RESOLUTION NO. 2024-12-444 A RESOLUTION OF THE CITY OF LYNN HAVEN, FLORIDA; AMENDING RESOLUTION 2022-08-385; EXPANDING THE DUTIES OF THE FINANCE REVIEW COMMITTEE; PROVIDING AN EFFECTIVE DATE; AND PROVIDING FOR DISSOLUTION OF THE COMMITTEE. WHEREAS, on May 25, 2021, the City Commission gave approval to establish a Committee for the purpose of reviewing the City's debt to ensure that such debt obligations attained under the governance and guidance of Federal and State laws and the City's Charter, ordinances and resolutions, are issued and administered in such fashion as to obtain thel best long- term financial advantage to the City and its residents, while making every effort to maintain and improve the City's bond ratings and reputation in the investment community; and WHEREAS, on August 9, 2022, the City Commission expanded the duties oft the Debt Review Committee to include reviewing the City's annual budget proposals; thereby converting the Debt Review Committee to a Finance Review Committee; and WHEREAS, the City Commission desires to continue the Finance Review Committee NOW THEREFORE BEI IT RESOLVED by the City Commission oft the City ofLynn SECTION 1. The City ofl Lynn Haven Finance Review Committee (the "Committee") shall review the City's existing debt and annual budget proposals and make recommendations and confirm its duties for FY: 24-25. Haven, Florida as follows: to the City Commission. SECTION2. The Committee shall meet during budget season and wheneveri requested or needed by staff or the Commission and make recommendations to the City Commission. This Committee shall be considered an ad hoc Committee and not a standing Committee or Board of the City. SECTION 3. The Committee shall consist of the seven (7) members previously appointed by the Commission pursuant to Resolution 2021-06-358. AICommission: appointed members shall reside within the boundaries of the City of Lynn Haven, Florida, be registered City ofLynn Haven voters, and subject to a background check. All Commission appointed members shall serve without compensation. The City Manager and thel Deputy Finance Director shall also serve on the Committee as non-voting members. SECTION 4. The five Commission appointed members of the Committee serve at the pleasure of the City Commission and may be removed from the Committee by a majority vote of the Commission, with or without cause. If the position of a member becomes vacant for any reason, the City Commission shall appoint another qualified person to serve the unexpired term ofthe vacated position. SECTION 5. Committee by-laws. The following by-laws of the Committee are hereby adopted, which shall be a rule and guide to the conduct ofthe Committee meetings and business: A. Duties. Iti is thei responsibility oft the Committee toi identify and review the debt ofthe City, look for debt savings opportunities, and make recommendations regarding the possible restructuring of debt obligations t, consider cost saving measures to reduce ore eliminate any possible deficit in annual budget proposals, and review utility rates and Stormwater Assessment fees as needed. Upon completion of its review, the Committee shall forward its analysis and any recommendations to the City Manager forj presentation tot the Commission on or before the: finall budget hearing fort the: fiscal year. The Committee shall perform such other review as is requested by the B. Officers. The Committee shall continue with its selected chairperson and vice- chairperson from the Debt Review Committee, unless the Finance Review Committee finds it necessary to replace or change appointments of the chairperson and vice-chairperson. The chairperson or, in his/her absence, the vice-chairperson C. Terms. The Committee shall meet at least quarterly and as often as needed during the budget season. Notice of all meetings shall be published on the City's website by the City Manager (or designee) at least forty-eight (48) hours prior to the date of D. No business shall be conducted without a quorum, which shall consist ofar majority ofthe members oft the Committee, which shall always include either the chairperson Robert's Rules of Order will be used as a guide to dictate Committee meeting Official minutes will be taken and prepared by the City Manager (or designee). Any reports and recommendations ofthe Committee willl be prepared by the City Manager G. Ethics Training. City staff and City Attorney shall provide initial orientation and SECTION 5. Effective Date. This Resolution shall be effective immediately upon SECTION 6. Dissolution. The Committee shall automatically dissolve upon the adoption of the Fiscal Year 2024-2025 annual budget, unless further extended by the City Commission or the Mayor. shall preside at all Committee meetings. each meeting. orv vice-chairperson. All meetings shall be open to the public. E. F. decorum. (or designee) upon direction ofai majority oft the Committee. ethics training in accordance with State law. passage. Commission. PASSED AND ADOPTED this loh day of OeroMbe 2024, by the LYNN. HAVEN CITY COMMISSION meeting ini regular session. CITY OF LYNN HAVEN, FLORIDA ATTEST: lobi Vickie Gainer, City 4 Be