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.
MEMBERSHIP OF FINANCE ADVISORY COMMITTEE
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 five
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:
Two members for one year terms
Three 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.
FUNCTIONS AND DUTIES OF FINANCE ADVISORY COMMITTEE
a. 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.
b. 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.
c. The committee shall review financial statements and periodically
monitor revenues and expenses for compliance with the budget as
adopted.
d. The committee shall specifically consider long-range capital
improvement programs and make recommendations to the Durango School
District 9-R Board of Education.
e. The committee shall meet on a monthly basis or otherwise as
necessary.
f. 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.
g. 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.
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