20-97 Finance Committee Membership 10-14-2020RESOLUTION NO. 20-97
A RESOLUTION OF THE BOARD OF TRUSTEES OF THE TOWN OF FIRESTONE,
COLORADO, CONCERNING THE MEMBERSHIP, ROLES AND RESPONSIBILITIES
OF THE TOWN OF FIRESTONE FINANCE COMMITTEE
WHEREAS, by Resolution No. 11-26, the Board of Trustees formally established the
Town of Firestone Finance Committee (''Committee") as an advisory committee of the Board of
Trustees in accordance with Section 2.04.130 of the Firestone Municipal Code; and
WHEREAS, by Resolution No. 13-12, the Board of Trustees increased the membership of
the Committee, restated the membership, goals and responsibilities of the Committee, and repealed
and replaced Resolution No. 11-26; and
WHEREAS, by Resolution 17-39 the Board of Trustees further increased the membership
of the Committee and revised and restated the goals and responsibilities of the Committee; and
WHEREAS, to ensure continuity of the Committee and ease the transition of the change-
over in membership, the Board of Trustees desires to establish staggered terms.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE
TOWN OF FIRESTONE, COLORADO:
Section 1. The Town of Firestone Finance Committee (the "Committee") was formally
established by Board of Trustees Resolution No. 11-26, adopted September 28, 2011. The
Committee shall be an advisory committee of the Board of Trustees. The Committee shall consist
of five members, as follows: two members of the Board of Trustees and three residents of the
Town. Committee members shall be appointed at a public meeting of the Board of Trustees in
accordance with the Firestone Municipal Code.
Section 2. The following rules shall apply to the Committee:
A. Quorum: Three members of the Committee, one of whom must be a member of
the Board of Trustees, shall constitute a quorum. A majority of the quorum is required to act on
any matter before the Committee, but in the absence of a quorum, a lesser number may adjourn
any meeting to a later time and date.
B. Term: Each Committee member shall be appointed to a four-year term. A
member's te1m shall commence on the fourth Wednesday of April of each even numbered year
and shall expire on the fourth Wednesday of April four years later, subject to the requirement that
a Trustee's service shall be concmrent with his or her service as a Trustee. The first Trustee
appointed in 2020 shall be appointed for a four year te1m. The second Trustee appointed in 2020
shall be appointed for a two year te1m, which term shall upon its expiration become a four year
term. The first two resident members appointed in 2020 shall be appointed for four year te1ms.
The third resident member appointed in 2020 shall be appointed for a two-year term, which term
shall upon its expiration become a four-year te1m.
C. Vacancies/Removal: Committee vacancies shall be filled by an affomative vote of
a majority of the entire Board of Trustees. The term of any person appointed to the Committee to
fill a vacancy left by a vacating Committee member shall expire on the expiration date of the te1m
of the vacating Committee member. A Committee member may be removed from the Committee
for any reason by an affirmative vote of a majority of the entire Board of Trustees.
D. Meetings: The Committee shall meet monthly unless there is no business for the
Committee to consider. Regular meeting dates, times and locations shall be determined at the first
Committee meeting of each calendar year. Meetings of the Committee shall be subject to the
Colorado Open Meetings Law. Staff to the Committee shall keep an accurate summary or minutes
of all Committee meetings, which shall be open for inspection in accordance with the Colorado
Open Records Act. The Committee may call special meetings or reschedule any meeting by action
taken at any meeting.
Section 3. The Committee shall serve in an advisory capacity to Board of Trustees on
matters concerning Town's finances. The Committee's goals and responsibilities shall include the
following:
A. Review the Town's annual draft budget to obtain an understanding of the Town's
financial position as well as budgeting priorities and initiatives determined by the Town Board and
provide feedback on inconsistencies or irregularities to the Town Board.
B. Review financial policies developed and drafted by Town Finance staff and provide
comments and recommendations regarding such draft financial policies to the Town Board.
C. Periodically review, but no less :frequently than as recommended by the State
Auditor's Office, the need for rotation of the Town's independent auditor.
D. Interview selected qualified films being considered to serve as the Town's auditor.
Make recommendation of auditor for Town Board consideration and approval.
E. Review the Town's draft annual audit, monitor the Town's established internal
controls related to accounting procedures and functions, and provide recommendations regarding
responses to Town auditor's management letter. Provide recommendation to Town Board to accept
the Town's audited year-end financial statements.
F. Other duties as specifically identified and requested by the Town Board.
Section 4. The Committee shall have the power to adopt bylaws, rules, policies and
procedures for the conduct of its activities, which shall be consistent with the provisions of the
Firestone Municipal Code, resolutions and other applicable law. The Committee shall have the
power to determine and appoint its own officers.
Section 5. Resolution No. 17-39 is hereby repealed and replaced in its entirety by this
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Resolution.
INTRODUCED, READ AND ADOPTED thisl~ay of QctO ~t, 2020.
TOWN OF FIRESTONE, COLORADO
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