The Finance/Audit Committee consists of a Treasurer and two to six additional other members, all of whom must be regular or alternate members of the Board, as selected by the President. The Treasurer shall serve as the Chair. The President selects the Vice-chair.
The functions of the Finance/Audit Committee include but are not limited to the following:
a. Establish and recommend an annual Budget;
b. Review all matters substantially affecting the fiscal operation of the Authority, including revenues, expenditures, investments and related fiscal matters;
c. Review and monitor the Authority’s financial reports, auditing reports and accounting practices;
d. Review, analyze and assess the results of health and welfare claims audits conducted at least every three years;
e. In cooperation with the Workers’ Compensation Committee, review, analyze and assess the results of workers’ compensation claims audits conducted at least every three years;
f. Review, analyze and assess the results the Authority’s annual financial audit;
g. Provide general stewardship of the Authority’s funds;
h. Review all matters affecting the Authority’s own insurance coverage program (as opposed to insurance programs made available to Authority members);
i. Submit recommendations concerning these matters for further consideration and action by the Executive Committee and/or Board of Directors.