Pursuant to the Charter, codified at N.J.S.A.40:69A-123, the
Mayor shall appoint a finance committee of council which may consist
of one or more council members. A Council Finance Committee was initially
formed in 2014, but, is hereby formally established with appointment
authority and purposes stated.
The Finance Committee shall be appointed by the Mayor annually
at the reorganization meeting in January.
The Finance Committee, in cooperation with the CFO, shall:
A. Review,
analyze and make recommendations on the budget prior to its submission
by the Mayor to the entire council for adoption.
B. Assist
in the development of five-year revenue and expenditure forecasts,
which may be associated with the scheduling large capital projects
and purchases and identifying significant changes in the operating
budget of the township.
C. Assist
and advise the Township Council and Administration in establishing
sewer utility rates and user fees.
D. Meet
monthly with the CFO to review the Township's general financial condition
including revenues, expenditures, debt and reserves.
E. Meet
annually with representatives of one or more of the major rating houses
to keep the rating firms informed about the municipality, review factors
that were considered in assigning the Township's most recent bond
rating and identify measures that would improve the rating.
F. Meet
with auditor to review annual audit report. Monitor compliance with
audit recommendations.
G. Review,
analyze and report on other financial issues as may be referred to
the Finance Committee by majority vote of Council.
Nothing herein shall grant any member of the finance committee
supervisory authority over the Municipal CFO, who shall retain statutory
and regulatory authority for the following:
A. Posting
and maintenance of all books of original entry of all funds.
B. Compliance
with N.J.S.A. 40A:2-1 et seq. (Local Bond Law), N.J.S.A. 40A:4-1 et
seq. (Local Budget Law), N.J.S.A. 40A:5-1 et seq. (Fiscal Affairs
Law), N.J.S.A. 40A:11-1 et seq. (Local Public Contracts Law), and
N.J.A.C. 5:30 (Community Affairs).
C. Preparation
of monthly reports of the CFO, Tax Collector and investments.
D. Compliance
with all directives issued by the Department of Community Affairs,
Division of Local Government Services.
E. Compliance
with single audit requirements.
F. Development
of an internal control system to safeguard municipal assets.
G. Supervision
of petty cash and change funds.
H. Preparation
and signing of annual financial statement, annual debt statement,
and supplemental debt statement.
I. Coordination
of bank reconciliations.
J. Custody
of all public funds.
K. End
of year fiscal report of all revenues and expenditures.
L. Supervision
over the maintenance of separate accounts for all municipal budget
appropriations.