The Fiscal Mangamement Committee's November 18 meeting included:
Next Meeting
On July 16, 2013, the Board of Education adopted Resolution No. 397-13, which revised the charge for the Fiscal Management Committee to the following:
a. The committee shall approve the annual work plan of the internal audit team and may recommend items for inclusion in the plan.
b. The superintendent will keep the committee informed of the results of all state and federal audits of MCPS operations and recommendations of the County's Office of Legislative Oversight and Inspector General.
c. The committee will review, as needed, financial statements provided to the county executive and County Council.
d. The committee shall undertake periodic reviews of issues pertaining to the management and audit of Montgomery County Public Schools' fiscal, capital, and human resources, including the Board's operating budget, the Capital Improvement Program, staffing plans, allocations, and pension and benefit determinations.
e. The committee will review the contracting practices of MCPS and will review the procurement manual.
WHEREAS, On September 13, 1980, the Board of Education passed a resolution creating an Audit Committee, which was given responsibilities for reviewing internal audit reports, meeting with the external auditors to discuss the scope of their work and their audit findings, and reviewing reports generated by the Department of Financial Services; and
WHEREAS, On November 13, 1980, the Board adopted a set of procedures and responsibilities regarding the appointment, terms of office, and meetings of the committee, and the committee's relationship to internal audit, external audit, and the Montgomery County Public Schools’ business functions; and
WHEREAS, The Board desires a process within the committee for reviewing issues pertaining to the management and audit of Montgomery County Public Schools’ fiscal, capital, and human resources, including the Board’s operating budget, the Capital Improvement Program, staffing plans, and allocations; now therefore be it
Resolved, That the Audit Committee be renamed the Fiscal Management Committee; and be it further Resolved, That the Committee’s Procedures and Responsibilities be revised as follows:
FISCAL MANAGEMENT COMMITTEE PROCEDURES AND RESPONSIBILITIES
A. Procedures
The Fiscal Management Committee shall consist of three members, elected by the full Board, serving staggered terms of three years each. The term of office shall begin on December 1 of the year of appointment and end three years later on November 30. If a member resigns from the committee or is unable to serve his/her full term, the Board shall appoint another member to serve the balance of the term. Eligibility for appointment to the Fiscal Management Committee shall be limited to members of the Board of Education whose remaining terms of office with the Board are equal to or greater than the terms for which they are appointed on the Fiscal Management Committee. The chairperson of the Fiscal Management Committee shall be elected by the full Board at its annual organizational meeting in December.
Regular meetings of the Fiscal Management Committee shall be held quarterly. Special meetings may be called by the chairperson or at the request of either of the other members to the chairperson. As required by law, the superintendent of schools or his designee shall attend all meetings of the committee.
The Board office in collaboration with the superintendent’s office shall provide staff assistance to keep minutes of each regular and special meeting of the committee and to prepare correspondence and other documents necessary to the transaction of the committee's business. Copies of the minutes of each regular and special meeting of the committee shall be furnished to the Board of Education, together with the committee’s recommendations, if any, concerning the subject matter of the meeting. The minutes and the agenda shall be posted on the Board’s website as soon as they are available.
B. Relationship to Internal Audit
C. Relationship to External Audit
D. Relationship to the Operating and Capital Budgets
View the complete annual plan (pdf)