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HomeMy WebLinkAboutBack-Up DocumentsCITY OF MIAMI, FLORIDA INTER -OFFICE MEMORANDUM TO: The Honorable Mayor and Members of the City Commission DATE: March 31, 2026 SUBJECT: Finance Committee 2025 Annual Board Report Presentation FROM: James Reyes, City Manager ENCLOSURES: Finance Committee 2025 Annual Board R port Pursuant to City Code Sec. 2-890 (Annual report of City boards and committees), each board chairperson shall submit a written report, approved by the board, to the City Manager setting forth the following information concerning the board: 1. "Whether the board is serving the purpose for which it was created. 2. Whether the board is serving current community needs. 3. A list of the board's major accomplishments. 4. Whether there is any other board, either public or private, which would better serve the function of the board. 5. Whether the ordinance creating the board should be amended to better enable the board to serve the purpose for which it was created. 6. Whether the board's membership requirements should be modified. 7. The cost, both direct and indirect, of maintaining the board." Furthermore, Code Sec. 2-892 stipulates that during the month of March of each year in which a board is to be reviewed, the chairperson shall make an oral presentation, based on the report set forth in Code Sec. 2-892 above. The following board was unable to present on March 12, 2026, and has been rescheduled to make an oral presentation before the City Commission on April 9, 2026: 1. Finance Committee Enclosed -is the annual report listed above. copy of the board -report received -is on file with the City Manager's Office. cc: Todd B. Hannon, City Clerk Miriam Santana, Agenda Coordinator Annual Finance Committee Board Report 2025 Eli Feinberg, Chairman Eric Zichella, Member Munirah J. Daniel, CPA, Member Vacant, District 1 appointee Vacant, District 4 appointee Pierre Toussaint, Member Xavier Alban, Board Attorney Calitza Diaz -Torres, Board Liaison Created on August 9, 1999, the Finance Committee ("Committee") generally meets as necessary. 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. t. 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. it. 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. ttt. A LIST OF THE BOARD'S MAJORACCOMPLISHMENTS: • The Committee reviewed and approved the financing proposal from Motorola for the lease purchase agreement for radios and equipment. • The Committee reviewed the City's outstanding investments on a regular basis. tv. 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: The following seats are currently vacant: District 1 Appointee, District 4 appointee. vn. THE COST, BOTH DIRECT AND INDIRECT OF MAINTAINING THE BOARD. Response: The Committee meets as needed 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.