[HISTORY: Adopted by the Borough Council of the Borough of
West Reading 2-21-2017 by Ord.
No. 1065. Amendments noted where applicable.]
The Finance Committee shall be a standing committee established
for the following purpose:
B.Â
To review
monthly financial statements and track revenues and expenditures relative
to budget allocations and to make recommendations to Council regarding
budgetary management and the Borough's financial standing;
C.Â
To review
the annual audit report and make recommendations for changes to correct
identified deficiencies in the report;
D.Â
To monitor
investments and suggest changes in investment strategies as needed;
E.Â
To explore
alternatives and strategies to further the long-range financial objectives
and goals of the Borough, which may include but are not limited to
bonds, tax increment financing, transfers from general fund and grants;
F.Â
To consult
with the Borough Manager in developing the annual budget and the five-year
capital improvement plan;
G.Â
To review
administration policies, processes and/or procedures, as they relate
to the Borough's financial affairs and make recommendations for change
that will promote efficiencies or to recommend the development of
a policy in the absence of an existing one;
H.Â
To review
respective insurance policies, in coordination with Borough staff,
on an as-needed basis, and make recommendations for changes that will
provide appropriate coverage;
I.Â
To develop,
for Council adoption, a process where all Borough professional service
and advice providers are reviewed and reappointed on a regular basis;
J.Â
To provide
analysis and recommendations on other activities as may from time
to time be referred to the Committee by the Borough Council.
[Amended 6-20-2017 by Ord. No. 1073; 2-18-2020 by Ord. No. 1124]
Voting members of the Finance and Administration Committee shall
include at least two Borough Council members and up to four citizens
(volunteers) who preferably have a background in administration, finance
or law. At Council's discretion, persons not residing in the
Borough may be appointed if they have a property holding or business
interest in the Borough, or are involved with a not-for-profit organization
whose mission is in alignment with the interests of the Borough. The
Council members shall be appointed for two-year terms. Borough citizen
appointments will be for a period of one year. The Borough Treasurer
and Borough Manager shall be nonvoting Committee members. The Council
President can remove citizen and Council appointments at any time.
The Finance Committee will meet at a time mutually agreed upon
by the members. The meeting schedule will be confirmed with the Borough
Council and will be advertised as part of the public meeting schedule
which is advertised each year in January. A Chairman and Vice Chairman
shall be elected, and a Secretary will be designated to record the
minutes of the meetings.
A.Â
A quorum
shall be a majority of those voting members attending each Finance
Committee meeting, provided that there are at least four voting members
present. A quorum of the Committee shall be required before any vote
is taken.
B.Â
Whenever
a quorum is not present, at a regular or special meeting, those present
may adjourn the meeting to another day or hold the meeting for the
purpose of considering such matters as are on the agenda; however,
no official motion or vote may be taken.