Budget, Finance and Economic Development Committee

Budget, Finance and Economic Development Committee, to which shall be referred matters relating to the department of finance and its divisions, and any related partner agencies, including capital projects, the urban county courts and constitutional officers, fiscal operations of the government, revenues and expenditures of the government, and organization changes which affect the fiscal operations of the government (consideration limited to operational aspects only) and to which shall be referred matters relating to economic development and related partner agencies. Additionally, this committee shall review the final audit report and management letter of the accounting firm recommended by the mayor and selected by the council to conduct the annual financial audit of the urban county government and shall report its findings concerning the same to the mayor and council for appropriate action.

An overview of the types of items in this committee is below:

• Monthly/quarterly financial update (monthly included for information only)
• CAFR (Comprehensive Annual Financial Report), annually in January
• Lexington economic outlook and occupational tax forecast, annually in January
• Fund balance discussion, annually in October (usually becomes a COW)
• Council budget review, annually in November or December
• Lexington JOBS fund, annual update
• Industrial Development Authority, annual update
• Economic Development Partnerships, annual update
• Report out presentations from any subcommittee, workgroup or task force created by this committee
• Other items considered by this committee
  • All matters relating to the Department of Finance and its divisions and any related partner agencies, including capital projects
  • Urban County Courts and Constitutional offices
  • Fiscal operations of the government
  • Revenues and expenditures of the government
  • Organizational changes which affect fiscal operations of the government (consideration limited to operational aspects only)
  • All matters related to economic development and related partner agencies