(A) Generally.
(1) Creation and membership. The Financial Advisory Committee is hereby created. The Advisory Committee shall consist of five members to be appointed by the City Council. Of those members appointed, two shall be members of the City Council and three shall be residents of the city for not less than one year.
(2) Term of office. Except as hereinafter provided for the initial appointment of the Advisory Committee members, the term of appointment shall be for two years, or until a member’s successor is appointed and qualified. The terms of office for the initial Advisory Committee members shall be staggered:
(a) Two members: two-year terms;
(b) One member: one-year term; and
(c) Two members: three-year terms.
(3) Removal from office. Any member of the Advisory Committee may be removed by a majority of the City Council at any time without cause.
(4) Vacancies in office. Any vacancy in the Advisory Committee shall be filled by an appointment made by the City Council for the unexpired portion of the term.
(5) Oath of office. Members of the Advisory Committee shall qualify by taking and subscribing an oath of office to uphold the Constitution of the United States and the state, and the Charter and ordinances of the city, to the best of his or her ability.
(6) Compensation of members. The members of the Advisory Committee shall receive no compensation as such, except as the City Council may approve reimbursement to Commission member for out-of-pocket expenses.
(B) Organization of the advisory committee.
(1) Chair and vice-chair.
(a) The Advisory Committee shall elect a chair and a vice-chair from its membership.
(b) The chair shall preside over all advisory committee meetings. The vice-chair shall preside over the meeting in the absence of the chair. The chair and or vice-chair shall perform such other duties on behalf of the advisory committee as imposed by the advisory committee or ordinance.
(2) Secretary. The advisory committee shall elect a secretary (the City Recorder), who shall serve at the pleasure of the advisory committee. The secretary shall keep an accurate record of all proceedings of the advisory committee and shall perform such other duties as are imposed by the advisory committee.
(3) Quorum. Three members of the advisory committee shall constitute a quorum.
(4) Voting. The concurrence of a majority of the members present at the advisory committee meeting shall be necessary to decide any question before the advisory committee.
(5) Meeting time and place, and location of business records. The advisory committee shall meet at least once each month. The regular meeting place of the advisory committee shall be at the city hall Council chambers. The City Recorder shall designate a place for the keeping of the advisory committee’s records.
(6) Advisory committee procedures. The advisory committee may make, establish, and alter rules and regulations for its governance and procedures consistent with the laws of the state and with the Charter and ordinances of the city.
(C) Advisory committee powers and duties. The advisory committee shall have the power and duties as set forth by this section of the city or as delegated by the City Council. It shall:
(1) Monitor adherence to the budget;
(2) Set long-range financial goals along with funding strategies to achieve them;
(3) Review multi-year operating budgets that integrate strategic plan objectives and initiatives;
(4) Create, recommend, and update (as necessary) policies that help ensure the assets of the city are protected;
(5) Ensure policies and procedures for financial transactions are documented in a manual, and the manual is reviewed annually, and updated as necessary;
(6) Ensure approved financial policies and procedures are being followed;
(7) Present all financial goals and proposals to the City Council for approval;
(8) Review the management recommendation letter from the auditor and ensure follow-up on any issues mentioned; and
(9) Provide to the City Council recommendations and findings of the committee.
(Ord. 322-20, passed 6-16-2020)