Iowa Administrative Code Agency 547 - County Finance Committee
Iowa Administrative Code – Agency 547: County Finance Committee
1. Purpose and Authority
Agency 547 governs the County Finance Committee in Iowa, which oversees and administers financial management functions at the county level to ensure proper budgeting, expenditure, and financial reporting.
The Committee’s main role is to:
Review and approve county budgets.
Monitor county financial operations.
Ensure compliance with state financial policies and guidelines.
Provide oversight to promote fiscal responsibility and transparency.
2. Committee Composition
The County Finance Committee typically includes elected or appointed county officials, such as county supervisors, auditors, treasurers, or other finance-related personnel.
Rules specify how members are selected, terms of service, and qualifications.
The Committee may appoint subcommittees for specific financial functions or projects.
3. Budget Review and Approval
The Committee reviews county budgets submitted by departments or offices to ensure funds are allocated properly and align with statutory and administrative guidelines.
It ensures the budget process adheres to deadlines and public hearing requirements.
Recommendations or approvals by the Committee are forwarded to the county board of supervisors or appropriate governing body.
4. Financial Reporting and Auditing
The Committee oversees preparation and submission of periodic financial reports to state agencies or other oversight bodies.
It may review audits, ensure corrective actions are taken, and address any irregularities in county finances.
The Committee promotes internal controls to prevent mismanagement or fraud.
5. Expenditure Monitoring
The Committee reviews expenditures to verify they are within budgetary limits and comply with policies.
It may approve or deny requests for fund transfers or supplemental appropriations.
The Committee ensures expenditures support county programs and services effectively.
6. Meetings and Records
The Committee holds regular meetings, with agendas and notices published in compliance with open meetings laws.
Minutes are recorded and made available for public review.
Procedures for quorum, voting, and decision-making are established.
7. Policy Development
The Committee may develop or recommend county financial policies, including:
Debt management.
Investment of county funds.
Procurement and contract approval processes.
It serves as a resource for county officials on financial best practices.
Summary Table (Simplified):
| Area | Details |
|---|---|
| Purpose | Oversight of county financial operations and budgeting |
| Committee Members | County officials involved in finance |
| Budget Review | Approval and recommendation of county budgets |
| Reporting/Auditing | Financial reports and audit oversight |
| Expenditure Control | Monitoring expenditures and fund transfers |
| Meetings | Regular, open meetings with records |
| Policy Guidance | Development of county financial policies |
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