Note: The meeting transcript references Thursday, May 7, 2026, while the provided date is May 8, 2026. This summary uses the provided date but notes the discrepancy.
The Taxation Revenue and Utilization of Expenditures (TRUE) Commission met in two sessions: a Spending Committee meeting (2:00–4:29 PM) and a Full Commission meeting (4:30 PM onward). The Spending Committee focused on understanding the city's quarterly financial reporting process, while the Full Commission received audit reports, heard public comment, discussed bylaw amendments, and addressed member attendance issues.
We will call them meeting of the spending committee of the taxation revenue and utilization of expenditures commission. That committee will have until 429 to conduct any business. And we have you on the full commission agenda. So we'll kind of use this time maybe to kind of do some brainstorming. So all right. So there are no presentations today. Is that something I'm gonna have to call the mayor's office or the I mean the uh finance department? Chair, yeah, I yes, I would uh so y'all don't prepare a variance report. No, sir. You just simply evaluate and audit the statements that are are presented. Evaluate in this case review, it's a it's it's not doesn't fall to the level of an audit, but it can't review those. So the uh review that you conduct on a quarterly basis, it is uh those are financial statements that are prepared by the finance department. That's that's correct, okay. And those financial statements do they conform to the format of the budget or do they conform to the format of the ACFR? To the budget. The budget it's it's it's it's the cash, it's a basically it's a mostly it's a cash basis statement. So you would have you would have original budget or revised budget in whichever case it be actual expenditures projections and a variance or the positive or so if we're for instance and so you're in the process of reviewing quarterly financial statements for the city. Is that correct? That's correct. We're in the current fiscal year. We're in the process of reviewing the second quarter of this current fiscal year. Okay, so we march 30 years. So the budget that was approved last September. We have the uh financial statements that were reviewed by your office and as of December 31st of 2025 2025, and you were in the process of reviewing the financial statements for the quarter ending March 31st, 2026. That's correct. And what would be the status of that review? By ordinance, we have to um have the have the review completed and report issued by the 15th of May. So a week from Friday. So we will have that information available by the June meeting. Yes, and well it'll it'll of course it'll go out, and then I th I believe Pauline forwards the reports to you guys, maybe um anyway. It'll be it'll be posted, yes. All right, and and just there anywhere that the city budget is in an Excel spreadsheet, or is it all in hard copy? Would with the finance department prepare it in an Excel spreadsheet? It's uh it's it's in a it's not an well, yes, it's it's uh excel spreadsheet format, I believe. Okay, all right. So I'm gonna start there. Can you please request the uh budget for fiscal year 2026 that was approved by city council in September of 2025 from the finance department and then so the report that they submit submitted at the end of December, it should match the format of the actual approved budget, or is it gonna be in the format of the ACFR? It's gonna be in the in the uh quarterly summary format. Um, which doesn't match the budget. Well, it'll agree to it. It's just in a different a little bit different format. You've got balance sheet information at the top, and then you have uh income statement information in the middle. So they they provide you with their with the budget, and then they provide you with the financial statements for the quarter end. Well, what what does this what is the finance department send to the council auditory's office? What they send is um don't have copy of the uh quarterly summary, but what they send us, and it's a uh for example, it'd be one a department would be on one sheet of basic paper. Uh, but it's a it's uh it's in an Excel spreadsheet. When you print it out, it's just one page for each department for each department. Uh sheriff's office might be two, you know, as big as they are. However, um, on the first the top of each page of the quarterly summary, the financials, um, is balance sheet information. Now that wouldn't be in the budget because budget is not balance sheet information, it's just expenditures and revenues.