money

Is the city getting a good return on the money it invests?

That’s a question the Long Term Finance Committee is asking of city staff.

This is one of the special review committees put together by council.

Chair Derek Shogren says the Long Term Finance Committee has a number of goals and objectives and one of those is figuring out the best way forward when it comes to the city’s investment policy.

Shogren say “do we go to an RFP process to see who manages our money? Those are important questions because with our community sitting at $40-million in reserves, if we are able to get even a five percent return in a year, that’s $2.5-million, to which the community gains for reserves.”

Shogren says their objectives are to bring positive changes to the way the city operates financially. He says it hasn’t had a major upgrade in over a decade.

Shogren says they are looking out for both the residents and the municipalities’ interests, while future meetings will go into further detail about Capital Planning.