Finance Audit Committee

The purpose of the Finance Audit Committee is to assist the City Council in fulfilling its oversight responsibilities for the annual audit process, the development of financial policies and procedures, investment transactions and reports, and the system of internal controls. 

Duties / Responsibilities

• Advise the City Council and management on the selection of the independent auditor.
• Serve as an independent and objective party to monitor the City’s financial and compliance reporting process and internal control system.
• Review and appraise the audit efforts of the City’s independent auditor
• Provide an avenue of communication among the independent auditor, financial and senior management, and the City Council.
• Review and provide recommendations on the City’s financial, investment, and budgetary reports, policies and procedures.
• Determine general investment strategies and monitor results.  
• Review investment economic outlook, portfolio diversification, maturity structure, potential risk to the City’s funds, authorized brokers and dealers, and the target rate of return on the investment portfolio.
• Adopt the list of authorized brokers and dealers of government securities.

Qualifications 

• The Representatives from the community must be qualified voters of the City and shall remain eligible to vote during their tenure on the Committee and to the extent possible, shall be a finance professional such as an accountant, Certified Public Accountant, auditor or shall have equivalent experience.

Agendas and Minutes

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Board Members