Consent-General Government # 19.
Board of Supervisors
Financial Services
- Meeting Date:
- 07/25/2023
- Brief Title
- Approve Financial Oversight Committee Charter
From:
Tom Haynes, Interim Chief Financial Officer, Department of Financial Services
Staff Contact:
Kim Eldredge, Internal Audit Manager, Department of Financial Services, x9204
Supervisorial District Impact:
Countywide
Subject
Approve Financial Oversight Committee Charter. (No general fund impact) (Haynes/Eldredge)
Recommended Action
Approve revisions to the Financial Oversight Committee Charter.
Strategic Plan Goal(s)
 |
In Support of All Goals (Internal Departments Only) |
Reason for Recommended Action/Background
In 2012, Yolo County voters approved Measure H, establishing an appointed Director of Finance and consolidating countywide fiscal functions under the Department of Financial Services. The ballot measure specified that the new department would be subject to oversight by an independent finance advisory committee. In 2014, the Board of Supervisors adopted Ordinance No. 1450 to implement the provisions approved by voters in Measure H, including creation of the Financial Oversight Committee. In 2014 the Board also approved the first Financial Oversight Committee Charter, which has been periodically revised in the years since.
The current recommended revisions to the Financial Oversight Committee Charter include changes to Article V. Responsibilities and Duties, adding language to align with the Yolo County Internal Audit Charter as recommended by a recent peer review of the internal audit activity, including clarification of the role and composition of the Audit Subcommittee. In addition, bullet #3 under Treasury Oversight has been amended to change the quarterly review of investment performance of the treasurer's pool to at the frequency and discretion of the committee. Finally, the recommended revisions include other minor grammatical changes.
The current recommended revisions to the Financial Oversight Committee Charter include changes to Article V. Responsibilities and Duties, adding language to align with the Yolo County Internal Audit Charter as recommended by a recent peer review of the internal audit activity, including clarification of the role and composition of the Audit Subcommittee. In addition, bullet #3 under Treasury Oversight has been amended to change the quarterly review of investment performance of the treasurer's pool to at the frequency and discretion of the committee. Finally, the recommended revisions include other minor grammatical changes.
Collaborations (including Board advisory groups and external partner agencies)
Revisions were reviewed and approved by the Financial Oversight Committee on June 15, 2023.
Fiscal Impact
No Fiscal Impact
Fiscal Impact (Expenditure)
- Total cost of recommended action:
- $
- Amount budgeted for expenditure:
- $
- Additional expenditure authority needed:
- $
- On-going commitment (annual cost):
- $
Source of Funds for this Expenditure
- General Fund
Attachments
Form Review
| Inbox | Reviewed By | Date |
|---|---|---|
| Tom Haynes | Tom Haynes | 07/17/2023 01:45 PM |
- Form Started By:
- keldredge
- Started On:
- 07/05/2023 08:40 AM
- Final Approval Date:
- 07/18/2023