Finance Committee 9/17/26

The City of Norman's Finance Committee met on September 17, 2026, to discuss several key financial and procurement-related topics. The meeting included an introduction of Forvis LLC auditors who outlined the upcoming audit process, focusing on compliance with federal grants and internal controls. The auditors emphasized significant risk areas such as management override of controls and revenue recognition. The committee also reviewed the fiscal year 2028 budget calendar, detailing key dates for capital budget discussions, departmental budget submissions, and council study sessions. Members expressed interest in incorporating risk assessments into budget prioritization to better inform funding decisions. Additionally, the committee received a fiscal year 2026 budget closeout report highlighting revenues, expenditures, fund balances, and projections, including potential FEMA reimbursements and ARPA funding impacts. Monthly revenue and expenditure reports were reviewed, noting strong sales tax and franchise fee collections, with inquiries about licensing revenue increases and the impact of tax increment financing (TIF) districts. The meeting underscored the importance of transparent budget processes and audit oversight to guide future spending and procurement decisions.