HomeMy WebLinkAboutItem 7 Lake Elmo Finance Committee Policies Procedures (2)
Finance Committee
Operating Policies & Procedures
Scope & Purpose: To aid the City Council in the administration of financial operations of the
City of Lake Elmo through the regular audit of financial statements, creation & maintenance of
relevant/compliant financial policy; and the development of the annual operating budget.
Committee Duties:
A. Insure the compliance with all Government Accounting Standard Board policies;
B. In conjunction with Administrator, Department Heads & the Finance Director, develop and
present the annual budget first in temporary form for public hearing, and in final form for
Council approval;
C. Monitor expenditures, supervise collection of accounts, and audit tax dollars use for
budget;
D. Investigate and supervise the execution of all City borrowing including the review of
offering statements, debt service payments and bond sales – including the selection of a
financial advisor;
E. Oversee the annual audit and development of the Comprehensive Annual Financial Report
(CAFR);
G. Review and recommend the establishment / renewal of user and license fees – including
utility fees;
H. Coordinate supplemental revenue and grant funding with Department Heads, Finance
Director and Administrator;
I. Review requests for non-budgeted or emergency expenditures and make
recommendations to the full City Council;
J. Review any proposed changes in the City’s insurance coverage and risk management
program;
K. Oversee and advise on all investment and major fund transfers of the City;
L. Make recommendations on the issuance and conditions of licenses and franchises;
M. Supervise the cable television franchise and oversee negotiations relating to such
franchise;
N. Construct and design financial updates and reports to keep the public informed on the use
of tax dollars.
Meeting Schedule: The Finance Committee will meet the third Thursday of every month
from 6:00- 7:30 PM, or as needed.
Committee Composition: (2) City Council Members
(3) Lake Elmo Residents w/ a background in business of finance
Submitted: February 5, 2013