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Board Policy No. 3 – Committees and External Appointments <br />Page 2 of 5 <br />c. Development of strategies and plans to diversify and increase revenue through <br />strategic partnerships. <br />3. PAF Committee – Responsible to ensure that NCTD follows sound financial practices, <br />complies with all financial reporting requirements, and reviews critical performance <br />indicators to ensure NCTD goals and objectives are achieved. Following are examples of <br />the subject matters addressed by this committee: <br />a. Oversee the preparation of an annual budget for NCTD before presentation to the <br />full Board for approval; <br />b. Monitor budget implementation and financial procedures; <br />c. Review and recommend for approval significant changes to the budget (e.g. <br />suggested new programs, funding reductions), and make recommendations to the <br />full Board; <br />d. Oversee the assets of NCTD and manage investments; <br />e. Receive performance reports that capture the major performance indicators across <br />all business areas of NCTD and present to the full Board along with <br />recommendations for improvement, when necessary. <br />f. Review the Internal Audit Program’s (IAP) annual Comprehensive Audit Plan <br />developed by the Executive Director and the General Counsel Department and <br />provide reports to the full Board of Directors regarding the IAP activities; <br />Composition of Committees <br />The Executive Committee is composed of four members, consisting of the Board Chair and Board <br />Vice-Chair, the Chair of the MSPBD Committee, and the Vice-Chair of the PAF Committee. The <br />Board Chair and Board Vice-Chair shall serve as the Chair and Vice-Chair, respectively, of the <br />Executive Committee. <br />Both the MSPBD Committee and the PAF Committee are composed of four members of the <br />Board. The Board Vice-Chair shall be a member and Chair of the PAF Committee. <br />Committee Appointment Process <br />Members of the Board shall state their preference at the December meeting as to which <br />committee they would prefer to serve in the following term. Should more than four Board <br />members request to be on the MSPBD Committee and more than three Board members <br />(excepting the Board Vice-Chair) request to be on the PAF Committee, the Board Chair, with <br />concurrence of the Board, will appoint the appropriate number of Board members to each <br />committee. As needed, the Board Chair shall continue to appoint Board members of the <br />committees with the consent of the Board, consistent with the aforementioned requirement that <br />the Board Vice-Chair is required to serve as the Chair for the PAF Committee and is also a <br />member of the Executive Committee. <br />At their first committee meeting in the new calendar year, the members of the MSPBD Committee <br />shall elect its Chair and Vice-Chair. At their first committee meeting in the new calendar year, the <br />members of the PAF Committee shall elect its Vice-Chair.