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

    Finance Committee

    Council Members serving on FY2014 Finance Committee: Helgeson, Nelson, Cary (Chair), Mayor Gillette (Ex-officio)
    Council Members serving on FY2013 Finance Committee: Foster, Nelson, Cary, Mayor Gillette (Ex-officio)

    Fiscal Year 2014

     

     

     

     

     

     

     

     


    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)