City of Marshfield, MO
Webster County
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Table of Contents
Table of Contents
[Ord. No. 1933, 6-25-2020]
A. 
There is hereby created and established the Finance Advisory Committee, which shall be a standing committee and shall consist of at least five (5), but no more than seven (7) members who shall be appointed by the Mayor with the approval of the Board of Aldermen. All members must be residents of Marshfield R-1 School District and at least three (3) members must resident in the City. Members shall have education and experience in the areas of finance, accounting, auditing, real estate, law, business administration, and/or cybersecurity. The Mayor and Board of Aldermen may not serve as members of this committee.
B. 
The purpose of the Finance Advisory Committee is to provide community oversight, provide educated and experienced financial advice, and improve transparency in all aspects of City finances.
[Ord. No. 1933, 6-25-2020]
For the initial terms of the Financial Advisory Committee, there shall be three (3) three-year terms, two (2) two-year terms, and if more than five (5) members are appointed, up to two (2) one-year terms. Thereafter, committee members shall serve three-year terms. Committee members may be removed by the Mayor without cause. If a vacancy shall occur during the term of any member, a successor shall be appointed to complete the remainder of the term.
[Ord. No. 1933, 6-25-2020]
The members of the Finance Advisory Committee shall serve without compensation.
[Ord. No. 1933, 6-25-2020]
A. 
The Finance Advisory Committee shall have the following duties and responsibilities:
1. 
Review the annual budget as drafted by the Board of Aldermen and City staff, and prepare written recommendations and acknowledgements regarding budgeted figures, financial estimates and position, and other related factors prior to budget adoption by the Board of Aldermen.
2. 
Assist City staff in the development of and annual review of various Capital Improvement Plans (CIPs) annually.
3. 
Review the annual independent audit report and the Comprehensive Annual Financial Report (CAFR) and prepare comment to the Board of Aldermen, as necessary.
4. 
Advise City staff and the Board of Aldermen on financial matters, including, but not limited to, investment and financial policies, selection of financial institutions which hold City funds, selection of independent auditor, and review of financial projections prepared by the Finance Director.
[Ord. No. 1933, 6-25-2020]
The Finance Advisory Committee shall, at its first September meeting, elect a Chairman and a Vice-Chairman who shall each serve for a term of one (1) year. Thereafter, the Vice-Chairman will become the Chairman in the following year and a new Vice-Chairman will be elected each September. A majority of the members shall be a quorum for the transaction of business. The Committee shall keep a journal of its proceedings. A copy of all minutes shall be submitted to the City Clerk within three (3) business days from the meeting date.