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Director reports steady year-end finances, investment policy process and Tiers strategic planning timeline
Summary
Aaron Benoit said year-end finances are unchanged ahead of the Oct. 1 fiscal year start, described the investment policy process under state law and outlined subcommittee plans to bring Tiers recommendations to council in November; Vice Chair Shirley Spears detailed outreach events including an Oct. 9 presentation.
Aaron Benoit, director of planning and development services, delivered the financial report and program update. He told the board the year-end financial picture has not changed and that Oct. 1 begins the new fiscal year when allocations will be assigned to North and South zones. "We are anticipating a number that is still, very close to the 1.2 for this for the South," Benoit said, and added the North looks "almost 1.3" in property-tax value; he said finance would confirm the final numbers.
Benoit described the city's investment policy process, noting an appointed committee reviews and recommends an annual investment policy in compliance with the state Public Funds Investment Act. A board member summarized the requirement: "Any public entity under that Public Funds Investment Act has to go through that," and stressed the policy focuses on principal preservation rather than high returns.
Benoit and Vice Chair Shirley Spears updated the board on the tiers strategic planning subcommittee, which has discussed private incentives and selective public projects for the next 10 years and expects to return recommendations to the full board before forwarding to city council in November. Spears said the subcommittee includes business owners and has scheduled outreach presentations; she said Tiffany Sellers, a realtor on the subcommittee, will present a brief overview at an Oct. 9 meeting at the ASU alumni center with lunch served around 11:30 a.m.
The board thanked staff for the work on the subcommittee and encouraged members to attend the outreach events. Staff also reminded the board the South zone application deadline is Oct. 1 at 5 p.m.
