HomeMy WebLinkAboutFinance CommitteeCITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
TO: Arthur Noriega, City Manager DATE: January 15, 2022
CC: Todd Hannon, City Clerk
Signed on behalf of Eli Fienberg
FROM: Eli Fienberg, Chairman
Diaz -Torres, Torres, DigitallyCalitza signed by Diaz-
Calitza Date:2022.01.18
16:30:38 -05'00'
SUBJECT: Finance Committee Annual Report
REFERENCES:
Pursuant to City Code Sec. 2-890, please find attached the 2021 Annual Report for the Finance
Committee.
Annual Finance Committee
Board Report 2021
Eli Feinberg, Chairman
Eric Zichella, Member
Erica Paschal, CPA, Member
Fausto Alvarez, CPA, Member
Elsa Pelaez-Lopez, CPA, Member
Lynda Harris, Member
Hardy Katz, Member
Xavier Alban, Board Attorney
Calitza Diaz -Torres, Board Liaison
Created on August 9, 1999, the Finance Committee ("Committee") generally meets every month. During
this past year of the ongoing COVID-19 pandemic, the Committee was able to meet in person several
times when quorum was established. The Committee concerns itself with matters that may have a
financial impact on the City of Miami ("City"). Over the past several years, the Finance Committee
members have served on City procurement evaluation and selection committees, commented on
proposed debt financings and budgets of the City, and made valuable recommendations, many of which
have been implemented by the City Commission and the Administration.
I. WHETHER THE BOARD IS SERVING THE PURPOSE FOR WHICH IT WAS CREATED?
Response: Yes, the Committee actively works with the City's Administration to review and enhance the
City's financial related policies. The Committee also reviewed and made recommendations on all long-
term indebtedness, and on the City's investment practices. Collectively, these contributions have
enhanced the City's financial policies.
II. WHETHER THE BOARD IS SERVING CURRENT COMMUNITYNEEDS?
Response: Working collaboratively with the City's Administration and elected officials, the Committee
has strengthened the City's oversight and management of its investments and debts, which in turn serves
the community's needs. The Committee's input has minimized risk and exposure, while maintaining
principal funding, and improving returns on investments in accordance with the City's Financial Integrity
Principles and Anti -Deficiency Act.
III. A LIST OF THE BOARD'S MAJORACCOMPLISHMENTS:
• The Committee was provided information regarding an amendment to the
Lease/Purchase Master Financing Agreement ("Lease/Purchase Agreement") with
Santander Bank approved by the City Commission and plans for the City to draw
additional funds for City vehicle purchases. The Administration updated the
Committee regarding the third draw of the Lease Purchase Agreement with
Santander Bank for approximately $9.77 million.
• The Committee approved the financing of the City of Miami, Florida
Non -Ad Valorem Special Obligation Revenue Bond, Series 2021 (FPL Undergrounding
Project) for $24,435,000.00
• The Committee reviewed the City's outstanding investments on a regular basis.
• The Committee discussed financial matters; reviewed the City's budget and audit
reports; and provided recommendations to the Administration.
IV. WHETHER THERE IS ANY OTHER BOARD, EITHER PUBLIC OR PRIVATE, WHICH
COULD SERVE THE FUNCTION OF THE BOARD?
Response: Not currently.
V. WHETHER THE ORDINANCE CREATING THE BOARD SHOULD BE AMENDED TO
BETTER ENABLE THE BOARD TO SERVE THE PURPOSE FOR WHICH IT WAS CREATED ?
Response: Not at this time.
VI. WHETHER THE BOARD'S MEMBERSHIP REQUIREMENTS SHOULD BE MODIFIED ?
Response: Not at this time, pending District 5 appointee.
VII. THE COST, BOTH DIRECT AND INDIRECT OF MAINTAINING THE BOARD.
Response: The Committee meets monthly for approximately two hours. At times, they have met with
short notice at the request of the administration to review items. Their review, recommendations, ideas,
input, service, and accomplishments exceedingly outweigh any costs to the City. Moreover, their
leadership has led to contributions which have financially benefited the City.
Additionally, the Committee members often volunteer their time and participate on procurement
evaluation selection committees. The City's procurement process is enhanced by the members' broad,
diverse, extensive knowledge and experience.
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