City of Reno
Nevada

Staff Report
6792

Staff Report (For Possible Action): Presentation, discussion, potential approval and direction to staff on the annual report of the Financial Advisory Board.

Information

Department:FinanceSponsors:
Category:Status Update

Recommendation and Proposed Motion

Recommendation:  The Financial Advisory Board recommends Council accept and approve this report or modify, as necessary, to assign other projects to the Board.

 

Proposed Motion:  I move to approve the Financial Advisory Board's FY15/16 Annual Report and FY16/17 Work Plan.

Staff Report Formal Body

Summary: The Financial Advisory Board (FAB) Chair is required to file and submit an annual report for City Council’s approval.  The FAB recommends Council approve the Fiscal Year (FY) 15/16 report, as submitted, and approve (with or without modifications) the Board’s proposed work plan for FY16/17.

 

DiscussionThe FAB, as required by RMC 2.08.380 to 2.08.476, serves in an advisory capacity to the Reno City Council and City administration. The FAB reviews current policies and procedures relating to City finances and makes recommendations for improving the City’s financial condition.  It consists of 11 members who are appointed by the Council to carry out the following duties:

·         Based upon financial considerations, review and evaluate any program or proposal for long and short-term financial consequences that the City Council requests. The Board is expected to assess alternatives to make appropriate recommendations to the City Council.

·         Review and evaluate the City's investment policy, debt management policy, and any other fiscal policies, and recommend changes to the City Council.

·         Analyze the City’s financial condition through review of the comprehensive annual financial report, budget document and revenue estimating procedures, and make recommendations for improvement.

·         As the need arises, provide expertise and assist in the internal audits of city departments, including review of audit work plans and final audit reports.

·         Review sale of bonds.

·         Perform other such duties as may be assigned to the Board by the City Council.

The FAB is also required to submit an annual report to City Council that includes: (1) a work plan and schedule for undertaking and completing tasks or projects which Council has assigned the Board; (2) a list of specific projects, studies or initiatives the Board proposes to undertake during the coming fiscal year and which may require staff assistance to undertake and complete, with a justification for each; and (3) a summary of the work of the Board during the past fiscal year.

 

The previous report submitted by the FAB covered the Board’s activities from July 2014 through June 2015.  The attached report reflects the Board’s activities from July 2015 through June 2016, and includes projects the FAB proposes to undertake in FY16/17.  A member of the FAB will present this agenda item to the Council.             

 

Financial Implications: None at this time.

 

Legal Implications: Pursuant to RMC 2.08.472, the chair of the FAB shall file an annual report for City Council’s review and approval.

 

Meeting History

Jul 27, 2016 10:00 AM Video Reno City Council & Redevelopment Agency Board Joint Regular

Teela McCullar, Chair of the Financial Advisory Board, presented the report.

RESULT:APPROVED [UNANIMOUS]
MOVER:Paul McKenzie, Councilmember
SECONDER:Naomi Duerr, Councilmember
AYES:Hillary Schieve, Jenny Brekhus, Naomi Duerr, Oscar Delgado, Paul McKenzie, Neoma Jardon
ABSENT:David Bobzien