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n%w-gYt(Sti+vh FINANCIAL POLICY ADVISORY BOARD Sec. 2-110. Establishment. A financial policy advisory board for the City is hereby established. (Ord. No. 491, § 1, 3-23-82) Sec. 2-111. Purpose. The purpose of the financial policy advisory board is to provide technical assistance to the Council and staff in matters relating to the City's finances; to develop, monitor, and periodically update a long range financial policy; and stimulate citizen awareness and interest in the City's finances. (Ord. No. 491, § 1, 3-23-82) Sec. 2-112. Duties and responsibilities. The duties and responsibilities of this board shall be: (a) To develop for the Council's approval a long range financial policy. Once the policy is adopted, monitor the results and periodically update the policy. To review and comment on county, state, and federal action, affecting the City. To review and make recommendations to the City Council on investment policy. To review and make recommendation on the City's audits. To disseminate public information on City financial needs and services. To study and recommend alternative financial sources and charging for services. To review and comment on the annual budget expenditures and priorities. To provide Council/staff technical assistance, as requested in analyzing the financial aspects of projects or proposals. To develop a policy on contracting for services and cost benefit analysis of such. To maintain a current knowledge of the statutes as they relate to municipal finances. (Ord. No. 491, § 1, 3-23-82) Sec. 2-113. Composition, qualifications and appointment. The board shall be composed of not more than seven (7) members to be appointed by a majority of the Council. To be qualified to serve on this board a member must be able to demonstrate through either a college d ;ree or management level work experience in accounting, finance, investments or compensation. Members must also be residents of the City of New Brighton. (Ord. No. 491, § 1, 3-23-82) Sec. 2-114. Terms of office. Members of the financial policy advisory board shall be appointed for two (2) year terms. The expiration date of each of the terms shall be December 31, of the, year indicated below: The terms of four (4) members shall expire in 1984 and the terms of three (3) members shall expire in 1983 Upon the expiration of the term of office, a member shall continue to serve until a qualified successor is appointed. (Ord. No. 491, § 1, 3-23-82) 15