Budget Committee Charter
The primary function of the Budget Committee is to provide general oversight and direction to management in the development and presentation of a fiscally responsible annual budget to the Board for approval. Committee members are expected to possess a sound understanding of the overall budget process with the capacity to identify existing or potential issues that may affect the overall performance of the Association.
Budget Committee shall consist of three or more members of the Board appointed by the Chairman of the Board on an annual basis. Committee Chairman and Vice Chairman will be appointed by the Board Chairman annually. In addition, the Chairman of the Board may participate on a non-voting basis.
Committee will meet at least annually with additional meetings as deemed appropriate. Committee will meet in executive session at each meeting and shall reserve for such session all matters it determines should be discussed and voted on in executive session, including any matter than may be required by FCA regulations to be determined in executive session.
Actions taken and/or issues discussed at each meeting will be reported to the full Board. Minutes will be prepared and submitted to the Committee for review and approval.
- Assist management in ensuring expectations of the Board are met relative to operating, capital and long-range financial planning.
- Review and provide feedback as to the reasonableness of the annual operating budget as prepared by the management team.
- Authorized to direct the management team to provide additional reports, information, data or presentations, as needed, to help the committee better understand the core factors driving the annual budget.
- Direct revisions or modification in the annual budget to meet the efficiency and budgetary goals of the Association.
- Provide a Committee report to the Board recommending the approval of the final annual budget.
- Conduct an annual evaluation of the committee’s performance and make recommendations to the Chairman of the Board.
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