There is hereby established the Town of Taos Audit Committee
(hereinafter referred to as the “audit committee”).
(Ordinance 22-19 adopted 10/25/2022)
The audit committee shall consist of three (3) members, to be
comprised of one (1) member of the town council, one (1) current or
former member of a financial institution, and one (1) business representative.
To ensure the committee’s independence and effectiveness, no
audit committee member shall be an employee, spouse of an elected
official/employee, or person that comingles assets with an elected
official/employee of the town. While committee members need not be
accountants, they should possess sufficient knowledge and experience
in finance, business, and/or accounting to discharge the committee’s
duties.
(Ordinance 22-19 adopted 10/25/2022)
The members of the audit committee shall be appointed by the
mayor with ratification by the town council. The term of the members
of the audit committee will run concurrent with the mayor’s
term.
(Ordinance 22-19 adopted 10/25/2022)
Audit committee members may be removed or replaced by a majority
vote of the governing body when said removal is deemed to be in the
best interest of the town.
(Ordinance 22-19 adopted 10/25/2022)
A. Meetings
of the audit committee shall be held at least annually, or as requested
by the town manager or finance director, as deemed necessary by the
audit committee, or as otherwise needed in order to effectively carry
out the duties of the audit committee. All meetings of the audit committee
shall be conducted in accordance with the provisions of this municipal
code and the New Mexico Open Meetings Act. Meetings shall be subject
to all applicable laws and policies. The finance committee will follow
Roberts Rules of Order.
B. Each
year at its first meeting the audit committee will elect a chair and
vice-chair. The chair of the audit committee shall be a councilmember
of the town.
C. Meeting
agendas will be prepared by the chair, with the assistance and input
of the finance director, who shall serve as secretary to the audit
committee or cause to have staff present to serve that function. Consistent
with New Mexico law, agendas shall be published and provided in advance
to all members at least 72 hours prior to the meeting, along with
all attachments and appropriate briefing materials.
D. Minutes
of the audit committee meetings shall be copied to the town manager,
town attorney, mayor and council and filed and maintained as a public
record in the office of the town clerk.
E. The
audit committee may conduct an executive session where it is determined
that the topic of the proposed discussion meets the limited exemptions
of the Open Meetings Act, NMSA 1978, section 10-15-1(H).
(Ordinance 22-19 adopted 10/25/2022)
A. To carefully
review, upon completion of the town’s annual audit, all audit
findings in the audit report and consult with external auditors regarding
any portion of the audit, including but not limited to, exceptions,
irregularities, and deficiencies disclosed in the annual audit. The
audit committee is empowered to meet with management to discuss audit
findings, disagreements with the external auditors, or any other matter
within the purview of the audit committee’s responsibilities
as outlined herein. The audit committee should satisfy itself that
appropriate and timely corrective action has been, or will be, taken
by management, or as necessary by town council, to remedy any identified
weaknesses. The audit committee shall recommend to the town council
what corrective action should be taken, if any.
B. To consider
the effectiveness of the internal control system, including information
technology security and control, review the effectiveness of the system
for monitoring compliance with laws and regulations, and review the
process for communicating the town’s ethics policies to town
personnel and monitoring compliance therewith. The audit committee
shall recommend to the town council what corrective action should
be taken, if any.
C. To establish
a process by which employees, taxpayers, or other citizens may confidentially
report suspected illegal, improper, wasteful, or fraudulent activity
under provision of the state auditor’s fraud program.
D. To annually
present a written audit committee report detailing how it discharged
its duties and any recommendations to the town council.
E. To take
such other actions as may be deemed appropriate given the applicable
law and the overall mandate to the audit committee.
(Ordinance 22-19 adopted 10/25/2022)
The members of the audit committee shall serve as such without
compensation.
(Ordinance 22-19 adopted 10/25/2022)
There is hereby established the Town of Taos Finance Committee
(hereinafter referred to as the “finance committee”).
