(a) An Audit Committee consisting of four members shall be formed to provide an independent advisory group to review annual un-audited financial reports submitted to the Auditor of State; to provide periodic review of information used in the preparation of interim financial reports; to review the annual financial audit report; to review plans for implementation of audit recommendations; and to serve as a liaison between the Administration, Council, and independent auditors.
(b) One member shall be a member of Council. Once appointed, the members of Council shall serve until such time as a successor is appointed.
(c) Three members, electors of the City, shall be nominated by the Mayor and subject to confirmation by the Council. These members of the Audit Committee shall possess backgrounds in law, finance or business planning and shall serve terms of two years and may be reappointed as provided herein.
(d) The Audit Committee should meet on a quarterly basis, including meeting with the independent auditors prior to and after the annual audit. The Director Finance will provide a schedule for such meetings. The Committee may meet at any time by call of a majority of the Committee members.
(Ord. 236-2007. Passed 12-3-07.)