Town Council Rules As They Relate to This Committee
SECTION 602.25 - Finance Committee (Amended September 15, 2009)
1. The membership of the Finance committee shall consist of at least three (3) members, appointed by and serving at the pleasure of the Council. At least one (1) member shall be chosen from among the Council members, and all other members shall be chosen from among the citizens duly registered to vote in the Town of Gray.
a. Council member(s) shall be appointed annually following the municipal election.
b. Citizen members shall be appointed for staggered terms of three (3) years.
2. Any time this committee schedules to meet, it shall properly notice the public in accordance with the Town Charter and State Statutes.
3. For the purposes of conducting the affairs of the committee, a majority vote requires at least two members present and voting in agreement at all times to constitute affirmative action. All such votes are advisory and shall be reported to the Council as a whole for final disposition. It shall be the responsibility of the committee to notify the Council when there is a persistent vacancy that precludes any actions by the Committee.
Powers and Duties
1. The members of the Finance Committee shall be appointed to serve at the pleasure of the Town Council and shall be advisory only, except for those duties and responsibilities specified to them by the Charter or Ordinance. Some of the responsibilities include but are not limited to:
a. Review the monthly financial reports of the Town, including the town's investments and policy and report the results to the Council as a whole.
b. Develop and review biannually, the investment policies of the Town, assuring that all assets of the Town have been properly protected and invested in compliance with State and Federal laws and regulations.
c. Meet with the auditors annually and report their findings to the Council.
d. If so authorized, the Committee may recommend additional procurement policy items in accordance with the Charter that may be recommended to the management of the Town.
e. Make recommendations to the Council.