The purpose of the Finance Committee is to make recommendations on financial matters of the city and to monitor the integrity of the city's financial reporting process.
Membership of the Finance Committee is comprised of five persons: three representatives from the City Council; and two members of the business community, appointed by the Mayor and confirmed by the City Council, who shall serve without compensation, for a term of two years.
(A) The Finance Committee will meet monthly;
(B) The Finance Committee will designate a chair and a recording secretary;
(C) The Finance Director will prepare an agenda or work plan for each meeting;
(D) A record of the proceedings will be kept in the same manner as official minutes of the City Council.
POWERS AND DUTIES
The Finance Committee shall have the following powers and duties:
(A) To monitor the budget and finance activities through monthly review and discussion of monthly financial reports;
(B) To assist with the development of financial policies and make recommendations to the City Council;
(C) To review the city's annual audited financial statements prior to acceptance by the City Council;
(D) To assist with the development of rate structures and fee schedules for city services; and
(E) To assist with the development and implementation of internal controls procedures and practices with regard to finance, accounting, and legal compliance.
City staff support for the Finance Committee shall be the City of Clinton Finance Director or his or her designee and the City Administrator.