[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:
A. 
To provide oversight and make regular reports and Borough matters associated to the following areas:
(1) 
Administration.
(2) 
Finance.
(3) 
Insurance.
(4) 
Legal services.
(5) 
Pension.
(6) 
Tax Collection.
B. 
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. 
To review the annual audit report and make recommendations for changes to correct identified deficiencies in the report;
D. 
To monitor investments and suggest changes in investment strategies as needed;
E. 
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. 
To consult with the Borough Manager in developing the annual budget and the five-year capital improvement plan;
G. 
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. 
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. 
To develop, for Council adoption, a process where all Borough professional service and advice providers are reviewed and reappointed on a regular basis;
J. 
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. 
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. 
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.
C. 
All meetings shall be open to the public. The order of business at regular meetings will generally be as follows:
(1) 
Call to order.
(2) 
Public comment.
(3) 
Old business.
(4) 
New business.
(5) 
Adjournment.