The Audit Committee consists of 5 members and 2 alternate members who are Village residents with educational and/or practical experience in the fields of finance or business. Terms are 3 years for members and 1 year for alternate members. Alternates have the duty to sit for any regular member that is absent and serve in order (1st alternate, 2nd alternate).
The primary responsibility of the Audit Committee is to oversee and monitor the independent audits of the Village's financial statements from the selection of the independent auditors to the resolution of audit findings. The Audit Committee facilitates communication between the Village Manager's office, the independent auditors and the Village Council, and serves as an advisor to the Village Council. The Audit Committee also has an annual responsibility to present a written report to the Village Council which shows how the committee has discharged its duties and met its responsibilities. The written report also includes its findings as to the independent audits of the Village's financial statements.