You are here

    Home » City Council/City Manager » City Council » Finance Committee

    Finance Committee

    Council Members on Finance Committee: HelgesonNelson, Tweedy, Mayor Gillette (Ex-officio)

    Fiscal Year 2016

    Meeting Packets Meeting Notes
    August 11  
    July 14 CANCELED


     


    Fiscal Year 2015

    Meeting Packets Meeting Notes
    June 23 June 23 Notes
    May 26 May 26 Notes
    April 28 April 28 Notes
    March 24 March 24 Notes
    February 24 CANCELED
    January 27 CANCELED
    December 9 CANCELED
    November 25 CANCELED
    October 28 October 28 Notes
    September 23 September 23 Notes
    August 12 August 12 Notes
    July 8 CANCELED

     

     

     

     

     

     

     

     

     


    Finance Committee Guidelines
    (Revised September 5, 2006)
    (Revised August 12, 2008)
    (Reviewed August 10, 2010)

    General Purpose Statement

    To guide the City in the execution of Council-adopted financial policies; to review and serve as a filter in determining specific budget/financial actions to be considered by City Council; and, to review financial reports on a quarterly basis to determine if any revenue or expenditure adjustments are necessary during the fiscal year.

    To better facilitate the Finance Committee meetings, the agenda format is divided into two sections:General Business and Other Information.Following is a sample of items that may be included in each of these sections:

    I.       Items considered as General Business include:

          

     1.

    A review of the status of the General Fund Reserve for Contingencies

     

     2.

    Any item requesting an appropriation from:
    •   Reserve for Contingencies-All Funds
    •   Fund Balance-All Funds

     

     3.

    Review of grant applications:

    Prior to submitting grant applications, the grant application or concept will be reviewed by the Finance Committee if local funding is required during or following the end of the grant period. Departments applying for grants must include a strategy for consideration by the Committee outlining what action will occur when the grant funding expires.

     

     4.

    New programs or changes in programs creating a current or future budget impact, to include both revenue and expenditure impact.

     

     5.

    Discuss quarterly financial reports for the General, Water, Sewer, Airport, Stadium, Juvenile Detention Home, and Comprehensive Services Act (CSA) Funds.

     

     6.

    Presentation of the Annual Financial Trend Indicator Report.

     

     7.

    Proposed Amendments to Fiscal Management Policies.

     

     8.

    The structure and timing of proposed bond sales.

    II.    Items Considered as Other Information include:

          

     1.

    Items that do not require immediate Council action but are to advise Council on future items, issues, or simply information sharing. Examples include: reports from bond rating agencies, changes in Virginia Retirement System costs, changes in accounting identified by the Governmental Accounting Standards Board (GASB), grants that are fully reimbursable, requiring no current or local funding.

    III.   Financial items to be considered by the full City Council at Council work sessions

     

     1.

    Input into the planning and approach for the annual Capital Improvement Program and Operating Budget.

     

     2.

    Review and deliberations regarding the Proposed Capital Improvement Program and Operating Budget.

     

     3.

    Requests for funding by outside agencies.

     

     4.

    Carry Forward. 

     

     7.

    Third Quarter Adjustments. 

    IV.   Roll Call items

     

    The Finance Committee generally meets on the Fourth Tuesday of the month at 11:30 a.m. in the 3rd Floor Bidders Room at City Hall.
    Average: 5 (1.0 vote)