Purpose of the Finance Committee:
- The Finance Committee serves as the town’s official fiscal watchdog.
- Its primary responsibility is to advise and make recommendations to Town Council on the budget, capital improvement plan, and other areas with financial implications.
The Budget Process:
- The Finance Committee receives budgets from the Town Manager, analyzes them, holds public hearings where the department heads and the public can testify and, subsequently, presents a balanced budget to Town Council for adoption.
- Finance Committee must not only examine direct costs, it must read between the line items and investigate financial implications of policy decisions.
- The budget presented to the Gate City Council is the Finance Committee’s consensus recommendation. The budget and capital improvement plan may be amended by Town Council, provided that amendments maintain a balanced budget.
- The Finance Committee should promote a budget process that results in a clear and meaningful budget document with analyses, explanations, and justifications for its recommendations that can present voters with a clear picture of town government: what it is, where it is, and where it is heading.
Relationship with other elements of Town Government:
- The Finance Committee serves in an oversight role. It acts as a check on powers of the administration function of the town government.
- The Finance Committee promotes a good working relationship with all—by being open to suggestions, alternative opinions, and working out compromises on key issues.
Budget, capital improvement plan and other related financial reports are located at the Document Center tab.