(A) (1) There is hereby established the Audit Committee to facilitate the selection of a certified public accountant to audit the city's financial statements. The Committee shall be composed of a minimum of three members and up to six members:
(a) Required, voting position. One member of the city's legislative body appointed by the legislative body.
(b) Required, voting position. One certified public accountant appointed by the city's legislative body who is not the fiscal officer or an employee of the audited entity.
(c) Required, voting position. One person appointed by the city's executive who is qualified due to an involvement with financial matters, and who is not the fiscal officer or an employee of the audited entity.
(d) Optional, non-voting position. One person appointed by the city's executive who is qualified due to current or past service as a member of the city's Board of Public Works and Safety or otherwise familiar with the finances of the entity's public utility.
(e) Optional, non-voting position. One person appointed by the city's executive is qualified due to current or past service as a member of the entity's Redevelopment Authority.
(f) Optional, non-voting position. One person appointed by the city's legislative body who is qualified due to current or past service as a member of the entity's Redevelopment Commission.
(2) Each voting member shall be appointed for a term of three years. Each non-voting member shall be appointed for a term of no longer than three years.
(B) A term for a member of the Committee shall begin on January 1 and end on December 31. If member is appointed after January 1, of a given year, the first year of their term will be completed on December 31 of that year. A member appointed under division (A)(1)(a) who ceases to hold the elected office ceases to be a member of the Committee. A member may not have a contractual relationship, financial interest, or political affiliation with the certified public accountant selected.
(C) Each member of the Committee shall serve without compensation unless otherwise authorized to be compensated in the city's annual salary ordinance.
(D) The Audit Committee shall do the following:
(1) Establish factors to evaluate the audit services provided by a certified public accountant including, but not limited to:
(a) Experience;
(b) Ability to perform the required services;
(c) Capability to follow the guidelines and standards adopted by the Indiana State Board of Accounts or its successor; and
(d) Ability to timely complete all necessary components of the examination.
(2) Publish notice of a request for proposals, under IC 5-3-1, that includes at a minimum:
(a) A brief description of the audit requirements and time frame;
(b) Application procedures; and
(c) Evaluation criteria.
(3) Evaluate the proposals submitted by qualified certified public accountants. If compensation is a factor established under division (D)(1), it may not be the sole factor used to evaluate proposals.
(4) Rank and recommend to the Common Council, in order of preference, not fewer than three certified public accountants considered most highly qualified on the factors established under division (D)(1). If fewer than three certified public accountants respond to the request for proposals, the Committee shall recommend the remaining qualified certified public accountants in order of preference.
(F) The Controller shall provide the necessary staff support to the Audit Committee. The Committee shall advise the Common Council of any and all other official actions necessary to comply with the requirements, under IC 5-11-1-24.4, for an opt-out from Indiana State Board of Accounts audit examinations.
(G) The Common Council shall, pursuant to IC 5-11-1-24.4, select a qualified certified public accountant from the list of recommendations by the Audit Committee and shall negotiate a contract with the certified public accountant in accordance with the law.
(Ord. 15-04-24, passed 5-15-24)