This past November, the Manchester Board of Aldermen approved legislation that established an audit and finance committee.
On March 4, at the regular Board of Aldermen meeting, the five-member appointments were approved. The initial appointments will be staggered with two members initially appointed for a term of one year, ending on Oct. 31, 2019, and the balance of members appointed for full two-year terms ending Oct. 31, 2020. Thereafter, the terms will be for two years each beginning with a Nov. 1 appointment.
Bill Ward will act as chairman and serve two years. Also serving two years will be Juli Van Hook and Alderman Rich Baumann. Appointed to one-year assignments is Peter Bitzer and Alderman Ben Tobin. Upon successful completion of their terms, there will be an option to renew the committee appointments.
The purpose and duties of the audit and finance committee include, but not be limited to:
- Review the annual budget to determine if the budget meets statutory requirements of the state; that it is based on sound fiscal policy; that revenue projections are reasonable; that adequate reserves or emergency funds are provided; that all financial obligations such as bond payments are provided and that special funding or reserve accounts as provided by the ordinance of the city are satisfied; and to make recommendations to the mayor and board of aldermen as it deems necessary.
- Consider proposed budget amendments during the fiscal year requested by departments not included in the budget. The committee may make necessary recommendations for changes to the mayor and city administrator.
- Review quarterly financial statements with the director of finance for budgetary control and sound management practices.