Durango School District 9-R

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Finance Advisory Committee

Functions and Duties

  1. In all matters, the Finance Advisory Committee shall serve as an external monitoring committee to the Durango School District 9-R Board of Education and the superintendent, representing the needs of the school district on matters pertaining to school district finance.
  2. The committee shall review and make recommendations with respect to the proposed annual budget as it aligns to district Ends Policies. Such review and recommendations shall consider and include an evaluation of the total revenue available for school district expenditures during the budgetary year and determine if proposed expenditures are aligned with the Ends Policies.
  3. The committee shall review financial statements and periodically monitor revenues and expenses for compliance with the budget as adopted.
  4. The committee shall specifically consider long-range capital improvement programs and make recommendations to the Durango School District 9-R Board of Education.
  5. The committee shall meet on a monthly basis or otherwise as necessary.
  6. In accordance with Colorado law, all meetings of the Finance Advisory Committee shall be open to the public. All minutes of said meetings shall be published in an appropriate manner.
  7. The committee shall report on the results of its work to the Durango School District 9-R Board of Education on a quarterly basis or as otherwise requested.

Membership Information

Qualifications

The district’s finance officer shall be an ex-officio member of the Finance Advisory Committee. Other ad hoc ex-officio members may be appointed by the Board of Education.

The members of the Finance Advisory Committee shall be impartial observers of the district’s finances. The members of the Finance Advisory Committee, excluding ex-officio members, shall not hold any other office in the district or be an employee of the district.

The Board of Education will ensure that the members collectively possess the expertise and experience in accounting, auditing, and financial reporting needed to understand and address financial issues within the district.

When possible, at least one member from this committee shall also be a member of the District Accountability Advisory Committee also known as DAAC.

Number of Members and Appointment

The committee shall consist of the ex-officio members and seven members. Such members shall be appointed by the Durango School District 9-R Board of Education.

Term of Office

Initially, appointments to the Finance Advisory Committee shall be as follows:

Three members for one year terms

Four members for two year terms

Thereafter, the term of office for each member shall be for a period of two years. Members appointed to the committee shall be eligible for reappointment for additional two-year terms.

Removal from Committee

The Board of Education may remove any committee member who fails to attend three consecutive scheduled committee meetings. Any vacancies created by removal from the committee shall be filled by appointment by the Board of Education and the person or persons so appointed shall serve during the un-expired term of the member whose removal or resignation created the vacancy.

Compensation

Committee members shall serve without compensation.

Officers

The Committee shall select from its membership a chairman, vice chairman, secretary, and such other officers as may be determined to be necessary or appropriate. The district’s finance officer shall be an ex-officio non-voting member of the Finance Advisory Committee.

Frequently Asked Questions

Why a Finance Advisory Committee?

In accordance with the Government Finance Officers Association (GFOA) as well as recommendations made in past Durango School District 9-R financial audit management letters, the Durango School District 9-R Board of Education herein establishes a Finance Advisory Committee. The Board of Education recognizes the need for a Finance Advisory Committee as an external monitoring committee to help ensure continued financial safety and soundness in the district.

The Finance Advisory Committee shall review and monitor the financial operation of the district.

What is a Board Committee?

A committee is a board committee only if its existence and charge come from the board, regardless whether board members sit on the committee. The only board committees are those which are set forth in this policy. Unless otherwise stated, a committee ceases to exist as soon as its task is complete or its time-frame has expired.

FAC Documents

FAC Approved Meeting Minutes