Audit & Finance Committee 6/24/26

The City of Independence, Missouri Audit & Finance Committee met on June 24, 2026, to discuss several financial and risk management topics. Key procurement-related discussions included updates on the city's risk management and workers' compensation programs, highlighting increasing costs and the need for improved safety training and injury reporting processes. The committee reviewed proposed updates to the city's investment policy to align with Missouri state statutes, including the addition of commercial paper as an investment option, which was supported without requiring a formal vote. Additionally, the committee received a presentation on proposed changes to the utility payment convenience fees, considering options to shift from flat fees to percentage-based fees, with feedback sought before finalizing recommendations to city council. The meeting also covered reserve policies for risk management and workers' compensation funds, financial performance updates including significant revenues from bond issuance related to a data center, and ongoing projects such as centralized fueling and rental inspection processes. No formal votes on procurement contracts were recorded, but several action items related to policy updates and vendor fee structures were discussed for future council consideration.