The Finance Committee is an Ad Hoc Committee, created by the Mayor, that makes no specific recommendations to the Board nor dispenses any public funds. The responsibility of the Finance Committee is to review City financial activity and provide input into financial decision making and Finance department processes. Each month, the Committee reviews various materials including accounts payable items requiring Board approval, monthly bank reconciliation, an outstanding checks listing, and a monthly budget report for all budgeted funds. The Mayor is responsible for appointing members to the Finance Committee and scheduling meetings as needed.
In addition, the Finance Committee provides financial planning input, which includes comments and discussion regarding the
Annual Proposed Budget, the proposed
5 Year CIP (Capital Improvement Plan), the proposed comprehensive listing of fees, and proposed utility rate changes. The Committee also reviews quarterly revenue and expenditure data, which includes a review of
Sales Tax and
Property Tax performance, utility billing policies and procedures, investment policies and investment activity, and fund reserve policy, among other topics. They provide recommendations on these topics to staff as well.
