The following subcommittee is hereby established to assist the Town Council in furtherance of its official duties and responsibility as established by the Cumberland Home Rule Charter.
[Ord. No. 96-14, § 1, 6-5-1996]
There shall be established a finance subcommittee organized and operating as follows in this division.
[Ord. No. 96-14, § 1, 6-5-1996]
The finance subcommittee shall be composed of three members of the Town Council, appointed by the Town Council president. The Town Council president shall designate a Town Council member as chairperson. The chairperson of the finance subcommittee will assign a subcommittee member as recording secretary for the subcommittee. The Town Council president shall be a ex-officio member of the subcommittee.
[Ord. No. 96-14, § 1, 6-5-1996]
The finance subcommittee shall meet a minimum of nine times annually at a time and date mutually acceptable to the members thereof. The date, place and time shall be posted per all rules and regulations of the Town and subject to the Rhode Island Open Meetings Law. All meetings shall be held in a place easily accessible to the public as well as handicap accessible. No regularly scheduled meeting shall take place unless at least two of the three members of the subcommittee are present, not counting ex-officio members. All records, minutes and votes of the subcommittee shall be public and maintained in accordance with the Rhode Island Open Meetings Law. The finance subcommittee, with input from the finance director of the Town and any other officer shall meet to review, with citizen input, financial matters that are before it on the agenda. The finance subcommittee shall report monthly at the regular meeting of the Town Council in order to apprise the entire Town Council of its activities.
[Ord. No. 96-14, § 1, 6-5-1996; Ord. No. 98-10, § 1, 5-12-1998; Ord. No. 98-11, § 1, 6-3-1998; Ord. No. 99-40, § 1, 11-17-1999; Ord. No. 01-02, § 2, 2-7-2001; Ord. No. 01-14, § 1, 5-2-2001; Ord. No. 03-08, § 2, 4-2-2003]
The finance subcommittee is to meet, review, approve and act as a fiscal review committee representing the Town Council regarding fiscal matters that relate to expenditures as outlined in the Cumberland Home Rule Charter. The chairperson of the finance subcommittee or his/her designee shall be notified of all proposed bidding and afforded the opportunity to be present at all bid openings held by the Town. The finance subcommittee shall review and recommend to the entire Town Council an opinion of the administration's proposed budget at the annual budget hearings. The finance subcommittee shall also act on all accounts and claims against the Town as are referred to it by the Council president and for which the Town has no operative insurance coverage. The finance subcommittee shall formulate a policy and/or procedure to include the application process and supporting documentation needed to resolve these claims. The finance subcommittee shall also review the recommended tax assessment levy and report back to the entire Town Council with its recommendation.