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MINUTES OF THE FINANCE COMMITTEE NOVEMBER 13, 2023 AUDITORIUM Present: Councilmembers Shachner (Chair), and Bullock lso Present: Councilmembers Marx & Rader, Mayor George, Law Director Vargo, Finance A Director Rancatore, Planning Director Leininger, Assistant Finance Director Schuster Call to Order: 6:12 p.m. Approval of the minutes of the October 30, 2023 meeting of the Finance Committee. Motion made and seconded to approve the minutes. All members voted in favor. Motion passed. Minutes approved. ORDINANCE 18-2023 - AN ORDINANCE to take effect immediately provided it receives the affirmative vote of at least five members of Council, or otherwise to take effect and be in force after the earliest period allowed by law, establishing new st purchasing limits in line with the Ohio Revised Code for the City of Lakewood. (1 nd read & referred to Finance Committee 9/5/23; 2 reading 9/18/23) Chair Shachner introduced a substitute version of the ordinance prepared by the Law Department in response to feedback during and after the most recent Finance Committee meeting regarding Ordinance 18-2023. Motion by Chair Shachner, seconded by Councilmember Bullock to substitute Ordinance 18- 2023 with the version provided by the Law Department. All members voted in favor. Ordinance 18-2023 substituted. Chair Shachner discussed the changes between the original version of Ordinance 18-2023 and the substitute version. The substitute version maintains raising the bidding threshold from $7,500 to $75,000 but eliminates the annual inflation adjustment proposed in the original version. L aw Director Vargo discussed additional changes between the original ordinance and the proposed substitute. Whereas the original ordinance set a $75,000 threshold for both bidding and Board of Control review, the substitute ordinance establishes that contracts above $50,000 and below $75,000 must go before the Board of Control but are not required to go out to bid. Additionally, the substitute version establishes that the Finance Department shall develop specific internal controls for all contracts less than $75,000 and provide a summary of those controls as part of the annual budget, whereby Council may review and ask questions about the controls. Finally, the substitute version requires the Finance Department to submit a monthly report to Council that contains details of all purchases or contracts in amounts up to $50,000, with the 1