Finance Committee

Purpose

The Finance Committee is responsible for the review and recommendations to the Board of Directors of those issues that relate to financial matters of the Association.

Chairperson

The Secretary/Treasurer of the Association as directed by the By-Laws shall chair the Finance Committee.

Responsibilties

1. Review and recommend the annual budget for approval at the January Board meeting. The process utilizes input from committees and staff and Board Workshops.
2. Review and monitor the cash flow and budget performance throughout the fiscal year.
3. Review and recommend approval or disapproval for funding in excess of established budget in accordance with the Budget Management Policy. (See Attached)
4. Review and make recommendations regarding the Association's insurance plans and polices.
5. Review and make recommendations on the investment policy.
6. Monitor investments and financial statements on a monthly basis.
7. Review and recommend changes and updates to the Bidding Process and Purchasing Policy.
8. Review and recommend changes and updates to the Associations Reserve Study.
9. Review and recommend changes and updates to any other financial matters that may, from time to time, come before the Association.

Accountability

The Finance Committee shall be accountable to the Board of Directors and shall report all actions and decisions. All policy recommendations shall come before the Board for approval.

Budget Management Policy

It is the duty of the General Manager to prepare the annual budget and to submit it to the Finance Committee for review and for making a recommendation to the Board for approval at the January board meeting. The Manager shall adhere to the department budget totals and may adjust a line item by 20% but not to exceed $10,000. All adjustments are to be reported to the Finance Committee and the Board of Directors. The General Manager shall regularly review the status of the budget with the Finance Committee and propose appropriate corrective actions if revenues or expenditures vary materially from the approved budget. Expenses requested by a committee, or staff extraneous to the adopted budget, shall be reviewed by the Finance Committee. The Finance Committee shall have authority to approve an increase to any one line item or add a new budget item up to $20,000 and will inform Board of Directors of such action by the next board meeting; all requests for additional funding over $20,000 must have Board approval prior to the expenditure.