The town financial advisory committee shall serve as an advisory body to the mayor and town council in support of the financial affairs of the town. The committee will be comprised of a diverse set of leaders who will work together and with necessary stakeholders to enhance town financial governance and decision-making. The committee shall take direction from the mayor and town council on specific financial matters in need of assessment, as well as make recommendations on on-going financial operations, planning, policies, procedures, and tools, as appropriate.
(Ordinance 24-001 adopted 4/1/2024)
The financial advisory committee shall have the following roles and responsibilities:
(1) 
Adherence to financial policy.
Review the town's financial activities and ensure compliance with financial policies and/or providing recommendations for improvement.
(2) 
Budget.
Review and advise on the budget, ensuring it aligns with the town's goals and priorities.
(i) 
Short- and tong-term capital needs.
(ii) 
Operational needs.
(3) 
Funds Management.
Assess fund management and allocations, as well as tools to aid in fiscal management, including:
(i) 
Town financial management tools.
(ii) 
Bank accounts.
(iii) 
Investments.
(4) 
Financial planning.
Participate in the development of financial strategies and long-term planning.
(5) 
Audit oversight.
Assess external audits and management reports contained therein.
(Ordinance 24-001 adopted 4/1/2024)
(a) 
Generally.
The town council shall provide for the appointment of a financial advisory committee. The committee shall consist of a maximum of six members, including two town councilmembers (one of whom will serve as the committee chair), town administrator, town secretary and two residents of the town. The members shall be nominated and appointed by a simple majority vote of the town council. The town council by a simple majority vote shall appoint the chairman of the financial advisory committee. The members of the financial advisory committee, at the committee's first regular meeting, by a simple majority vote shall appoint the vice chairman.
(b) 
Term length.
Members of the financial advisory committee shall serve a one-year term, commencing on July 1st of each year.
(c) 
Vacancies.
In the event a vacancy occurs on the financial advisory committee, the mayor shall nominate a new member to fill the vacancy, and by a simple majority the town council shall vote to fill the vacancy.
(Ordinance 24-001 adopted 4/1/2024; Ordinance 25-009 adopted 8/11/2025)
The board shall develop and adopt rules in accordance with the provisions of this division. Meetings of the committee shall be held at the call of the chairman and at such other times as the committee may determine. All meetings of the finance committee shall be open to the public. The committee shall keep minutes of its proceedings, showing the vote (if appropriate) of each member upon each question, or if absent or failing to vote, indicating such fact, and shall keep records of its examinations and other official actions, all of which shall be immediately filed in the office of the committee (the office of the town secretary) and shall be a public record.
(Ordinance 24-001 adopted 4/1/2024)
No committee member shall have a financial interest, whether direct or indirect, in any contract with the town, nor be financially interested, directly or indirectly, in the sale of any land, materials, supplies, or services to the town except when it pertains to the performance of duties as a committee member.
(Ordinance 24-001 adopted 4/1/2024)