CHAPTER 152
Audit Committee

152.01   Establishment; purpose.

152.02   Membership; term; vacancies.

152.03   Organization; journal.

152.04   Duties.

152.05   Use of outside parties.

152.06   Annual report.

CROSS REFERENCES

Authority to establish - see CHTR. Art. V, Sec. 1

Public meetings - see ADM. Ch. 107

152.01 ESTABLISHMENT; PURPOSE.

   City Council, recognizing the value of reporting financial information in a large organization, hereby declares the need for a review process. Reporting procedures, data collection, and internal controls are the basis for public information which can be shared with citizens, advisors, underwriters, and outside investors.

   Given the value of management information to the operations of the City, there is hereby established the Medina City Audit Committee, hereafter referred to as the Commission.

(Ord. 151-01. Passed 7-31-01.)

152.02 MEMBERSHIP; TERM; VACANCIES.

   The Commission shall consist of four members appointed by City Council to serve as needed for a four-year period. The membership shall be as follows: one member of City Council, one member from Medina’s accounting community, one member from Medina’s business community, and one ex-officio member from the City’s accounting advisory firm.

   Vacancies shall be filled in the same manner as original appointments are made.

(Ord. 151-01. Passed 7-31-01.)