Finance Committee, 12/19/24

The City of Norman's Finance Committee met on December 19, 2024, to discuss the use of Center City Tax Increment Finance District funds for alleyway infrastructure repairs. The committee reviewed an Urban Design and Implementation Plan, including cost estimates of approximately $500,000 to improve five unpaved alleys in the Center City area. The current fund balance of about $5.3 million was noted as sufficient to cover these improvements. The committee expressed support for moving forward with bidding and contract award processes, targeting a council approval in March 2025. Additionally, the internal auditor provided an update on new internal audit standards effective January 2025, emphasizing compliance, transparency, and coordination with other assurance providers. The meeting also included a brief financial update on sales tax trends and the Westwood fund's revenue challenges due to weather impacts. No formal votes were recorded, but there was consensus to proceed with alleyway improvements and continued audit function enhancements.