This is a Standing Committee of the MassDOT Board of Directors.
To facilitate consideration of the finances, business and management of the Massachusetts Department of Transportation, a Committee on Finance and Audit was established.
The Committee on Finance and Audit shall:
- Consider all matters relating to the fiscal management of the Department.
- Consider and recommend to the Board the annual budget of the Department and requests for appropriation of funds for the Department, as prepared by the Secretary/CEO.
- Except as otherwise provided in the By-Laws or Enabling Statute, recommend to the Board expenditures in future fiscal years that the Department may require.
- Have the power to take such steps as necessary in the interests of the Department in connection with budget requests and proposed legislation regarding any matter referred to the Committee by the Board.
- Advise the Board regarding the Board's responsibilities to oversee: the quality and integrity of the Department's compliance with legal, regulatory and policy requirements, financial reporting and financial statements, and internal controls related to risks; and the function, disclosures, and performance of corporate compliance, internal control, and risk management systems regarding ethics and compliance, risk, finance, and accounting, and the adequacy of such systems throughout the Department.
- Receive and review the Department's annual financial report and discuss significant issues of internal controls with Department staff.