City Charter
The Board of Finance is established under Article VII Section 19-21 of the City Charter.
Composition
The Board consists of five members: the Mayor, Comptroller, and three private citizens who shall be appointed confirmed by the City Council and shall serve, pursuant to Article IV, Section 6. None of the members serving on the Board receive any additional salary for such membership.
The Mayor shall serve as the President of the Board. The Mayor may designate a representative to represent the Mayor in the Mayor’s absence. In that event, the Board’s Vice President shall exercise the powers of the Board President.
Board Members
Brandon M. Scott – President
Arnold Williams - Vice President
Honorable Bill Henry, Comptroller
Frederick W. Meier, Jr.
Robert (Bob) A. Shelton
Powers And Duties
As delineated in the City Charter, the Board of Finance has the following responsibilities:
- Authorizes and issues certificates of indebtedness of the City and determines all matters pertaining to the issuance and sale of certificates of indebtedness
- Selects all depositories for City Funds
- Fixes the nature, amount, and the proper custodian of the security to be given by any such institution(s) for the faithful performance of its obligations for deposits or collections
- Has the authority to issue temporary loans consistent with the Charter and is empowered to authorize the issue of negotiable, or non-negotiable, obligations of the City, including promissory notes
- Reviews the six-year capital improvement program and first-year capital budget as recommended by the Planning Commission and reports its recommendations to the Board of Estimates
- Oversees all City trust accounts
- Reviews all City investments and other matters related to debt
- Designates a clerk to the Board who shall keep its accounts and a record of its proceedings