(a) There is hereby established an Audit Committee pursuant to the Council’s authority set forth in Article VI, § 1, of the City Charter. The Audit Committee shall review the most recent year-end audited financial statements, the auditor’s comments and recommendations, provide oversight of the work of independent auditors, and evaluate the city’s internal controls. The Audit Committee shall provide an annual report to the City Council on its findings and conclusions.
(b) The Audit Committee shall consist of the following:
(1) Five residents of the city with an appropriate financial and business background, as recommended by the Finance Committee and approved by the City Council, and who shall be considered resident Committee members;
(2) The Chairperson of the Finance Committee, or his or her designee; and
(3) The Director of Finance.
(c) All resident members of the Audit Committee shall serve two-year terms and a member may serve no more than two consecutive terms, a vacancy occurring during the term of any members of the Audit Committee shall be filled for the unexpired term in the manner authorized for an original appointment.
(d) The Audit Committee shall elect a Chairperson and Vice-Chairperson from the five resident members serving on the Committee. The five resident Committee members shall be the only voting members.
(e) The Audit Committee shall meet at least twice a year. Additional meetings may be scheduled when the Committee deems it necessary to review items regarding the city's internal controls, audit findings, financial reporting, or related matters. Three resident members must be present to constitute a quorum.
(f) The members of the Audit Committee will approve a committee charter and develop an annual audit plan pursuant to the objectives as defined in the approved charter.
(g) Each resident member of the Audit Committee shall be paid $50 for each official meeting actually attended by each member, not to exceed four meetings per audit year.
(Ord. 2004-272, passed 12-20-2004; Ord. 2005-169, passed 7-18-2005; Ord. 2022-122, passed 5-2-2022)