The purpose of the Finance Committee is to provide independent
fiscal oversight, which includes budgeting and financial planning,
financial reporting, and the creation and monitoring of internal controls
and accountability policies. In addition, the Committee is to oversee
the selection of independent auditors and is to provide a forum separate
from management in which auditors and other interested parties may
candidly discuss concerns.
The Committee shall be responsible to:
A. Provide direction for Council regarding fiscal responsibility.
B. Regularly review the City's revenues and expenditures, balance
sheet, investments and other matters related to the City's continued
solvency.
C. Assist in the development of and approve the annual budget and submit
it to Council for approval.
D. Ensure the maintenance of an appropriate capital structure.
E. Oversee the maintenance of City assets, including prudent management
of investments.
F. Ensure that policies and procedures for financial transactions are
documented, reviewed and updated as necessary, and ensure that such
policies are being followed.
G. Recommend to Council an independent firm of certified public accountants
qualified to perform the annual audit of the City.
H. Analyze and report to Council significant findings in the annual
audit report and make recommendations regarding such findings.
I. Make recommendations, if any, to Council, regarding the following
financial documents:
(1) Annual financial statements.
(2) Management letter submitted by the independent auditor.
(3) Response to management letter submitted by City staff.
J. Review component unit information as necessary in relation to the
City's annual financial report and make recommendations to Council.
K. Perform similar duties for the City's pension committees, if
requested to do so by such committees.
The Committee shall submit copies of the minutes of its meetings
to City Council. Reports or recommendations of the Committee shall
be considered advisory in nature and shall not be considered binding
on the Mayor or City Council or on any of the City's pension
committees.