Finance Committee Meeting May 26, 2020
Highlights:
Proposed 2021-2030 Capital Improvement Plan has been released.
There will be presentations to the Finance Committee on June 8 at 6pm at a special meeting
COVID-19 impact on Fitchburg revenue and budget
Revenue sources, i.e. property taxes, for the city are fairly consistent and not impacted greatly by the pandemic currently.
We take 30% of the hotel tax (70% goes to the Fitchburg Chamber of Commerce). We expect there will be a reduction, but we can adjust the CEDA budget accordingly.
We will see lowed fees from cancelled recreation programs, shelter rentals, and senior programming.
Currently, building rate in Fitchburg is strong and we expect to hit 6% net new construction this year. It's possible we may see a dip in 2021.
We heard the 2019 Audit Review Presentation from the auditors. Fitchburg's finances are in great shape.
Fitchburg has a very strong Aa1 credit rating from Moody's
If you're interested in learning more about Fitchburg's finances, check out the 2019 Comprehensive Annual Financial Report issued by the finance department
What is the Finance Committee?
The Finance Committee is a standing (permanent) committee made up of three alders. They oversee appropriations for expenditures from the City budget and fund accounts, oversees the actions and affairs of the City Treasurer, the Assessor, the Board of Review, the TIF District Advisory Committee, and the Community Development Authority and review all bills and claims submitted. The committee reviews the annual budget, the borrowing of funds, the issuance of revenue bonds, the purchase or lease of real or personal property, the sale of city property, insurance coverage and policies and labor contracts. Additional duties include reviewing the levy or imposition of any tax or forfeiture, the levy of taxes and special assessment and to oversee the disposition of any personal property which has been abandoned or remained unclaimed.