The Finance Committee is a standing committee, chaired by the Finance Director. The committee is responsible for reviewing and providing guidance for the Town’s financial matters. Specifically, the committee assures internal controls, independent audit, and financial analysis for the organization. The Finance Committee reviews all financial statements and reports on financial activity to the Council.
Meetings: meets on an as needed basis, usually in the Town Hall conference area
Membership: Town Manager, Town Finance Director, Town Treasurer, Mayor and Vice Mayor
The Finance Committee’s basic responsibilities:
- Provide direction for the entire Council for fiscal responsibility.
- Regularly review the Town’s revenues and expenditures, balance sheet, investments and other matters related to its continued solvency.
- Approve the annual budget and submit it to the full Council for approval.
- Ensure the maintenance of an appropriate capital structure.
- Oversee the maintenance of organizational-wide assets, including prudent management of organizational investments.
Some specific tasks the Finance Committee might undertake:
- Review revenues and expenses at a Committee meeting.
- Ensure that organizational funds are spent appropriately (i.e., restricted funds).
- Develop an investment strategy.
- Ensure the preparation of an annual audit, and audited Financial Statements.
- Provide support to staff as needed.