JULY 20, 2015 LAST UPDATED: MONDAY, JULY 20, 2015, 10:58 AM
BY MARK KRULISH
STAFF WRITER |
THE RIDGEWOOD NEWS
Enhancing financial reports for village officials and establishing an audit committee were among the recommendations given to the Ridgewood Council earlier this month by the Financial Advisory Committee (FAC).
During its annual report to the governing body, the group of Ridgewood volunteers tasked with providing the village additional financial oversight presented its submission and fielded questions from council members.
FAC Chairwoman Nancy Johansen suggested that financial reports given to council members and management have a “profit and loss” section similar to what might be seen in a corporate environment. This would help the council track its budgetary expenditures throughout the year to see if the village is trending above or below its budget.
Johansen added the FAC would work with new Chief Financial Officer Bob Rooney on this particular project.
https://www.northjersey.com/news/council-sees-benefits-to-fac-s-recommendations-1.1377459
Another committee ?
Watch out, next thing you know the committee chair will be a full-time administrator with benefits and a pension.
I think we need a $500k study and a non-binding vote on this…
7:28, the FAC was set up in 2013 as a volunteer committee of residents with financial backgrounds to offer feedback on Village finance and budgeting matters. Their advice has helped improved Council oversight of budgetary and contractual negotiations after previous Councils and VMs repeatedly failed to protect the interests of Village property tax payers in CBAs and Village budgets.
Great work being done by the FAC… Taxpayers should all be very grateful that we finally have some informed oversight to help prevent all of the taxpayer giveaways by previous Councils and VMs like the golden toilet, retroactive pay raises for Grabbit, and 4%+ annual public safety wage increases from 2009-15 despite the Great Recession and annual inflation under 2%…