The Treasurer shall serve as chairperson of the Finance Committee. This Committee shall:
(i) Establish procedures for and implement the preparation of a budget for the ensuing fiscal year and shall recommend an operating budget and capital expenditure and capital reserve budget to the Board based upon estimates from the various committees and/or operating components reporting to the Board or the Executive Director.
(ii) Establish procedures for measuring the actual income, expenditures, and cash flow of SIPOA against the budget, and shall report complete financial operations to the Board on a regular basis.
(iii) Establish and update internal controls to safeguard assets of SIPOA, and shall seek to formulate and implement proposals to impose fiscal responsibility with respect to the operations of SIPOA.
(iv) Periodically review and approve the composition of the SIPOA investment portfolio.
(v) Oversee Reserve Studies in consultation with other appropriate committees periodically to evaluate future financial needs.
The Finance Committee meets each month for two to three hours. During annual budget development (August through November), the committee has six to eight additional meetings to review proposals for the operating and capital budgets. Finance Committee members are expected to participate in at least 75% of the scheduled meetings.