City of Alexandria, Virginia
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MEMORANDUM
DATE: DECEMBER 7, 2021
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: MARK. B JINKS, CITY MANAGER /s/
DOCKET TITLE:
TITLE
Consideration of a Resolution Creating an Audit and Finance Subcommittee of City Council. [ROLL-CALL VOTE]
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ISSUE: Consideration of a resolution creating an audit and finance subcommittee of City Council.
RECOMMENDATION: That City Council: (a) approve the attached resolution (Attachment 1) creating a City Council Audit and Finance Subcommittee and (b) eliminate the current Audit Subcommittee and Pension Subcommittee as of the end of 2021.
BACKGROUND: City Council currently has both an Audit Subcommittee and a Pension Subcommittee. The purpose of the Audit Subcommittee has been to provide review and oversight of independent audit and the purpose of the Pension Subcommittee has been to review proposed changes to the City's pension plans. With the upcoming changes to collective bargaining and the potential impact of collective bargaining on salaries and benefits like pension, combining these two committees into one overall Finance Subcommittee and expanding its role to include collective bargaining would allow the ability to consider and review pension, and compensation in a more comprehensive manner.
DISCUSSION: Staff recommends that City Council create an Audit and Finance Subcommittee to review and provide oversight for finance-related policies and practices. The current subcommittees are focused on financial reporting and benefits. Council does not currently have a subcommittee to consider other finance-related policies including tax policy. Adding a tax policy component to this subcommittee would allow Council to integrate their policy direction for employee compensation with the tax policies needed to support changes in compensation. Budget development and policies...
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