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.

Finance Committee Documents