Business Advisory Committee

Formerly CARFAC ( Citizens Audit Review & Financial Advisory Committee)

Mission/Purpose

The mission of Radnor Township's Business Advisory Committee (BAC) is to provide the Board of Commissioners (BoC) with unbiased advisory services and assessments of projects that the BoC deem critical. The BAC's project assessments provide the Commissioners with detailed information supporting policy decisions affecting the management of various aspects of the Township. The BAC aids in the research and analysis, subsequent recommendations are non-binding.

History

The Board of Commissioners created the Citizens' Audit Review & Financial Advisory Committee (CARFAC) on February 14, 2011 (Resolution 2011-01), with the expectation that members of the CARFAC share their expertise and serve as a network for educating the public on the Township's financial practices and objectives, while continuing to foster the trust and stable accountability between the Township and its stakeholders.

In May of 2022, the Board of Commissioners approved the creation of an Audit Committee (Resolution 2022-64), separating the audit function away from CARFAC and focusing CARFAC's role on specific projects as designated by the Board of Commissioners. As such, the Committee was formally renamed and adopted as the Business Advisory Committee (BAC) with the adoption of Resolution 2024-42 on March11, 2024

More specifically, BAC is a committee of Radnor residents who voluntarily donate their time to Radnor Township in Pursuit of providing unbiased project solution options to support the Board of Commissioners in making policy or other Township governance decisions. These residents are nominated by a Commissioner and undergo an interview process to validate their professional experience. They bring a wide variety of technical expertise and professional disciplines to provide strategic and business advice to the board of Commissioners.

Reporting Structure within Radnor's Board of Commissioners and Project Assignment

BAC reports, in an advisory capacity, directly to the Board of Commissioners which assigns projects for assessment. One Commissioner is selected to be dedicated to BAC serving as a point of contact for each engagement

BAC coordinates with the Township Manager, the Director of Finance, and other administrators needed to obtain data for the assignment. The Director of Finance will be a complementary, non-voting member of BAC and works closely with BAC to provide project history and context, suggest direction, and provide applicable township financial information in the form of reports, data sets, tables, maps, etc. for assignments and for which BAC will need to complete final financial impact reports to the Board of Commissioners.

Organization Structure within BAC

BAC will be structured and organized with a minimum of five (5) resident members as appointed by the Board of Commissioners.

Terms

Members will be selected for the Committee by members of the Board of Commissioners. All Committee members serve a term of four (4) years.

Meeting Requirements

The BAC will conduct regular team meetings to manage information flow and review output on a regular basis as determined by the Chair and as the project milestones demand. Upon completion of the project, BAC will deliver their report to Commissioners and the community during a scheduled and recorded Board meeting.

Commitment to Public Disclosure

Subject to the provisions governing Executive Session confidentiality, BAC final reports submitted to the Board of Commissioners will be public information.

Confidentiality / Property of information

All information provided by the Township and marked confidential must be shared beyond the confines of BAC. Confidential information shall be kept confidential for a period of not less than seven (7) years.

At no point in time shall any Team Member speak to the press or comment in a public forum in any shape or form regarding the Team's inner workings or information that is not yet in the public forum.