(a) There is hereby established an Audit Committee to perform the necessary oversight duties and to insure that findings and management letter comments are addressed in a timely manner, as follows:
(1) The Audit Committee shall consist of the Mayor, the Director of the Finance Division, two members of Council (as Council shall determine) and one resident elector of the City, having experience in business, finance and/or accounting, who shall be recommended by the Mayor and approved by Council and whose term shall be for two years.
(2) The purpose and duties of the Audit Committee shall be to assist all members of management in effectively discharging their responsibilities by furnishing them with objective analysis, recommendations, and pertinent comments concerning the activities involved. It shall also facilitate the communication between Council, regulatory examiners and external accountants. The Committee shall further provide direction and guidance, from an independent standpoint, to management as to expectations, risk areas, and financial reporting concerns.
(3) The Audit Committee shall have authority to adopt its own rules of procedure. It shall keep a record of its proceedings that shall clearly indicate the conduct of the Committee and the vote of each member present upon each question considered. The Committee may meet at such times as it shall determine, but not less than once annually.
(b) The Audit Committee shall have such further duties and responsibilities as Council may, by ordinance, determine. (Ord. 53-09. Passed 7-7-09.)