Finance Commission

12/8/2020 - Minutes I. Call to Order Members Present: Matt Francis, Maurice Matte, Steven Berbeco, Susan Eddy, Jean Szilva City Staff Present: Mayor Kristine Lott, City Manager Jesse Baker, Finance Director Angela Aldieri, Finance staff Alex Anastasi-Hill Guests Present: None Call to Order by: Stephen Berbeco Meeting Start Time: 5:32 PM Minutes Recorded by: Susan Eddy II. Public Comment None. III. Approve Previous Meeting Minutes Decision: Approved Motion by: Susan Eddy Second: Matt Francis IV. Discussion: Finance Policy/Procedure List City staff presented the list of policies and procedures currently in place and in the process of being completed. FC gained an understanding of the process and methodology city staff uses to create the policies and procedures. VCLT and GASB standards are incorporated whenever possible. If a proposed policy or procedure deviates from those guidelines a legal review will be conducted. The FC will review and recommend policies and procedures for approval by Council as they are drafted. Priorities currently include the Investment Policy and Financial Reserve policy. Mayor Lott relayed that Council suggested that the Capital Improvement policy and adding a Debt Policy should also be prioritized. FC agreed. V. Discussion/Approval: TIF Policy Decision: Approved Motion by: Jean Szilva Second: Matt Francis City staff presented the TIF District Policy to the FC for review. Except for one grammatical error to correct, the FC approved the motion to recommend the policy to Council. VI. Discussion: FY22 Budget Update City Manager Baker gave the FC an abbreviated version of the budget presentation she made to Council the previous night. VII. Discussion: Business Supports  VI. Discussion: FY22 Budget Update City Manager Baker gave the FC an abbreviated version of the budget presentation she made to Council the previous night. VII. Discussion: Business Supports City staff provided FC with the Economic Vitality Goal Update from 10.29.2019 to provide additional information regarding our discussion last month regarding the Economic Vitality Section of the Master Plan. VIII. Adjourn Motion by: Jean Szilva Second: Matt Francis Meeting End Time 6:23 PM