[HISTORY: Adopted by the Town Council of the Town of Smithfield 1-19-2010 by Ord. No. 2010-01. Amendments noted where applicable.]
Financial management — See Ch. 34.
There is hereby established a Financial Review Commission with the duties and purposes set forth in this chapter.
[Amended 6-22-2010 by Ord. No. 2010-06]
The Financial Review Commission shall consist of five regular members and two alternate members who shall be designated as first and second alternates. All Commission members shall be appointed by the Town Council from among the qualified voters of the Town. Each regular member shall serve a term of five years, except that the terms shall be arranged so that the term of one regular member shall expire each year. Each alternate member shall serve a term of one year. In the event that a Commission member shall have missed three consecutive meetings without consent of the Commission Chair, then his or her membership shall expire forthwith. In the event of a vacancy on the Commission for any reason, the Town Council shall make an interim appointment for the remainder of the unexpired term. Members shall be eligible for reappointment.
The alternate members shall sit and may actively participate in meetings of the Commission. The first alternate shall vote if a regular member of the Commission is unable to attend or participate in a meeting and the second alternate shall vote if two regular members of the Commission are unable to attend or participate in a meeting. In the absence of the first alternate member, the second alternate member shall serve in the position of the first alternate member.
The Commission shall meet monthly, shall organize annually and, by election, shall select from its members a Chair, Vice Chair and Secretary and may adopt any rules of procedure deemed necessary for the proper discharge of its duties. Meetings of the Commission shall be conducted in accordance with the Rhode Island Open Meetings Act.
Editor's Note: See G.L. § 42-46-1 et seq.
Three members of the Commission shall constitute a quorum, and no vacancy in the membership shall impair the right of a quorum to exercise all the rights and perform all the duties of the Commission.
[Amended 1-19-2016 by Ord. No. 2016-01]
The general duties and purposes of the Financial Review Commission are as follows:
Receive and review the annual audit report and monitor the Town's compliance with recommendations;
Review and discuss financial trends and five-year budget projections with the Finance Director semi-annually in April and October;
Complete project as assigned by the Town Council on the Town's operations, as requested, and compile recommendations where applicable to increase revenue, improve productivity and/or reduce costs;
Issue reports to the Town Council on assigned projects when such projects are completed;
Provide the Town Council with a summary project report to outline the status on assigned projects which are completed and in process; and
Schedule and conduct workshops with the Town Council to provide guidance to the Council regarding financial matters related to assigned projects.
The Commission shall be advisory in nature. Commission members shall serve without compensation. The Town Manager shall provide the Commission with such clerical and administrative assistance as may be necessary to carry out its duties hereunder.
The Smithfield Financial Review Board is hereby dissolved as of the effective date of this chapter.