HomeMy WebLinkAbout03 - Finance Committee Charter Update AmendedAgenda Item No. 3
April 9, 2013
FINANCE COMMITTEE
AUTHORIZATION: Established by Resolution No. 94 -110 adopted on December
12, 1994. Modified by Resolution No. 96 -100 adopted on
December 9, 1996. Disbanded by Resolution No. 98 -32
adopted on May 11, 1998. Re- established by Resolution No.
2000 -103 adopted on December 12, 2000. Duties and
membership amended by Resolution No. 2007 -21 adopted
on April 10, 2007. Purpose and responsibilities amended by
Resolution No.- adopted on April 9, 2013.
MEMBERSHIP: Three (3) Council Mem s, one of whom shall be
appointed chairperson. Appointor t shall be made by the
Mayor and confirmed by the full ty ��uncil.
Staff support shall e pr &dell primarily by the City
Manager and the Find etor and by other staff as
necessary.
Meetings shall beaTV by the Chairperson as needed.
TERM: &d finite pending City Council action.
PURPOSE &
RESPONSIBILITIES
i4eview and monitor events and issues which may
affect the financial status of the City;
B. Make recommendations to the City Council regarding
amendments to financial and budgetary policies;
C. Review the activities of staff regarding the
preparation of the City's budget and other fiscal
matters consistent with City Council policy;
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D. Recommend for Council approval, and manage an
on -going process for measuring and setting goals
designed to maximize the City's revenues consistent
with existing taxation structures and inter-
governmental funding opportunities, fee generation
consistent with market rate charges for City provided
services and market rate fees for utilization of City
owned assets. Recommend to Council major
initiatives to accomplish identified goals;
F.
E.
approval, and manage,
measuring and setting go
City's cost to provide
activities, consistent with
residents and other in
Recommend iden n
accomplish t ied goa
Recommend for Council
an on -going process for
k.designed to minimize the
)r services and required
e iced service level for
k-aAd external customers.
0 major initiatives to
Facil Ws m' ancin Plan. After approval by the City
Council; dentify, review and annually recommend to
Q ouiacil the most advantageous methods to fund the
\Ci Council's approved Facilities Financing Plan;
ro G. Identify, review and
annually recommend to Council the most
advantageous methods to fund the City's long term
compensation and benefit program liabilities; and
H. Review and recommend to Council policies related to
the setting of funding goals for major discretionary
reserves, and review on -going progress related
thereto.
I. Review the structure and documentation of any lfoy n
proposed debt financing to assess the risk associated
with debt usage;
i. Conduct audit conference meeting(s) with the
auditors to provide independent review and
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oversight of the City of Newport Beach's financial
reporting processes, framework of internal control,
and to provide a forum ui which auditors can
candidly discuss concerns in the absence of staff; and
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