2.24.310 Membership.
A. Members. The audit committee shall consist of three members who shall be selected based on their qualifications and willingness to serve.
1. Two members shall be members of the city council.
2. One member shall be a financial expert, possessing:
a. An understanding of generally accepted accounting principles and financial statements for state and local governments;
b. Experience in preparing or auditing financial statements of comparable entities;
c. Experience in applying such principles in connection with accounting for estimates, accruals, and allowance accounts;
d. Experience with internal accounting controls;
e. An understanding of audit committee functions.
B. Appointments. Members of the audit committee shall be appointed by the city council for terms of three years and may not be appointed to more than two full consecutive terms; provided, however, that when the audit committee is first established, the terms of the members shall be staggered and one member shall be appointed to serve an initial term of two years. The city council shall appoint one of the two city council members on the audit committee as chairperson.
C. Compensation. The city council members on the audit committee shall serve without compensation. The financial expert may be paid a stipend as established by resolution of the city council. (Ord. 2023-15 § 1 (Att. A); Ord. 2013-11 § 1 (part). Formerly 2.24.410)