(a) Establishment, Composition.
(1) A Village Audit Committee is hereby created, consisting of the following six (6) members:
The Mayor, the Village Administrator, the Solicitor, the President of Council, and two (2) community individuals with accounting, financial, and/or legal experience who hold no other municipal office within the Village of Lucky, Ohio.
(2) Any vacancy on the committee shall be filled in the same manner as provided in this subsection, and, when applicable, the person appointed to fill a vacancy shall serve the remainder of the predecessor's term.
(b) Term. Each community member shall serve a three-year term. Each term shall commence on the first day of January and end on the thirty-first day of December. Any member may continue in office subsequent to the expiration date of the member's term until the member's successor takes office or until a period of ninety (90) days has elapsed, whichever occurs first. Members may be reappointed to serve one additional term.
(c) Powers. The Village Audit/Finance Committee shall have the authority to examine and audit all accounts and records of the Village of Luckey. Such records shall be made available to the Committee by the Fiscal Officer, who will be accessible to the Committee to explain any
of the records during their examination.
(d) Duties. The Village Audit Committee shall do all of the following:
(1) Review financial statements, independent auditor reports, and follow-up on corrective actions.
(2) Review the Village's comprehensive framework of internal controls.
(3) Provide an independent forum to report findings of management fraud, abuse, or control override to any independent auditor.
(4) Perform the additional functions requested of it by Council.
(5) The Committee shall review all appropriations, budgets, revenues, expenditures, payroll, internal control, reporting procedures, data collection, and/or any other financial records it deems necessary and shall make recommendations that are consistent as to the fiscal well-being of the Village of Luckey.
(6) During an audit year, the Committee shall review the annual unaudited financial report submitted to the Auditor of State; review audit results; assure that audit recommendations are appropriately addressed, and serve as a liaison between Village management and the auditors.
(e) Meetings. The Mayor shall establish the time, date, and place for the first meeting each year. The Village Audit/Finance Committee shall meet at least two (2) times per year; however, a meeting shall be held prior to and after any audit that is conducted by the Auditor of State or its representatives or designees. The Committee shall appoint a chairman and recording
secretary and shall keep minutes of its proceedings.
(f) Rules. The Village Audit Committee shall establish rules of procedure for the conduct of the business of the Committee.
(Ord. 834. Passed 4-5-23.)