The purpose of the Financial Advisory Board is to advise the Mayor and Council regarding financial matters, including reviewing financial policies, procedures, and documents related to city finances, and making recommendations to the Mayor and Council. Each year the Board publishes an Annual Report for the prior year and an Action Plan for the current year that describes their activities.
The board will consist of at least four Rockville residents and any three others who, in the opinion of the Mayor and Council, can demonstrate a stakeholder position, with at least one member from the Rockville business community and one member with governmental budgeting experience. If possible, one member should be a certified public accountant licensed to practice or retired, and at least one other member should have experience with financial matters related to larger employers or governmental agencies.
All members shall demonstrate experience directly in, or related to finance or accounting. Board members will be able to read and understand governmental financial statements sufficiently to be able to recognize inconsistencies and report on variances that require explanation and reporting to the Mayor and Council.