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CHAPTER 208 <br />FINANCE COMMISSION <br /> SECTION: <br />208.01: Establishment and Membership <br />208.02: Scope, Duties and Functions <br />208.01: ESTABLISHMENT AND MEMBERSHIP: <br />There is established a Finance Commission of the City which shall consist of seven members <br />appointed by the City Council and which shall be subject to Chapter 201 of the City Code. A <br />minimum of three members shall have financial management experience or training. <br />208.02: 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 />transparenc y 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 />D.Review and recommend standardized budget and financial reporting methods and tools <br />to make financial communications and budget information more transparent, <br />comprehensible, and accessible to the public. <br />E.Review and recommend the annual timeline and process for creating City budgets. <br />F. Review the annual financial information, the annual audit report and management letter, <br />the adequacy and effectiveness of financial controls, and the city’s investment policy and <br />portfolio. (Ord. 1481, 07-20-2015) <br />Item 7: Attachment A