FAIRHOPE, Ala. — This year’s budget process will include more input from department heads and the City Council as well as greater transparency, according to comments made this week at the first meeting of the newly formed Financial Advisory Committee.

The committee was formed July 13 at the same meeting when the council passed a resolution requesting Mayor Tim Kant to submit next year’s budget by Sept. 1. The city’s fiscal year starts Oct. 1.

“This is one of the most important committees that the council has formed this year,” Councilman Lonnie Mixon said during Wednesday’s meeting. “Our efforts will dovetail with what the mayor did a month ago to open the books on city finances. This will make our system totally transparent.”

The committee consists of Kant, the council and several local business persons, accountants and lawyers.

“The mission of the Finance Advisory Committee is to investigate and analyze all aspects of city finances including assets and liabilities, income and expenditures, and cash flow,” a document handed out at Wednesday’s meeting stated. “Special emphasis shall be placed on current and future potential debt, and upon future potential investments in large assets. After investigation and analysis, the Finance Advisory Committee shall make appropriate recommendations to the City Council, taking into consideration the recommendations of the Strategic Planning (Steering) Committee.”

The committee heard from administration officials who said department heads are preparing their own budgets for the first time this year, which will be organized by Rose Fogarty, financial reporting manager, and then reviewed by City Administrator Gregg Mims and Administrative Superintendent James Gillespie.

Kant said he will present the administration’s budget during a press conference on Aug. 17.

The committee decided to schedule several meetings in late August for city managers to discuss their own budgets with the committee.

“I definitely see this group as having a longer-term focus and not mainly to scrutinize monthly financial records,” said Chuck Zunk, the committee’s chairman. “But we need to start with where we are.”

The committee’s next meeting is at 4 p.m., Aug. 26, in the mayor’s conference room.