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    Finance Committee

    Council Members serving on Finance Committee as of July 1, 2020: Helgeson (Chair)NelsonWrightMayor Dolan (Ex-officio)

    Meeting Packets Meeting Notes
    January 28, 2020 January 28, 2020 Minutes
    February 25, 2020 CANCELED
    March 24, 2020 March 24, 2020 Minutes
    April 28, 2020 CANCELED
    May 26, 2020 May 26, 2020 Minutes
    June 23, 2020 CANCELED
    July 14, 2020 July 14, 2020 Minutes
    August 11, 2020 CANCELED
    September 22, 2020 September 22, 2020 Minutes
    October 27, 2020 October 27, 2020 Minutes
    November 24, 2020 CANCELED
    December 8, 2020 pending
    January 26, 2021 CANCELED
    February 23, 2021 February 23, 2021 Minutes



    Finance Committee Guidelines

    (Revised 9/5/06; revised 8/12/08; reviewed 8/10/10; revised 8/9/16; reconfirmed 9/11/18)

    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

    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
    1. 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.

    1. Discuss quarterly financial reports for the General, Water, Sewer, Stormwater, Airport, Juvenile Detention Home, Children’s Services Act (CSA) Funds, and Greater Lynchburg Transit Company (GLTC).
    2. Proposed Amendments to Fiscal Management Policies.
    3. The structure and timing of proposed bond sales.
    4. Other items deemed appropriate by the City Manager.

    II. Items Considered as Other Information

    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

    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. First Quarter Adjustments
    5. Third Quarter Adjustments
    6. Use of Contingency
    7. Financial Trend Indicator Reports
    8. New programs or changes in programs creating a current or future budget impact, to include both revenue and expenditure impact.

    IV. Roll Call Items

    The Finance Committee generally meets on the Fourth Tuesday of the month at 11:30 a.m. in the Bidder's Room, 3rd Floor, City Hall.