Finance Committee, 3/20/25

The City of Norman's Finance Committee met on March 20, 2025, primarily to discuss the internal audit strategy for fiscal year 2025-2030. The City Auditor presented a detailed plan focusing on enhancing the internal audit function, including expanding audit coverage, improving industry standing, and implementing audit case management software. Key procurement-related topics included the ongoing negotiation for audit case management software, plans to potentially increase audit staff from one to three by fiscal year 2030, and the development of a citywide fraud training program. The auditor also outlined the triennial audit plan, prioritizing audits based on risk and management feedback, with current audits including overtime usage and credit card process audits. The committee discussed budget constraints impacting hiring and audit capacity, with an emphasis on cost-effective audit recommendations and leveraging internal subject matter experts to reduce reliance on external contractors. Additionally, monthly revenue and expenditure reports were reviewed, noting a slight decline in sales tax revenue projections for FY 2026 and ongoing budget adjustments. No contract awards or vendor selections were finalized during this meeting, but the discussions set the stage for future procurement and budget decisions related to internal audit resources and software.