Budget, Finance & Economic Development (BFED) Committee

Summary

Meeting Overview

The Budget, Finance, and Economic Development Committee met on November 19, 2024, with the Vice Mayor presiding. The meeting covered two agenda items, both informational in nature: a Quarter 2 FY 2025 Financial Update and an Annual Comprehensive Financial Review. Across the course of the meeting, three motions and votes were taken. No public comments were heard during the session.

Attendance

The following members were present at the January 21, 2025 Committee meeting:

• Councilmember Brown
• Councilmember Ellinger
• Council Member Savigny

No members were absent or late.

Votes and Decisions

The committee took three votes during the January 21, 2025 meeting, all of which passed by voice vote. No roll call votes were recorded, and no individual vote counts were available for any of the motions.

• Election of Chair 0:02: The committee voted to elect Councilmember Brown as chair of the Budget, Finance, and Economic Development (BFED) Committee. The motion passed by voice vote.

• Approval of November 19, 2024 Committee Summary 0:03: The committee voted to approve the summary from its previous meeting held on November 19, 2024. The motion passed by voice vote.

• Removal of Items 21 and 22 from the Committee Referral List 0:44: The committee voted to remove items 21 and 22 from the committee referral list. The motion passed by voice vote.

Appointments

The committee took action on two appointments during the January 21, 2025 meeting.

• Councilmember Brown was appointed to the Budget, Finance, and Economic Development Committee.
• Councilmember Ellinger was appointed as Vice Chair of the Budget, Finance, and Economic Development Committee.

Quarter 2 FY 2025 Financial Update

3:20

Commissioner Hensley and Director Holbrook presented the financial update for the second quarter of Fiscal Year 2025, covering revenues, expenses, and overall budget performance.

The presentation was informational in nature. No additional details regarding specific revenue figures, expense line items, budget variances, or concerns raised during the discussion are available in the provided materials.

Annual Comprehensive Financial Review

23:17

Representatives from Crossland presented the Annual Comprehensive Financial Report (ACFR) to the Committee at the January 21, 2025 meeting. The presentation was delivered by John Crossland and Jacob Smith, who walked the Committee through the audit process and its results.

The presenters confirmed that the audit resulted in an unmodified opinion, which is the highest level of assurance an auditor can issue, indicating that the financial statements were found to be free of material misstatement and presented fairly in accordance with applicable accounting standards.

The item was informational in nature, and no vote or formal action was taken as a result of the presentation.