The Finance Commission is advisory to the Town Council on financial, budgetary, and investment matters including but not limited to the annual budget, capital expenditures, and the Comprehensive Annual Financial Report. The Commission reviews and makes recommendations to the Town Council regarding the Town's financial policies, use of the Town's dedicated Sales tax revenue, new revenue opportunities, cost recovery fee structure, funding goals for reserves, and other topics.
The Commission consists of five (5) voting citizen members and two (2) non-voting Council Liaisons.
- The Town Council shall appoint two Town Council members as non-voting Council Liaisons.
- The Council Liaisons shall serve on the Finance Commission until replaced by the Town Council but shall not serve beyond their terms on the Town Council.
- One Council Liaison shall be the Mayor or Vice Mayor of the Town.
- Except with respect to initial appointments, each member of the Town Council shall appoint one Citizen Appointee, upon expiration of terms described in section 2.50.205(c)(4).
- Citizen Appointees must be residents and registered voters of the Town.
- No member of the Town Council may serve as a Citizen Appointee.
- Citizen Appointees shall serve four-year terms, which shall expire on a staggered basis such that once every four years, two terms shall expire. The term of each Citizen Appointee shall commence on the first day of January (or as soon as practicable after the effective date of this Division for initial Citizen Appointees), and shall expire on the thirty-first day of the fourth successive December.
- As soon as practicable after the effective date of this Division, the initial appointment of the first Citizen Appointees shall be carried out as follows: Town Council members shall draw lots to determine the order of expiration for the terms of the first five Citizen Appointees such that one Citizen Appointee's term shall expire each year for four years after the effective date of this Division, and one additional Citizen Appointee's term shall expire in the fourth year after the effective date of this Division. Following the expiration of each of the first five Citizen Appointees' terms, a Citizen Appointee shall be appointed to serve a four-year term.
Citizen appointees must be certified public accountants, chartered financial analysts, or have a business, finance, economics or accounting degree, and must have at least five (5) years of experience in at least one of the following:
- Financial experience in a corporate, business, or government setting;
- Principal or officer at a financial auditing firm;
- Investment banking; or
- Finance or budget management.
The Finance Commission shall hold at least one meeting per calendar quarter. Meetings shall be held as required by the business needs of the Finance Commission in the Town Council Chamber or such other locations as allowed by the Ralph M. Brown Act, at a time that is convenient for the Finance Commission and the public to encourage public participation.