Duties
The Audit / Finance Committee has the following powers and duties:
- Act in an advisory capacity and make recommendations to the City Council upon request in all matters pertaining to town finances
- Consult with the city manager on matters pertaining to the budget, capital spending plan, and the long range financial plan for the town
- Act in an advisory capacity and make recommendations to the City Council upon request in all matters pertaining to the town’s annual audit
- Provide oversight of the annual audit and present and explain the audit to the City Council with recommendations as to acceptance
- Advise City Council regarding appointment of outside auditors for annual audit
- Review proposed audit scope with outside auditors prior to commencement of annual audit
Membership and Terms
Five members are appointed by and serve at the pleasure of the City Council. Members must be residents of the Town and generally serve terms of four years. No person shall be appointed to the Committee for more than two full consecutive terms. No compensation is awarded to members for their services.
The Committee shall annually select one of its members to act as a Chair and another to act as Vice Chair. The Finance Director shall act as secretary to the Committee. The Mayor and Vice Mayor typically serve as City Council liaisons to the Committee, however other Council Members are permitted to serve by Council authorization.