(Ordinance 22-19 adopted 10/25/2022)
The finance committee shall consist of six (6) members, to be
comprised of the three (3) members of the audit committee and, additionally,
three (3) community members with backgrounds in either economics,
public finance, business administration, real estate or a similarly
applicable field. The town manager and finance director shall serve
as staff to and ex-officio members of the finance committee.
(Ordinance 22-19 adopted 10/25/2022)
The members of the finance committee shall be appointed by the
mayor with ratification by the town council. The term of the members
of the finance committee will run concurrent with the mayor’s
term.
(Ordinance 22-19 adopted 10/25/2022)
Finance committee members may be removed or replaced by a majority
vote of the governing body when said removal is deemed to be in the
best interest of the town.
(Ordinance 22-19 adopted 10/25/2022)
A. Meetings
of the finance committee shall be held at least quarterly, or as requested
by the town manager or finance director, as deemed necessary by the
finance committee, or as otherwise needed in order to effectively
carry out the duties of the finance committee. All meetings of the
finance committee shall be conducted in accordance with the provisions
of this municipal code and the New Mexico Open Meetings Act. Meetings
shall be subject to all applicable laws and policies. The finance
committee will follow Roberts Rules of Order.
B. Each
year at its first meeting the finance committee will elect a chair
and vice-chair. The chair of the finance committee shall be a councilmember
of the town.
C. Meeting
agendas will be prepared by the chair, with the assistance and input
of the finance director, who shall serve as secretary to the finance
committee or cause to have staff present to serve that function. Consistent
with New Mexico law, agendas shall be published and provided in advance
to all members at least 72 hours prior to the meeting, along with
all attachments and appropriate briefing materials.
D. Minutes
of the finance committee meetings shall be copied to the town manager,
town attorney, mayor and council and filed and maintained as a public
record in the office of the town clerk.
E. The
finance committee may conduct an executive session where it is determined
that the topic of the proposed discussion meets the limited exemptions
of the Open Meetings Act, NMSA 1978, section 10-15-1(H).
(Ordinance 22-19 adopted 10/25/2022)
A. To provide
independent review, oversight, and recommendations as to the town’s
budget, borrowing, taxation, financial capacity, monthly revenue reports
and projections, economic market data for the town, recommendations
with regards to the tax base, debt management, bond and credit rating
and investment of public funds. The finance committee may also be
asked to review and provide recommendations on LEDA applications,
the financials for and soundness of town sponsored affordable housing
projects, the financing of water, sewer, solar, and other utilities
capital projects, the purchase or assignment of water rights, and
proposed economic development projects. Additionally, the finance
committee shall examine and comment on any proposal or project which
requires the underwriting, sponsorship or financial commitment of
the town through loans, grants, PILOT’s, tax credits, deferrals
or waivers, the donation, swap or sale of land or buildings, and long-term
lease agreements for land or facilities that financially obligate
the town or which may impact the financial capacity, resources and
soundness of the town, now or in the future. The finance committee
is a policymaking board pursuant to NMSA 1978, section 10-15-1(B).
B. To review
and recommend on such other financially related matters as may arise
and that are consistent with the purpose and intent of the council
in creating the committee, to sit in, upon request of the mayor, town
council or town manager, on the selection or review of such contracts,
decisions or contractors for town projects and/or, upon such request,
to review and recommend possible action on a specific financial matter,
concern or complaint that has been brought to the attention of the
mayor, council or town manager by internal or external parties.
(Ordinance 22-19 adopted 10/25/2022)
The members of the finance committee shall serve as such without
compensation.
(Ordinance 22-19 adopted 10/25/2022)
The finance committee is not to be confused with the town’s
board of finance which, pursuant to NMSA 1978 sections 6-10-9 and
6-10-10 (1933), receives, handles and accounts for all public monies,
deposits and depositories and makes investments on behalf of the town.
Nothing herein shall prevent the board of finance from soliciting
recommendations from the finance committee on matters within its authority.
(Ordinance 22-19 adopted 10/25/2022)