Meet the Finance Committee and its Chair Jim Jenkins
In this series, MyRye.com will introduce readers to the boards and commissions of the City of Rye and the residents who run them. All volunteers, these residents give their time and expertise to keep our city running. The series is intended to bring visibility to what each board and commission does, its priorities and what might prompt a resident or another person or company to interact with the group.
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Meet the Meet the Finance Committee and its Chair Jim Jenkins.
Name of the Board or Commission you chair: City of Rye Finance Committee
Your role: Chair
MyRye.com: What is the charter for your Committee?
Jenkins: The Finance Committee reviews financial policies and procedures, and makes recommendations to improve the fiscal health of The City of Rye. Working with City Staff and the Liaison to the City Council, the Committee evaluates various Capex proposals, and helps prepare financial proposals from City entities.
Looking at 2024, what will be your top initiatives?
Jenkins:
- We look forward to continued cooperation with the management of the boat basin. Basin staff and commission members worked with the Finance Committee to develop a budget and business plan that should provide a blueprint for the next ten years of financial stability. Taking into account differing estimates for silting, cost inflation and other variables, that plan will need updating to enable fair and financially sustainable rate setting.
- Help in preparation of the annual budget and publishing the Citizen’s Update.
- Assist in reviewing the updated 5 year Capital Improvement Plan, as needed.
- We will also take on any analysis or projects that City staff or the Council request help with.
Who is the City Council liaison to your Committee for 2024?
Jenkins: Council member Keith Cunningham is taking over this year as liaison to the Council. For the past several years we worked closely and cooperatively with Ben Stacks. He clearly communicated Council priorities and interests to the Committee, and we look forward to an equally constructive relationship with Keith.
Tell us about the residents or others you interact with at your Committee.
Jenkins: Most of our interaction is with City Staff and Council members, providing financial analysis of specific issues or projects. Our meetings are open to the public, with prior notice given of all meetings. We have occasionally had interested residents drop in, especially when they had particular interest or expertise on a matter under discussion.
When was your Committee chartered by the City of Rye?
Jenkins: The Finance Committee was created by the City Council in 1997 with 7 members appointed. Over time, the Committee has grown to its current complement of 11 members.
Spanning several administrations, different mayors and Councils have requested differing amounts of input from the Committee. Currently, we have an excellent relationship with the City Manager and Controller, who do an excellent job of analyzing and presenting information.
Looking back across 2023, what were your Committee’s top achievements?
Jenkins: In 2023, we spent quite a bit of time making sure the City Budget is clearly and comprehensively presented to residents. The City believes that every taxpayer has a right to understand Rye’s finances, so we publish a budget letter each summer in the Rye Record and other local publications. In addition, the City would like to streamline and make more user friendly the on-line presentation of the City Budget, so interested citizens can easily navigate the document. That’s an ongoing item.
On a project basis, we worked closely with the Boat Basin to make sure that their finances are on sound footing given the current and future need for expensive dredging. In prior years, we helped prepare the Capital Improvement Plan, and helped lay the ground work for raising revenue through issuing a bond. City staff does the lion’s share of the work, and we stand ready to help out as needed.
How much time does your role require in a typical month?
Jenkins: I’m lucky to work with 10 other volunteers on the Finance Committee, so as any individual’s personal or professional demands ebb and flow, we can distribute our work load. From time to time a major project can demand a tight focus, especially when City deadlines are involved. But we always seem to have several Committee members available, usually with the particular expertise we require.
Tell us about you:
Pick one:
Jenkins:
| Select from: | Your Pick: |
| Coke or Pepsi? | Pepsi |
| Regular or diet? | Diet |
| Action movie or rom com? | Action |
| Cook, order in or eat out? | Cook on the Grill |
| Dog, cat or no pet? | 3 Dogs |
| Balsamic vinaigrette or ranch? | BV |
| Ruffles Original, Lay’s Barbeque or Funyuns? | Ruffles Original |
| Still, sparkling or tap? | Tap |
Where do you live in Rye and how many years have you lived in the City?
Jenkins: My wife and I moved to Rye in 1999, and raised two children here. [We] have lived in the same house on Hall’s Lane for 25 years. We raised two children there, and are now empty nesters.
I retired from a long career in commodity trading about ten years ago, and decided to get more involved in City affairs on a volunteer basis. I’ve worked with several mayors and City Councils, as well as numerous volunteers on the Committee. I never fail to be impressed by the energy, talent and civic-mindedness of everyone I’ve worked with. It’s easy to disagree on finances and spending priorities, but I can assure you that everyone involved takes their job seriously, and has Rye’s best interests in mind.
Thank you Jim!
