The 5-member Finance Committee watches over all finances in Village affairs from approving bills to contracts and budget preparation & recommendations to Council.
Powers and General Duties: The responsibilities and duties of the Finance Committee shall include the following items, together with any additional duties assigned by Council:
- Review the financial aspects of all purchase orders, contracts, and other documents, exceeding a threshold amount established by Council, by which the Municipality incurs financial obligations.
- Audit and review payment of all invoices, and other evidences of claims or charges against the Municipality.
- Establish appropriate exemptions to the above to maintain the effective and efficient operation of the Municipality.
- Seek the advice of the Law Director as necessary to determine the regularity, legality and correctness of any claims, demands or charges.
- Assist in the coordination of budget preparation and recommend the budget to Council.
- Recommend fiscal policy to the Mayor and Council.
Composition and Term: The Finance Committee shall be comprised of five (5) persons made up of two (2) members of Council & 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.