The Finance Committee shall review and make recommendations on all new business and any old business coming before council having financial implications that have not already been provided for in the budget.
In addition, it is the responsibility of the committee to:
(a) Recommend overall investment strategy, including, but not limited to, amounts to be invested in equities, bonds, short-term holdings and real estate;
(b) Monitor the performance of the investment managers, if any;
(c) Research and develop alternative investments; and
(d) Advise the treasurer and appropriate staff on investing funds not entrusted to an investment manager.
It is also the responsibility of the committee to:
(a) Review audit scope and approach;
(b) Monitor issues raised during the audit and management letter;
(c) Understand the major components of the consolidated financial statements;
(d) Ensure compliance with legal and regulatory requirements; and,
(e) Monitor major financial risk exposures and steps taken to control such exposures.