[Ord. No. 18-2238, 11-19-2018]
A. An Audit and Finance Committee for the City is hereby established.
B. The Audit and Finance Committee shall consist of five (5) members,
two (2) of which shall be Aldermen and three (3) of which shall be
citizen members, all appointed by the Mayor with approval of the Board
of Aldermen. The chairperson will be appointed by the Mayor with approval
of the Board of Aldermen. The chair may be either an Alderman or a
resident member and will serve for a one-year term and may be reappointed
annually. The citizen members of the Audit and Finance Committee shall
be residents of the City at the time of their appointment and during
their term. No more than two (2) citizen members may be appointed
from the same ward.
C. Citizen members of the Audit and Finance Committee shall be educated
or employed in a professional capacity as an accountant, financial
advisor, business owner, banker, or broker and shall qualify as "financial
experts" as the term is defined in the Sarbanes-Oxley Act.
D. In addition to the aldermanic and citizen members, the Mayor and
City Administrator shall be ex-officio members of the committee and
entitled to attend all meetings and give input but shall not have
a vote on any recommendations of the Committee. The Director of Finance
shall provide all staffing services to the Committee.
E. The Audit and Finance Committee shall meet at least quarterly, and
in accord with the schedule established by the Committee. The Committee
shall keep minutes of its meetings and provide the City Clerk with
copies of those minutes for distribution to the Board of Aldermen.
All Committee meetings shall be held in compliance with the Missouri
Sunshine Law (Chapter 610, RSMo.) and the City's policy relating to
open meetings and records.
F. Terms for the initial appointments to this Audit and Finance Committee shall be staggered with two (2) members initially appointed for a term of one (1) year ending October 31, 2019, and the balance for a full two-year term ending October 31, 2020. Thereafter, the terms of the members appointed by the Mayor shall be for two (2) years beginning November 1 of the year of appointment. There is no limit on the successive terms a member may serve. Members shall serve until their successors are duly appointed except that a vacancy shall be deemed to have occurred upon a citizen member's non-residency or an aldermanic member's going off of the Board of Aldermen. Removal of members shall be in accordance with Section
115.030 as it relates to appointed officers.
[Ord. No. 18-2238, 11-19-2018]
The purpose and duties of the Audit and Finance Committee are
to:
A. Review the annual budget to determine if the budget meets statutory
requirements of the State; that it is based on sound fiscal policy;
that revenue projections are reasonable; that adequate reserve or
emergency funds are provided; that all financial obligations such
as bond payments are provided and that special funding or reserve
accounts as provided by ordinance of the City are satisfied; and to
make such recommendations to the Mayor and Board of Aldermen as it
deems appropriate.
B. Consider proposed budget amendments during the fiscal year requested
by departments not included in the budget. The Committee may make
any necessary recommendations for changes to the Mayor and the City
Administrator.
C. Participate at the aldermanic budget discussions.
D. Review quarterly financial statements with the Director of Finance
for budgetary control and sound management practices.
E. Make recommendations to the Mayor and Board of Aldermen on the need
for implementation of studies to improve results in broad areas of
management, organization and operation functions.
F. Review long-term capital improvement plans.
G. Review long-term park and stormwater plans.
H. Review and evaluate investment actions.
I. Perform such other duties as may be assigned by the Mayor or the
Board of Aldermen.
[Ord. No. 18-2238, 11-19-2018]
The Audit and Finance Committee is advisory. The Committee at
its discretion may request the City staff to undertake research, to
advertise and to do other ministerial duties as required.