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Item 4FCITY OF SOUTH LAKE MEMORANDUM December 1, 2010 To: Shana Yelverton, City Manager From: Sharen Jackson, Finance Director Subject: Resolution No. 10 -060, Appointing members to Audit and Finance Committee Action Requested: Appointment of Audit and Finance Committee members. Background Information: City Council approved Resolution No. 08 -008 on February 5, 2008 establishing the Audit Committee and appointing committee members. On December 15, 2009, City Council approved Resolution No. 08 -008A renaming the committee to Audit and Finance Committee to better expand future functions of the committee. Currently, Mayor John Terrell and Deputy Mayor Pro Tem Brandon Bledsoe serve on the committee and previously Councilmember Virginia Muzyka served as the 3 rd member. The City of Southlake Audit and Finance Committee is composed of three council members appointed annually. Audit and Finance Committee responsibilities include: a. Meeting with the external auditor prior to the annual audit to discuss scope and issues b. A review of the preliminary audit before the audit is presented to the City Council c. Any other matters as may be determined by the City Council and /or Audit and Finance Committee Financial Considerations: There are no financial considerations relating to this agenda item Strategic Link: F1 Adhere to financial management principles and budget F4 Establish and maintain effective internal controls Citizen Input/ Board Review: Not Applicable Legal Review: Not Applicable Alternatives: None Supporting Documents: Resolution No. 10 -060 Staff Recommendation: Appoint 3 members to the Audit and Finance Committee RESOLUTION NO. 10 -060 A RESOLUTION OF THE CITY OF SOUTHLAKE, TEXAS, APPOINTING MEMBERS TO THE COMMITTEE, AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the City Council of the City of Southlake, Texas (the "City ") is ultimately responsible for the stewardship of the City's funds; and WHEREAS, an annual audit is required by the City Charter; and WHEREAS, the Audit and Finance committee is composed of three council members and their responsibilities include: a. Meeting with the external auditor prior to audit to discuss scope and issues; b. A review of the preliminary audit before the audit is presented to the City Council; and C. Any other matters as may be determined by the City Council and /or Audit Committee NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SOUTHLAKE, TEXAS THAT: Section 1. The City Council hereby appoints the following council members to serve as members of the Audit Committee. Appointments shall be made annually as a part of the regular appointment process of the City's boards and commissions. 1. 2. 3. Section 3. The City Council authorizes and directs that this action be made part of the City's permanent records. Section 4. This resolution shall become effective from and after the date of its passage. PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF SOUTHLAKE, TEXAS ON THIS THE _ DAY OF 2010. APPROVED: John Terrell, Mayor ATTEST: Lori A. Payne, City Secretary