HomeMy WebLinkAboutItem 04City of Lakeville
Finance Department
Memorandum
To: Mayor and Council
Justin Miller, City Administrator
From: Jerilyn Erickson, Finance Director
Date: April 24, 2017
Subject: Finance Committee 2017 Work Plan
The City Council discussed the role of the Finance Committee at their 07/27/2015 workshop.
At that time, the Council was comfortable with the Finance Committee duties as stated in the
resolution which established the committee. Attached is a copy of the resolution. Council
members reiterated that they (the Council) are the policy making body and that the Finance
Committee is there to support the Finance and Administration departments by offering their
thoughts and perspectives.
Recently, the concept of establishing a work plan for the Finance Committee which would
identify the specific topics that the Council would like the committee to provide
feedback/input during the current calendar year was proposed.
Currently, Staff has identified and scheduled the following topics for upcoming Finance
Committee meetings:
1) Debt Service Strategy
2) Park Dedication Fees
3) Sell/Lease Back Options
4) Utility Rate Study
Council Direction
Staff is seeking feedback regarding the establishment of a work plan and any specific topics
they would like staff to present to and seek feedback/input from the Finance Committee.
Attachment:
1) Resolution Establishing a Finance Committee (Res #11-46, 05/16/2011)
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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