A. Committee; Membership: The finance committee shall consist of eight (8) persons: the six (6) village trustees, the village president and a resident of the village who does not hold any other elected or appointed office in the village. One of the trustee members shall be the chairman of the committee and shall call, chair and conduct all meetings held by the committee. Another trustee member shall serve as vice chairman. The vice chairman shall chair and conduct meetings in the absence of the chairman.
B. Appointment And Terms: The village president shall appoint the chairman and vice chairman. The term of the chairman and vice chairman shall be four (4) years or for such shorter term that he/she may hold the office of trustee. The village resident member shall be appointed by the president with the advice and consent of the board of trustees and serve a four (4) year term.
C. Secretary: The finance director or his or her designee shall serve as the secretary for the committee.
D. Duties: The duties of the committee shall be:
1. From time to time, as it deems necessary and convenient, to make recommendations to the village president and board of trustees in all matters regarding or relating to the finances and/or financial policies of the village.
2. On or before March 1 of each year, to prepare and submit to the president and board of trustees a proposed budget for the village and each department thereof for the next ensuing fiscal year of the village.
3. On or before November 1 of each year, to prepare and submit to the president and board of trustees the proposed annual tax levy ordinance for the next ensuing fiscal year of the village.
4. To submit a written report of all committee actions and recommendations as necessary to the president and board of trustees.
5. To investigate any and all financial matters and questions as are, from time to time, submitted to the committee by the president or board of trustees for investigation and to make recommendations concerning the same to the president and board of trustees. (Ord. 11-1605, 1-11-2011)