Finance and Audit Advisory Committee
The Committee will meet as needed and at such times as the Chairman or the members of the Committee deem appropriate. Meetings may be conducted in person, by videoconferencing, by teleconferencing, or by a combination thereof.
- Margo Goodwin - Mayor
- Michael Lewis - Chair
- Richard Litton
- Allen Custard
Ex Officio Members
- John McKnight
- David L. Dowler
- Bill Lindley, Town Administrator
- Steven Alexander, Director of Administrative Services/CFO
About the Finance & Audit Advisory Committee
The Town of Highland Park Finance and Audit Advisory Committee (the “Committee”) provides advice and recommendations to the Town Council concerning the investment, financial, accounting, and audit-related affairs, practices, and policies of the Town.
Membership/Structure/Term of Office
The membership of the Committee will be composed of four individuals consisting of the Mayor and at least three, but not more than four, private individuals with significant knowledge and experience in the realms of business finance and/or municipal finance. In addition, the Committee shall have four Ex Officio members consisting of the two Town Council Members, the Town Administrator, and the Chief Financial Officer of the Town.
The private individuals and two Council Members will be appointed at the discretion of the Mayor; however, their appointments shall be subject to confirmation by the Town Council (the “Council”). The private individuals, the Mayor, and the two Council Members shall serve as members of the Committee for a term of two years ending simultaneously with the ending of the terms of the Mayor and of the Town Council Members. The Mayor shall appoint the Chair of the Committee with the confirmation of the Town Council.
Responsibilities of the Committee
The Committee will: (i) consider the policies and priorities of the Town as expressed in the current budget and capital improvement program and as otherwise conveyed to the Committee by the Council; (ii) study and assess the financial performance and financial condition of the Town; (iii) identify issues and opportunities related to such performance and condition, and (iv) convey comments and make recommendations to the Council as it deems appropriate or as the Council may request. In conjunction therewith, the Committee will:
- On a monthly basis, review the Town’s periodic financial reports and provide comments as appropriate;
- On a monthly basis, review the Town’s investment portfolio and provide comments as appropriate;
- Review, assess, and comment, as the committee determines necessary, upon the investment, financial, accounting, and audit policies and practices of the Town;
- Participate in, and review, assess, and comment upon, the development and preparation of the proposed Annual Budget. At the request of Town Council, this may include, but is not limited to:
- The Town’s Compensation Program, as well as the Pay for Performance (P4P) Program; and
- The Town’s benefits program to include health insurance and retirement; and
- The Capital Improvement Program and related financing plan.
- Confer with the independent auditors retained by the Town, including conducting at least one annual conference without the presence of any member of the Town Staff, including without the presence of any Ex Officio members of the Committee who are members of the Town Staff; and
- Review, assess, and comment upon the Comprehensive Annual Financial Report prepared by the auditors.
The Town Staff will furnish to the Committee the benefit of its knowledge, experience, and recommendations as the Staff may deem appropriate; and the Committee will draw upon such knowledge, experience, and recommendations as it deems appropriate.
The Staff, without the approval of the Council, may implement recommendations of the Committee which involve routine adjustments or refinements of existing administrative practices of the Town; however, no recommendation that is inconsistent with any prior directive of the Town Council or that constitutes a change in Town policy will be implemented without the prior approval of the Council.
Reports to the Town Council
The Committee will submit to the Council written reports as determined necessary by the committee or at the request of the Town Council concerning: (i) the financial performance of the Town relative to the current Budget; (ii) any recommendations it may deem appropriate; and (iii) such other matters within the realm of its responsibilities as it may deem appropriate. Such report(s) may be supplemented by the members of the Committee or a representative appearing at a meeting of the Council. Further, the Committee may make written reports to, or its members or a representative may make appearances before the Council as the Committee, or its member(s) may deem appropriate.