(A) A seven member citizens committee entitled the “Albuquerque Financial Planning Board” is hereby created.
(B) The members of this Board shall serve six year terms except that three initial members of the committee shall serve two year terms, and two initial members of the Committee shall serve four year terms.
(C) The Council shall nominate for appointment by the Mayor four members of the Board, two members for a two year term, one for a four year term, and one for a six year term and the Mayor shall appoint three members of the Board, one for a two year term, one for a four year term and one for a six year term.
(D) As terms of Board members expire subsequent committee members shall be nominated by the Mayor or Council depending on the source of the original nomination and shall be appointed by the Mayor for six year terms of office.
(E) Appointments to fill vacancies on the Board shall be made by the Mayor or by nomination of the Council depending on the source of the original appointment to serve out the unexpired term of the committee member leaving.
(F) The Board shall work with the administration and Council providing staff assistance in the preparation and updating of a five year financial plan for the city. This plan shall include all city receipts and disbursements, including enterprise funds and trust and agency accounts.
(G) The Board shall recommend to the Mayor and the Council not later than January 1 of each year the revised financial program for the city. However, the first five year plan shall be presented to the Mayor and the Council not later than February 1, 1982.
(Res. 241-1981, approved 12-1-81)