Finance Committee

The Finance Committee consists of 3 Alderpersons and 4 citizens appointed by the Mayor and confirmed by the Common Council, each serving a 1-year term commencing May 1.

Powers and Duties:

The Mayor presents a budget timetable to the Common Council no later than the first Tuesday in May.  Each year, the Mayor, with the assistance of the Director of Administration, Finance Officer, and all other department heads, shall be responsible for the preparation of the City's proposed annual budget, presenting a financial plan for conducting the affairs of the City for the ensuing calendar year, and shall submit same to the Finance Committee for its review and recommendation.  Upon its review of the proposed budget, the Finance Committee shall submit same, together with the Finance Committee's recommendations thereon, to the Common Council for its review and approval. The budget shall include the following information:

1. The expense of conducting each department and activity of the City for the ensuing fiscal year and corresponding items for the current year and last preceding fiscal year, with reasons for increase and decrease recommended as compared with appropriations for the current year.

2. An itemization of all anticipated income of the City from sources other than general property taxes and bonds issued, with a comparative statement of the amounts received by the City from each of the same or similar sources for the last preceding and current fiscal year.

3. An itemization of the amount of money to be raised from general property taxes, which, with income from other sources, will be necessary to meet the proposed expenditures.

4. Such other information as may be required by the Council and State law.

Make a recommendation to the Common Council for all projects referred to them by the Common Council pertaining to finance impact studies and methods of financing.

Procedural Steps for the Finance Committee:

1. Determine if funds are available for the proposed budget in the current budget on the basis of estimated costs of the project.

2. Prepare a financial impact study on the basis of short- and long-term effects of the cost of the project on the debt limitations of the City and the community's ability to meet its obligations when due. Consider the effect of the project on the real estate property tax if the project is to be funded from the general fund rather than by special assessments.

3. Solicit additional input from department heads, boards or committees, as required.

4. Consider and recommend method of financing project.

5. Consider repayment schedules of existing debts and recommend a project start date which will have the least financial impact on the City's debt repayment schedules.

6. Submit recommendations to Council, including method of financing, proposed start date on the basis of available financing and effect of project costs in the City debt to the Council.  If the project is recommended for rejection, submit reasons. 

Members: