The City’s Finance Committee met last night (8/14) to review the first half of the year and to discuss the 2020 budget. Highlights from the meeting include the following:

-Review of income tax collections and projections
-Increase of the State’s gas tax and its local impact
-Capital and debt financing
-The 2020 budget process

In addition, the committee moved to recommend City Council modify purchasing procedures and fiscal policies for based on staff’s recommendations. Changes would include:

-Modify the bidding process to reflect State requirements
-Require Council authorization on expenses over $25,000
-Streamline and implement electronic approval processes for expenditures less than $25,000
-Update General Fund Reserve policy to add a “rainy-day fund” to protect against economic downturn

Both the packet (and supporting documents) and audio from last the Finance Committee meeting has been posted to the website (follow the link – scroll down to Finance Committee)