The purpose of the Audit and Finance Committee, hereafter known as the AFC, shall be to assist the Chesterfield County Public School Board in its oversight responsibilities for budgeting, financial reporting, internal controls systems and audit processes (internal and external).
The duties of the AFC shall be to:
1. Participate in training/review activities related to the Chesterfield County Public Schools’ (CCPS) existing strategic plan, financial policies and budget process to have a better understanding of the CCPS priorities, historical expenditures, staffing and performance data, and projected revenue and expenditure activity.
2. Receive reports from school division management and the Internal Auditor regarding internal control processes and recommended changes to policies and procedures, recommend additional internal control processes as appropriate, and report to the School Board on significant results of the foregoing activities.
3. Review the CCPS quarterly financial reports and evaluate trends and projections. Review other financial reports such as OPEB, SRP valuation, etc.
4. Initiate, upon the School Board’s request, any study on specific topics or issues. The AFC may also suggest topics or issues to address, with the concurrence of the School Board.
5. Present written reports which may include recommendations to the School Board that address the specific topic or issue requested by the School Board for study and/or recommendations. These reports and recommendations will be recorded on BoardDocs as part of the business conducted as part of a School Board meeting or work session.