Financial Advisory Committee

Resolutions:
13-88
14-171

Members:

MISSION AND BY-LAWS

Establishment:

A new committee known as the “Financial Advisory Committee” was created by the Village Council of the Village of Ridgewood on April 24, 2013, by Resolution No. 13-88.

Duties and Responsibilities:

The Committee is hereby charged with the following duties and responsibilities:

1. The Committee shall assist the Village Council by marshaling and channeling its expertise and insight to complement the judgment of the Village Council and Village management with respect to financial matters.

1. The Committee shall identify both short- and long-term financial challenges. As potential issues are raised, the Committee shall study selected issue(s) at its own initiative and at the request of the Village Council and recommend solutions/potential actions to the Village Council.

1. The Committee shall have ongoing responsibility for the following:
   
   
   1. Analyze and evaluate the annual Village budget process (expense and capital) and the resultant budget, to advise the Village Council in their decision-making process to ensure that necessary revenues are raised in an equitable manner and that taxes are spent effectively and efficiently.
   2. Review the quarterly financial reports and the current year’s revenue and expenditure projections.
   3. Advise on the development and implementation of effective financial reporting policies and procedures for the Village Council and Village management that build upon and retain the public’s faith and trust in the Village’s policies and procedures.
   4. Assist in the review and improvement of organizational structures and recurring contracts arrangements, including collective bargaining agreements, with due regard for applicable legal requirements governing civil service, procurement and labor relations.
   5. Provide an annual report to the Council.

1. The Committee may also perform the following:
   
   
   1. Study critical issues and perform independent research to formulate and develop thoughtful and well-developed recommendations on strategies and opportunities.
   2. Provide a forum for community education and discussion concerning the financial condition of the Village and various alternatives for improvement.

Meetings:

The Committee shall meet once per month and/or on an as-needed basis. Decisions shall be made by consensus and if necessary, by majority vote. The minutes for regular monthly meetings shall be kept, transcribed, and made available to the Village and Council and such other Village officials as the Village Manager shall direct. Public comment will be requested at the beginning of a meeting and will be capped at 3 minutes per person; public comment will not exceed 15 minutes. The Committee may also hold closed working sessions as needed.

Composition and Terms:

The Committee shall comprise up to nine (9) regular members of the public appointed by the Village Council, a liaison from the Village Council, and a liaison from the Department of Finance of the Village at the discretion of the Council and the Village Manager. The public members of the Committee shall be appointed on July 1 of each calendar year and serve for a term of three (3) years, with the exception of the initial Committee appointed as of July 1, 2013, with three members appointed for a term of three (3) years, two members appointed for a term of two (2) years, and two members appointed for a term of one (1) year.

If a public member resigns, the Village Council shall appoint a replacement as

soon as possible to serve out the remainder of his/her term. The Financial Advisory Committee, through the Village Council liaison, will provide input into this process.