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.