Title
Approving an update to the Finance and Budget Committee Resolution to change the term from two years to one, removing the Financial Expert requirement, and removing the authorization to hire outside counsel or consultants.
Summary
The committee has transitioned over time and has placed a heavier emphasis on municipal finance and budgeting education, in addition to making a recommendation on the annual budget. In an effort to allow as many people as possible to participate on the board, this amendment provides for a one-year term instead of a two-year term, although City Council may choose to reappoint members to serve up to three consecutive terms, if desired. Also, given the educational nature of the board, this amendment also removes the requirement for a member to be a financial expert and the authorization to hire outside counsel or consultants.
Prior City Council Action
December 6, 2022 Resolution 2009-22-12-06-1059 Amending composition by adding citizen member
Deadline for City Council Action
December 12, 2023
Funding Expected: Revenue __ Expenditure __ N/A _X_
Budgeted Item: Yes __ No __ N/A _X_
Amount: ________
1295 Form Required? Yes __ No _X_
Legal Review Required: N/A _X_ Required __ Date Completed: ___________
Supporting documents attached:
Amended FAB Resolution red-lined
Amended FAB Resolution
Recommended Action
Approve the resolution amending the Finance and Budget Committee term from two years to one, removing the Financial Expert requirement, and removing the authorization to hire outside counsel or consultants.