This committee, chaired by the mayor, shall be composed of the chairpersons of the following seven standing committees: Capital Improvements & Street Maintenance, Economic Development, Finance, Human Resources, Parking & Traffic, Parks & Recreation, and Public Health & Safety. It will be the duties of this committee to act as a liaison committee between the state, county and other municipalities in the handling of matters requiring coordination of efforts and interests; to study and investigate and make recommendations concerning such other matters as may from time to time be referred to it.