The Board shall consist of seven members, appointed by the Mayor, subject to the approval of the Council. Regular three-year terms shall commence July 1 of the year of appointment and shall be staggered. The Board shall annually choose its Chairperson. Members shall serve without compensation, but may receive reimbursement for expenses incurred in the performance of their duties. Vacancies shall be filled in the same manner as the original appointment for the balance of the term. Members must be residents of the City during the period of their respective terms.