(A) Incorporation. The preambles to the ordinance codified herein be and the same are hereby incorporated herein by this reference as if set out in full at this place.
(B) Committee established. A Finance Committee (“Committee”) is hereby established to conduct detailed investigations and evaluations of all financial considerations for the village. The Finance Committee shall provide information and its recommendations to the corporate authorities regarding all pertinent financial matters to ensure that a Board member has the opportunity to review, comprehend all financial material presented to the entire Village Board prior to any Board review or action and to make informed decisions. At all times, the Committee shall act as an advisory body for the corporate authorities, without the authority to independently make, adopt or change the policies of the village.
(C) Membership.
(1) Number. The Committee shall consist of the Mayor and two trustees.
(2) Appointment. Except as otherwise provided herein, the members of the Committee shall be subject to the appointment by the Village President with the advice and consent of the Board of Trustees and shall serve without compensation.
(3) Term.
(a) The mayor shall serve for his/her term of office.
(b) The trustee members shall serve two-year terms but not exceeding their term of office of the Mayor’s term of office.
(4) Resignation. A member of the Committee may resign at any time by giving written notice to the member(s) and corporate authorities. The resignation of the member shall take effect upon receipt of notice thereof or at such later time as shall be specified in the notice; and, unless otherwise specified therein, the acceptance of the resignation shall not be necessary to make it effective.
(5) Removal of members. The Village President may remove any member of the Committee, with the advice and consent of the Village Board of Trustees whenever the best interest of the village shall be served thereby.
(6) Vacancies. A member appointed to fill a vacancy shall be appointed for the unexpired term of his or her predecessor in office and shall hold office until the expiration of the term or until a successor shall be appointed and shall qualify until his or her earlier death, resignation or removal.
(D) Committee powers. The Finance Committee shall be responsible to review any financial matter brought before it, including but not limited to the following:
(1) Monthly financial reports;
(2) Bills to be paid;
(3) Proposed budget;
(4) Audit;
(5) Debt issues;
(6) Capital construction and improvements;
(7) Construction change order requests;
(8) Financial analysis;
(9) Property tax levy issues; and
(10) Any other item as directed or requested by the corporate authorities.
(E) Adoption of rules of governance. As a public body, the Finance Committee shall comply with the Open Meetings Act (ILCS Ch. 5, Act 120, § 2.06) and any other applicable statutory requirement. The Finance Committee may adopt other rules of governance within the authority granted herein, provided that approval is first obtained from the corporate authorities.
(Ord. 909, passed 4-16-2008; Am. Ord. 1108, passed 2-6-2019)