GUILFORD FINANCE ADVISORY COMMITTEE
Formed March 9, 2020
The purpose of the Finance Advisory Committee (FAC) is to assist the Selectboard in fulfilling its statutory responsibility for the Town’s finances. The FAC scope of work will include, but is not limited to:
- Review annual operating budgets
- Review numbered Town funds
- Evaluate existing debt and debt capacity
- Review Capital Program as it informs and impacts the Capital Fund
- Assist with creating annual budgets
- Review financial information for the annual report (Town Report) for accuracy
- Assist with contingency planning for potential budget shortfalls
- Make recommendations to the Selectboard regarding the Towns finances
The FAC derives its authority from the Selectboard, answers directly to the Selectboard, and the Selectboard is responsible for its charge and selection of members. The FAC cannot take action, but can only make recommendations to the Selectboard, which the Selectboard may accept or reject.
The FAC will work with the Selectboard, the Town Administrator, the Treasurer’s Office and any others it deems necessary to fulfill its purpose. The FAC will consider all Town policies relating to finances to inform its work: Accounting, Auditing & Financial Reporting Policy, Balanced Budget Policy, Capitalization Policy, Capital Program and Budget Policy, Reserve Fund Balance Policy. The FAC will also review all auditors’ reports and any other matters of financial import that impact the voters of the town.
- The FAC will be seven (7) members
- Five (5) members will be appointed annually by the Selectboard at their first organizational meeting after Town Meeting and will be registered voters of Guilford; they will be voting members
- Two (2) members will be ex officio: a member of the Selectboard, and the Treasurer or his/her appointee; will be non-voting members
- The FAC will annually elect a Chair and Vice Chair at its first meeting following appointments
- The Town Administrator will serve as staff to the FAC
Current Members (2020):
- Sheila Morse, Chair
- Gordon Little, Vice-chair
- Anne Rider
- Timm Harris
- Katie Buckley
- Rusty Marine, Selectboard Liaison
- Penny Marine, Town Treasurer
- Peder Rude, Town Administrator
As a Town Committee, the FAC must comply with Open Meeting Law (OML). The Town Administrator, as staff to the Committee, will be responsible for educating new Committee members on OML and ensuring that all requirements of this law are observed as it relates to the FAC including but not limited to:
- Duly warning and noticing all meetings to the public
- Recording meeting agendas and minutes and posting to the Town’s website in the stipulated time frame
All communication for and by the FAC, as well as between FAC members and others (printed or electronic) is subject to the Freedom of Information Act (FOIA).
The Committee will decide its own meeting schedule and structure. It will meet no less than one (1) time each fiscal quarter.