The Finance Committee shall be comprised of five (5) persons made up of two (2) members of Council and three (3) residents. All members of the Finance Committee shall be appointed by the Mayor, subject to confirmation by Council, beginning no later than the first regular January meeting of Council. All members shall hold their position for two (2) years. One of the appointed members of Council shall serve as Chairperson. The Fiscal Officer shall act as liaison between the Finance Committee, Mayor, and Council.