RESOLUTION No
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RICHMOND CALIFORNIA,
ESTABLISHING A FINANCE COMMITTEE TO ANALYZE THE CITY BUDGET AND OTHER
IMPORTANT FISCAL DECISIONS
______________________________________________________________________________________ WHEREAS, the City of Richmond, California has a responsibility to manage its finances effectively and efficiently; and
WHEREAS, the City Council recognizes the importance of transparency and public input in the budgeting process; and
WHEREAS, the current capacity of the City Council does not adequately allow for its members to sufficiently analyze and engage with complex financial decisions; and WHEREAS, the establishment of a Finance Committee will enable the City Council to receive additional expert advice and analysis on important fiscal decisions; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Richmond, California as follows:
1. A Finance Committee shall be re-established to provide expert advice and analysis on important fiscal decisions affecting the City.
2. The Finance Committee shall be comprised of the Mayor and 2 City Council members, to be appointed by the Mayor
3. The Finance Committee shall have a staff person to support this work under the Office of the Mayor and answer to both the Mayor and City Council
4. The Finance Committee’s support staff will work in close collaboration with city staff, particularly with city’s Finance Department, and city staff will work with this staff person to provide any information to perform supplemental financial analysis in a timely manner
BE IT FURTHER RESOLVED that The Finance Committee shall have the following responsibilities:
a. Follow City Council’s direction in budget priorities and analyze the City budget and make recommendations to the City Council on areas for improvement and potential cost savings.
b. Review proposed contracts, grants, and other financial agreements, and provide recommendations to the City Council.
c. Conduct research and analysis on important fiscal issues affecting the City, and provide reports and recommendations to the City Council.
BE IT FURTHER RESOLVED that
1. The Finance Committee shall meet on a regular basis, as determined by the Committee members.
2. The Finance Committee shall provide regular reports to the City Council on its activities and recommendations.
3. The City Council shall provide the necessary resources, direction, and support to enable the Finance Committee to fulfill its responsibilities.
4. This resolution shall take effect immediately upon adoption.
BE IT FURTHER RESOLVED that the Finance Committee will be constituted to start functioning a month after this resolution is passed by a majority of the City Council. ************************************************************************************* DATED: February 21st, 2023