Schedule a special meeting to discuss 2024 utility rate studies


G. OLD BUSINESS:

H. ADJOURNMENT:
 Any individual with a disability requesting a reasonable accommodation in order to
 participate in a public meeting should contact the Communications Department at least
 48 hours in advance of the scheduled meeting. The Communications Department can
 be reached in person at 400 S. Eagle Street, Naperville, IL., via telephone at
 630-420-6707 or 630-305-5205 (TDD) or via e-mail at info@naperville.il.us. Every effort
 will be made to allow for meeting participation.




City of Naperville Page 1 Printed on 7/25/2024

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



 Meeting Minutes - Final

 Financial Advisory Board


Monday, July 29, 2024 6:00 PM NEU


A. CALL TO ORDER:

 Chairman Harvey called teh meeting to order at 6:01 p.m.

B. ROLL CALL:

 Also present: Raymond Munch, Finance Director; Melanie Smith, Accountant

 Present 6- Thomas Gavin, Mark Gizzo, Edward Harvey, Jignesh Patel, Curtis Williams, and Jeff
 Walker
 Absent 1- Josh McBroom


C. PUBLIC FORUM:

 Keith Larson addressed the Board regarding the City's investment in
 companies that contribute to human rights violations.

 Salek Khalid addressed the Board regarding the City's investment in companies
 that contribute to human rights violations.

 Farah Chalisa (admitted to Public Forum by the Board at the conclusion of the
 meeting) addressed the Board regarding the City's investment in companies
 that contribute to human rights violations.



D. APPROVAL OF MINUTES:

 Approve the minutes of the April 29, 2024 meeting

 Board member Patel made a motion to approve the minutes, seconded by
 Gizzo. Motion approved by unanimous voice vote.
 This Minutes was approved.

E. REPORTS:

 Receive the 2024 2nd quarter investment report

 Jack Sannes of Marquette Associates presented the second quarter investment
 report. Sannes noted the ending market value as of June 30 was $242 million.
 The portfolio is up 0.7% for the quarter and up 4.3% for the year. Both

City of Naperville Page 1 Printed on 12/13/2024
Financial Advisory Board Meeting Minutes - Final July 29, 2024

 investment managers have outperformed the benchmarks for the year. The
 Board inquired whether there is a way to benefit from higher interest rates
 before the Federal Reserve begins lowing rates. Sannes noted that the portfolio
 is balanced to perform well in the current environment and no significant
 changes to investment strategy are recommended right now.

 Receive the 2024 year-to-date budget report through June 30, 2024

 Director Munch reviewed the year-to-date budget report through June 30. Munch
 noted that most major funds are tracking more closely with budget projections
 through mid-year. General Fund revenues continue to show some modest
 growth and expenses are in line with expectations. The Electric Fund is
 operating closer to expectations this year after budget adjustments were made
 to account for declining energy sales. The Water Fund is also in line with the
 budget, however, water sales were down year-over-year.

F. NEW BUSINESS:

 Schedule a special meeting to discuss 2024 utility rate studies

 Director Munch requested that board members check their schedules to
 accommodate a special meeting to discuss utility rate studies. A meeting will be
 scheduled in August.

G. OLD BUSINESS:

H. ADJOURNMENT:

 Chairman Harvey made a motion to adjourn the meeting at 6:56 p.m., seconded
 by Williams. Motion passed by unanimous voice vote.




City of Naperville Page 2 Printed on 12/13/2024