HomeMy WebLinkAboutItem 03.dCity of Lakeville
Finance Department
Memorandum
To: Mayor and Council
From: Justin Miller, City Administrator
Jerilyn Erickson, Finance Director
Date: July 27, 2015
Subject: Role of Finance Committee
The Finance Committee was established in May, 2011. Resolution 11-46 is attached. In recent
years, the committee has reviewed and offered comments on fiscal policies, budget, public
information initiatives, etc.
The Finance Committee most recently met on June 22, 2015. Bill Lauer (MMKR) presented the
2014 Comprehensive Annual Financial Report and staff presented the first quarter 2015
financial report. The committee noted that they would like to discuss their role and revisit the
resolution that established the committee. They would like to make more contributions even
though they see that the City is being well run. Some topics they would like to visit are street
reconstruction costs, Tax Increment Financing, cable TV fees, fourth liquor store, parks and
their associated costs. These topics might have more policy implications than those the
committee has reviewed in the past.
Prior to that meeting, the Finance Committee had met on November 13, 2014 to receive a
summary of City Council actions and to discuss the third quarter 2014 financial report. During
their June 2015 meeting, the committee also discussed their meeting schedule and the need
(or lack thereof) of monthly meetings.
Council Direction
Staff is seeking direction regarding the role of the Finance Committee and whether more
public policy related items should be vetted through this committee.
CITY OF LAKEVILLE
Resolution No 11 46
RESOLUTION ESTABLISHING A FINANCE COMMITTEE
BE IT RESOLVED by the City Council of Lakeville Minnesota as follows
Section 1 ESTABLISHMENT OF THE FINANCE COMMITTEE
The Finance Committee of the City shall act as the advisory body to the City Council
and City staff regarding short and long term financial planning financial policies and
practices local state and national trends in finance and economy legislative issues
quarterly financial reports and comprehensive annual financial report public
communications and education programs relative to City of Lakeville budget and
finances
Section 2 COMPOSITION TERMS OF OFFICE
A Composition The Finance Committee shall consist of seven 7 members appointed
by the City Council
B Terms The Committee shall be composed of seven 7 members of which at least
six 6 shall be Lakeville residents The Committee Members shall be appointed by
the City Council for a term of three 3 years Members shall serve three year
staggered terms with two or three appointments made annually
C Removal From Office Any member of the Committee may be removed from office
with or without cause by a four fifths vote of the entire City Council
D Any member of the Committee who misses three 3 consecutive Committee
meetings in a calendar year calculated at the end of each calendar year due to
unexcused absences shall automatically be removed from office without City Council
action and the City Administrator shall notify the member of his or her removal
Excused absences include a serious personal or family medical condition death in
immediate family or unanticipated work related commitment
E The staff liaisons to the Committee shall be the City Administrator and Finance
Director
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Section 3 ORGANIZATION AND PROCEDURES
A Organize Election of Officers
1 At the first meeting of the year the Committee shall elect a chairperson and vice
chair No Committee member shall serve more than two 2 consecutive years as
chairperson
2 Terms of all elected offices shall be for one year with eligibility for reelection
B Members of the Committee shall receive no salaries or fees for their services The
Committee may with the consent of the City Council incur expense that is deemed
necessary
C Meetings of the Committee
1 A meeting to be official must have a quorum present Four 4 regular
members shall constitute a quorum
2 All motions must have the majority of votes of those members present to be
deemed approved
3 Meetings to be scheduled monthly unless deemed unnecessary by staff or
chairperson
Section 4 DUTIES
The duties of the Committee shall be to provide advice and recommendations to the
City Council and staff for the following
a Short and long term financial planning to include fees for services structure
and policy and alternative finance methodology Not to include spending or
taxation levels
b Financial policies and practices to include but not limited to fund balance
policy debt management policy and investments policy
c Local state and national trends in finance and economy to include but not
limited to bond markets Federal Reserve and Department of Commerce
d Legislative issues to include but not limited to levy limits and property tax
relief programs
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e Review of quarterly financial reports and Comprehensive Annual Financial
Report
f Public communications and education programs related to budget and City
finances to include but not limited to budget format and public presentations
of the budget
ADOPTED by the City Council of Lakeville Minnesota this 16 day of May 2011
CITY OF LAKEVILLE
BY g1L
Mark Bellows Mayor
U
Charlene Friedges Cityglerk
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