Editor's Note: Ord. No. 1625 §1, adopted 1-21-1997, repealed Ch. 143 in its entirety without provisions for replacement. The former chapter derived from Ord. No. 1207, 2-26-1991. Subsequently, Ord. No. 1925, adopted 1-2-2001, was set out in this chapter.
[Ord. No. 2505 §2, 10-12-2009]
A Finance/Audit Committee to monitor revenues, expenditures and budget compliance of the City is hereby established. This Committee will oversee the auditing of the City's financial records and shall review and comment on the annual audit prior to a presentation to the Board of Aldermen. The Committee shall consist of the Mayor and one Alderman from each ward, nominated by the Mayor and approved by the Board of Aldermen. The Chairman shall be chosen from the members of the Committee and will be a signatory for the City.
Editor's Note: Section 1 of this ordinance also repealed former Ch. 143, Audit Committee, adopted 1-2-2001 by Ord. No. 1925 §§1—3.
[Ord. No. 2505 §3, 10-12-2009; Ord. No. 2802 §1, 3-3-2015]
The Finance/Audit Committee shall hear staff financial reports and funding requests, compare actual revenues and expenses to the budget and financial projections, recommend approval or denial of funding requests to the Board of Aldermen and alert the Board of Aldermen in a timely manner regarding any budget compliance issues or other financial concerns. The Finance/Audit Committee shall work with staff as needed to prepare the upcoming year's budget.
[Ord. No. 2505 §4, 10-12-2009]
The Vice Chair, who will also be appointed by the Committee, will act as Chairman and serve as a signatory for the City in the absence of the Chairman.
[Ord. No. 2505 §5, 10-12-2009]
Finance/Audit Committee members shall serve for one year beginning May 1 of each year or until replaced by the Mayor and Board of Aldermen.
[Ord. No. 2505 §6, 10-12-2009; Ord. No. 2636 §1, 5-1-2012; Ord. No. 2802 §2, 3-3-2015]
The Finance/Audit Committee shall meet as necessary at times determined by the Chair or Vice Chair.