Fiscal Oversight Committee
The Board of Education chose citizens from a group of applicants to serve on the WPS Financial Oversight Committee. This group meets on a regular basis and has three business community members. They are:
- David Bell
- Jose Giardiello
- Andy Kehoe
The primary function of the Fiscal Oversight Committee (FOC) is to assist the Board in fulfilling its financial oversight and planning responsibilities. In part, the committee shall fulfill its financial oversight responsibilities by information gathering, fact-finding and making recommendations in the areas of:
- Budget (Operating and Capital)
- Accounting, Audit, and Financial Reporting (Internal and External)
- Other fiscal matters as assigned by the Board
Responsibilities & Duties
The FOC shall develop recommendations to maintain and improve upon the district’s current and long-term strategies and budget plans. The FOC shall also review and comment on the accounting, audit and financial reporting functions within the district through an evaluation of the financial reports and other financial information used internally and provided by the district to any governmental body or the public. The FOC shall promote the highest standards of accounting, auditing, and financial reporting as represented by generally accepted accounting principles (GAAP), generally accepted auditing standards (GAAS), and Government Auditing Standards (GAS). Particular attention is to be given:
- The annual budget, as may be amended;
- Quarterly financial reports focused on revenues, expenses, and investment returns;
- The comprehensive annual financial report (“CAFR”) and related documents.
The committee’s primary financial oversight duties and responsibilities are to:
- Serve as an independent and objective party to monitor the District’s budgeting process and five-year budget plan, and
- Provide an open avenue of communication among the WPS administration, Financial Services and the Board.
The committee’s primary financial planning duties and responsibilities are to:
- Become familiar with school finance and the district’s budgeting policies, budgeting processes and current financial positions.
- Review and evaluate annual budget assumptions.
- Provide recommendations, including budget priorities, to the Chief Financial Officer.
- Review and evaluate draft and final budget proposals prior to presentation to the Board.
- Participate in discussions with the public and the Board of Education on various budget proposals.
- Assist in developing strategies for the budgeting of anticipated programmatic and facility changes.
- Make recommendations for increasing revenues (e.g. mill levy overrides or advertising) as well as decreasing expenses over the long-term that would provide the basis for developing future budgets.
- Make recommendations for policy changes that would eliminate budgeting barriers and reduce expenses.
- Other fiscal duties and responsibilities as requested by the Board.
To fulfill its responsibilities and duties, the committee shall:
- Review the district’s annual budget proposals and assumptions during the budgeting process and prior to submission to the Board.
- Review the district’s annual CAFR.
- Consider and recommend changes to the district’s budget and budgeting process as suggested by the Board, WPS administration, Financial Services or other authorities.
- Be authorized to present any committee opinion which dissents from the opinion offered by the Board, WPS administration or Financial Services.
- Perform any other activities consistent with this document and the district’s policies and procedures as the committee or the Board deems necessary or appropriate.
During the exercise of its duties and responsibilities, the committee may be exposed to confidential information. As appropriate, the committee shall have an obligation to the district and community to maintain the confidentiality of such information.
The committee shall report directly to the Board and the superintendent at least annually.
The committee shall be comprised of Board of Education members and community members, each of whom shall be independent and free from any relationship that, in the opinion of the Board, would interfere with the exercise of independent judgment as a member of the committee. Committee members shall be considered independent if they have no relationship to the district that will interfere with the exercise of their independence from the administration, the Board or the district.
All members of the committee shall have a working familiarity with basic finance and accounting practices, and at least three members of the committee shall have accounting or related financial management expertise, such as certified public accountants, bankers, financial advisors, and individuals working in financial positions with for-profit companies.
The members of the committee shall be appointed by the Board for staggered three-year terms and shall be eligible for reappointment. The members of the committee shall designate a citizen member as chairperson by majority vote of the full committee membership.
The committee shall hold a meeting every November, January, March and May, or more frequently as circumstances dictate. Attendance will include the Chief Financial Officer and other members of the administration as deemed necessary.