(a) Council hereby establishes an Audit Committee for the City.
(b) Council further determines that the Audit Committee shall consist of five members, as follows:
(1) One member of Council who is serving during their term of office as Chair of the Finance Committee of Council.
(2) The Mayor or Director of Public Safety and Service of the City.
(3) The Auditor of the City.
(4) Two members to be nominated by the Auditor and approved by Council for two-year terms. The members so nominated and approved shall have backgrounds in business, finance and/or accounting and be residents of the City during their terms of office. If a member moves from the City, that member shall be replaced on the Committee.
(c) The duties of the Audit Committee shall include but not be limited to:
(1) Recommending the appointment of the independent auditor, subject to the responsibility of the Auditor of State.
(2) Studying and commenting on the proposed scope of the audit.
(3) Reviewing and evaluating the financial statements and conclusions of the independent audit.
(4) Examining any internal control weaknesses that the auditor discovers during the audit and recommending actions to correct the weaknesses.
(5) Considering the selecting of accounting policies.
(6) Assuring that management has taken appropriate action to correct any deficiencies the auditor discovers during the audit.
(d) The Audit Committee shall meet at least twice each year, before and after the work of the independent auditors.
(e) The Audit Committee shall present an annual report to the elected officials of the City documenting the completion of its duties and responsibilities. The annual report shall be available to the public. (Ord. 150-98. Passed 11-16-98.)