The City of Madison has announced the formation of a citizen finance committee and will join thousands of communities nationwide that already feature similar groups.
The creation of the committee will improve transparency and increase resident participation in the budgetary process, according to a press release issued by the city.
According to city officials, the announcement of the creation of the finance committee, which appeared earlier in the Lake Oconee News, has led to an overwhelming local response.
City staff and council members have heard from dozens of local businesspeople, bankers, municipal finance experts, and others with extensive experience in economics and finance, all of whom have a simple motivation: to help a city they love.
“I cannot thank those who have communicated their interest in public service enough,” City Manager John Klimm said. “We all know that the financial challenges we face are eminently fixable and that through a concerted effort, Madison will end up in a much better long-term financial position. Our plan is to review local expenditures and study service delivery so that reforms and increased efficiencies can be found. It is obvious that we can continue to improve our operations and implement best practices and cost-saving measures. Businesses do it every day as do families at home.”.
The mission of the Financial Advisory Committee is to assist in forming a long-range financial plan, to review the city’s capital plan and its present and future borrowing schedule, increase transparency, and foster greater accountability in the city's budgetary process.
At a recent council meeting, an independent municipal finance expert conducted a financial analysis, demonstrating that spending patterns over the past decade are unsustainable.
General fund spending had exceeded revenues since, “at least 2011,” which has caused a depletion of the city’s fund balance and jeopardizes the city’s bond rating. Through belt tightening and department reforms the city says it can solidify its financial condition and ultimately witness an improvement in its bond rating.
Members of the committee will be named in several weeks.