Finance Committee
Total Memberships: 7
Citizens: 4
Council: 3
Description:
The Finance Committee reviews and recommends to Council the establishment of short, medium and long range plans for maximizing the efficiency and utilization of the City's financial resources and reviews the implementation of these plans when adopted by Council. The Committee reviews and makes recommendations to Council on the annual financial plan; on any required interim operating budgets; on capital expenditures that may be required prior to the adoption of the annual financial plan; and on any financial plan, policy or procedure the Committee deems necessary. The Committee reviews and recommends to Council the Audit Findings Report, Annual Financial Reports and Financial Information Returns. They also review the recommendations of the Auditor's Year End Management Letter. The Committee reviews the quarterly Business Planning and Budget updates and Investment Portfolios and forwards to Council for Information. The Committee reviews adjustments to the budget that occur throughout the year and recommends sources of funding for those adjustments to Council. The Committee sets the financial direction of the organization.
Term:
Members are appointed on an annual basis by Council at the organizational meeting held in October of each year.
Meetings:
Meetings are held on the second Monday of each month at 7:00 p.m. in the Vincent Room. Meetings are usually 1 hours in length.
2011 Council Meetings Calendar
Issues Dealt with Over the Past Year:
These include review of investment portfolio, budget and any adjustments thereto, year end results, quarterly financial updates and reserves, adoption of a debt management policy, revision of the unbudgeted expenditure policy and corporate reimbursement policy.
Issues for the Coming Year:
These include the above together with the revision of the Investment Policy and development of a reserve policy. Adoption of a Tangible Capital Assets policy in preparation for depreciation of City assets commencing in 2009.
Staff Representative:
Jana Jaeger, Director of Corporate Services: 403-948-8841