Finance Committee, 2/20/25

The City of Norman Finance Committee met on February 20, 2025, to discuss the fiscal year 2025-26 budget, focusing on funding requests from various local agencies including the Social and Voluntary Services Committee, Firehouse Arts Center, Cleveland County Historical Museum, Performing Art Studio, and the Norman Music Festival. Notable procurement-related discussions included budget increase requests, such as a 400% increase for the Norman Music Festival to support logistical and staffing needs, and smaller increases for other cultural organizations. The committee also reviewed the status of contracts and audits related to the Norman Economic Development Council, including concerns about political activity and financial reporting. Additionally, the internal auditor presented a draft triennial audit plan covering fiscal years 2025-27, highlighting high-risk areas such as payroll processes, credit card usage, and overtime costs, and discussed the need for additional audit staffing and potential use of third-party auditors. The meeting included considerations of budget constraints, funding sustainability, and internal control improvements, with no final budget decisions made but guidance provided for council consideration.