Timnath Finance Committee Overview
The Timnath Finance Committee is a citizen advisory group established to support the Town Council in maintaining strong financial stewardship and public accountability. Committee members review and provide input on key financial matters, helping ensure transparency, sound fiscal management, and compliance with relevant auditing standards.
Responsibilities of the Committee include:
- Advising on Financing Transactions: Reviewing proposed loan or bond financing transactions under consideration by the Town and making recommendations for Council review.
- Auditor Oversight: Periodically evaluating the need for rotation of the Town’s independent auditor in alignment with best practices and State Auditor guidance.
- Auditor Selection: Participating in the interview process for qualified auditing firms and making a formal recommendation to the Town Council for appointment.
- Annual Audit Review: Reviewing the Town’s draft annual audit, assessing internal controls related to accounting functions, and recommending responses to the auditor’s management letter. The committee also advises the Council on the approval of the Town’s final audited financial statements.
This committee plays a key role in promoting financial integrity and ensuring that public funds are managed responsibly and in the best interest of Timnath residents.
Members typically serve one- or two-year terms and meet periodically throughout the year, particularly during audit and budget cycles.