February 21, 2023
Mayor's Office
DATE: February 21, 2023
TO: Mayor Martinez and Members of the City Council
FROM:
Mayor Martinez
Subject:
Finance Committee and Support Staff
FINANCIAL IMPACT: Additional staff salary to be added to the Mayor’s Budget in the amount allowing the hiring of a Senior Assistant to the Mayor:
Salary range:
Monthly $7,516-$9,089
Yearly $90,192 – $109,068
PREVIOUS COUNCIL
ACTION:
RESOLUTION NO. 7-15 on January 20, 2015
STATEMENT OF THE
ISSUE:
Creation of the Finance Committee and the hiring of a
Senior Assistant to the Mayor to support the committee in analyzing past, present, and projected budgets,
investigating new revenue enhancements, and other
relevant data research and analysis.
RECOMMENDED ACTION:
APPROVE the creation of the Finance Committee and
the hiring of the one staff person within the Mayor’s
Office to support the Finance Committee. The deadline to create the Finance committee that includes the City staff will be March 21, 2023 – Mayor’s Office (Mayor Eduardo
Martinez 510-620-6503).
AGENDA
REPORT
February 21, 2023
DISCUSSION:
The City Council is ultimately responsible for approval of the municipal budget and other complex financial decisions that impact the city’s fiscal health. To better understand the City's finances—and what decisions and policies should be implemented to have a sustainable fiscal outlook—the City Council should have a structure that allows for a deeper analysis of the decisions to be made regarding the City's budget.
A Finance Committee is a structure that would enable the City Council to better engage in detailed discussions about finances and provide more transparency to its constituents. The City of Richmond had a Finance Committee made up of the Mayor and two members of the City Council, which was disbanded on January 20, 2015.
The proposal is to recreate a finance committee that will have a staff member to support committee members and the city council in analyzing past, present, and projected budgets, investigating new revenue enhancements, and other relevant data research and analysis.
The City was recently audited by the State. Although the City's overall Richmond Fiscal Risk Indicators have improved from high risk to moderate risk, the City needs to address the areas where the City remains at high risk. Some of the areas are OPEB and pension funds. It is important that the City Council begin to look at these and other financial issues in order to make improvements toward healthy City finances in order to provide adequate services to Richmond residents. Creating the Finance Committee with a dedicated staff member will add capacity and provide analysis that will enable City Council to make informed and data-driven decisions. As the City is beginning budget discussions for the 2023-2024 fiscal year, it is imperative that the Finance Committee be created, and staff hired, by March 21, 2023.
DOCUMENTS ATTACHED:
Attachment 1 – Resolution
Attachment 2 – City of Richmond Job Description
Attachment 3 – City of Richmond Salary Schedule