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Sec. 2-321.  Purpose.

The purpose for the establishment of the finance committee is to assist the town council in matters regarding the financial stability of the community.

(Ord. of 12-18-1990, § II)

Sec. 2-322.  Appointment.

The town council shall appoint, by majority vote, members to the finance committee.

(Ord. of 12-18-1990, § VI)

Sec. 2-323.  Membership.

The membership of the finance committee shall consist of seven members, of which five will be regular members and two will be alternates. One alternate will be considered the first alternate and the other will be the second alternate.

(Ord. of 12-18-1990, § IV)

Sec. 2-324.  Appointment; term of office.

The town council shall appoint seven members to the finance committee. The members shall serve for staggered terms of two years. In case of resignation, the new appointee will fill the remainder of that term.

(Ord. of 12-18-1990, § VII)

Sec. 2-325.  Voting.

The regular members of the finance committee will have voting rights. Alternate members can vote only if regular members are absent, with the first alternate filling the first vacancy and the second alternate filling the second vacancy.

(Ord. of 12-18-1990, § V)

Sec. 2-326.  Responsibilities.

(a)     Advice. The members of the finance committee shall serve at the pleasure of the town council and shall be advisory only, except for those duties and responsibilities specified to it by the Charter or by ordinance.

(b)     Report on nonproperty tax revenue. Annually, the finance committee shall review all sources of nonproperty tax revenue. It shall identify any potential new sources of nonproperty tax revenue. It shall report on any suggestions in order to improve current levels of collections. Finally, it shall report such findings to the council.

(c)     Capital improvement program committee. The finance committee shall serve as the formal capital improvement program (CIP) for the community. It shall review the capital improvement program list and develop a priority for submission to the town council.(d)  Budget preparation role. The committee shall participate in the budget process. Its role shall be determined by the town council.

(e)     Attendance at management letter presentation. It shall be the responsibility of the finance committee to attend the annual presentation of the audit and management letter.

(f)     Temporary assignments. The finance committee shall have any other temporary assignments as directed by the town council.

(Ord. of 12-18-1990, § III)