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SECTION: <br />207.01 <br />207.02 <br />207.03 <br />207.04 <br />207.01: <br />CHAPTER 207 <br />FINANCE COMMISSION <br />Establishment of Commission <br />Organization <br />Meetings and Reports <br />Scope, Duties and Functions <br />ESTABLISHMENT AND MEMBERSHIP: <br />There is established a Finance Commission of the City which shall consist of seven members <br />appointed by the Ciry Council. Members shall be residents of the City and appointed for three <br />year staggered terms. A minimum of three members shall have financial management <br />experience or training. Terms of the initial members will be established by the council at the <br />time of their appointment. No member shall serve more than two full consecutive terms. <br />207.02 : ORGANIZATION: <br />The Commission shall annually elect one member to serve as chairperson and one member <br />to serve as vice chairperson. <br />207.03: MEETINGS AND REPORTS: <br />The Commission shall annually adopt a regular meeting schedule and may hold other meetings, <br />as it deems necessary. The Commission may adopt rules for the transaction of business and <br />shall keep a record of its meetings and actions. The commission shall request a joint meeting <br />with the City Council when deemed necessary and at a minimum of once a year. <br />207.04: SCOPE, DUTIES AND FUNCTIONS: <br />The City Council has created the Finance Commission to serve in an advisory capacity <br />regarding the City's financial matters to make recommendations that will provide clarity, <br />transparency and accessibility of financial information, to review policies and offer strategies <br />for improved budgeting and funding for present-day operations and future needs, and to review <br />the city's financial affairs. <br />The duties and functions of the Commission may include: <br />A. Advise on short and long-term financial policy matters, including but not limited to cash <br />reserve funds, budgets, financing, and capital replacement policies. <br />B. Review and recommend funding strategies for the Capital Improvement Plan. <br />C. Recommend budget goals, including but not limited to local tax rate and tax levy targets, <br />management of enterprise funds, and spending levels. <br />