[Ord. No. 18-2238, 11-19-2018]
A. 
An Audit and Finance Committee for the City is hereby established.
B. 
The Audit and Finance Committee shall consist of five (5) members, two (2) of which shall be Aldermen and three (3) of which shall be citizen members, all appointed by the Mayor with approval of the Board of Aldermen. The chairperson will be appointed by the Mayor with approval of the Board of Aldermen. The chair may be either an Alderman or a resident member and will serve for a one-year term and may be reappointed annually. The citizen members of the Audit and Finance Committee shall be residents of the City at the time of their appointment and during their term. No more than two (2) citizen members may be appointed from the same ward.
C. 
Citizen members of the Audit and Finance Committee shall be educated or employed in a professional capacity as an accountant, financial advisor, business owner, banker, or broker and shall qualify as "financial experts" as the term is defined in the Sarbanes-Oxley Act.
D. 
In addition to the aldermanic and citizen members, the Mayor and City Administrator shall be ex-officio members of the committee and entitled to attend all meetings and give input but shall not have a vote on any recommendations of the Committee. The Director of Finance shall provide all staffing services to the Committee.
E. 
The Audit and Finance Committee shall meet at least quarterly, and in accord with the schedule established by the Committee. The Committee shall keep minutes of its meetings and provide the City Clerk with copies of those minutes for distribution to the Board of Aldermen. All Committee meetings shall be held in compliance with the Missouri Sunshine Law (Chapter 610, RSMo.) and the City's policy relating to open meetings and records.
F. 
Terms for the initial appointments to this Audit and Finance Committee shall be staggered with two (2) members initially appointed for a term of one (1) year ending October 31, 2019, and the balance for a full two-year term ending October 31, 2020. Thereafter, the terms of the members appointed by the Mayor shall be for two (2) years beginning November 1 of the year of appointment. There is no limit on the successive terms a member may serve. Members shall serve until their successors are duly appointed except that a vacancy shall be deemed to have occurred upon a citizen member's non-residency or an aldermanic member's going off of the Board of Aldermen. Removal of members shall be in accordance with Section 115.030 as it relates to appointed officers.
[Ord. No. 18-2238, 11-19-2018]
The purpose and duties of the Audit and Finance Committee are to:
A. 
Review the annual budget to determine if the budget meets statutory requirements of the State; that it is based on sound fiscal policy; that revenue projections are reasonable; that adequate reserve or emergency funds are provided; that all financial obligations such as bond payments are provided and that special funding or reserve accounts as provided by ordinance of the City are satisfied; and to make such recommendations to the Mayor and Board of Aldermen as it deems appropriate.
B. 
Consider proposed budget amendments during the fiscal year requested by departments not included in the budget. The Committee may make any necessary recommendations for changes to the Mayor and the City Administrator.
C. 
Participate at the aldermanic budget discussions.
D. 
Review quarterly financial statements with the Director of Finance for budgetary control and sound management practices.
E. 
Make recommendations to the Mayor and Board of Aldermen on the need for implementation of studies to improve results in broad areas of management, organization and operation functions.
F. 
Review long-term capital improvement plans.
G. 
Review long-term park and stormwater plans.
H. 
Review and evaluate investment actions.
I. 
Perform such other duties as may be assigned by the Mayor or the Board of Aldermen.
[Ord. No. 18-2238, 11-19-2018]
The Audit and Finance Committee is advisory. The Committee at its discretion may request the City staff to undertake research, to advertise and to do other ministerial duties as required.