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.
The Fiscal Management Committee (previously the Audit Committee) reviews issues pertaining to the management and audit of Montgomery County Public Schoolsâ fiscal, capital, and human resources, including the Boardâs operating budget, the Capital Improvement Program, staffing plans, and allocations.
It was established by Board of Education Resolution No. 305-08
Text of Resolution No. 305-08
On Tuesday, July 22, 2008, the Board of Educationâs Audit Committee met and by unanimous vote recommended the following resolution for Board approval:
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 Schoolsâ 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 Schoolsâ fiscal, capital, and human resources, including the Boardâs 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 Committeeâs Procedures and Responsibilities be revised as follows:
A. Procedures