Finance & Audit Committee

Overview

Effective August 16, 2024, NEK Broadband & CVFiber have united resources, expertise, and a shared commitment to deliver exceptional high-speed internet services to our 71 communities. Working together, we will be better able to support economic growth, community development, and digital equity across the Northeast Kingdom and Central Vermont. 

The Finance Committee shall be composed of 5-7 members.  Members of the Finance Committee  may be from the  Executive Committee, Governing Board, and/or residents of member towns with desired skill sets. The Executive Director and the Treasurer of the merged organization shall be members of the Finance Committee as non-voting members.  The initial Finance Committee will consist of the three NEK Finance Committee members and the two CVF Finance Committee members. The Finance Committee is responsible for review of the financials on a monthly basis and approval of the financials on a quarterly basis for recommendation to the Executive Committee. The Finance Committee will meet no less frequently than once per month. The initial Finance Committee shall be composed of the members designated in the Final Merger Agreement. 

A.  Background:

The mission of CVFiber is to bring fast, reliable and affordable highspeed Internet to the residents, businesses, and government agencies of its twenty-member communities.

To that end CVFiber must develop plans to construct and operate a financially viable network that will require significant financial planning, budgeting, contracting, and oversight.

B.  Finance and Audit Committee Responsibilities

  1.  The Finance and Audit Committee will:

a.  Prepare by September 1 an annual budget and two-year forecast. Receive input from Board and all committees by July 1 for the budget and forecast.

b.  In accordance with 30 V.S.A. 3075, prepare and present to the Board for distribution by October 21 to the legislative body of each district member town for review and comment the following:

            i.  a financial statement

            ii.  proposed budget

            iii.  summary of anticipated year-end results

c.  Cause an audit of the financial condition of the district to be performed annually by an independent professional accounting firm in accordance with 30 V.S.A § 3070.

d.  Ensure financial statement and audit results are delivered to the legislative bodies of each district member within 10 days of delivery to the Board in accordance with 30 V.S.A § 3077.

e.  Make recommendations to the Board regarding service, subscription, access, and utility fees taking into consideration anticipated revenues, expenditures, and payments due on obligations, including sinking funds and capital reserves in accordance with 30 V.S.A § 3075 and § 3079.

f.  After approval from the Board, the Finance Committee, as appropriate:

     i.  will prepare and submit, or oversee the preparation and submission of, loan and grant applications.

            ii.  issue or cause to issue the sale of bonds and notes.

g.  Oversee the activities of the Treasurer.

h.  Coordinate and collaborate with other committees as appropriate.

2.  Reports: The Finance Committee shall report to the Board at least monthly, more often as circumstances dictate, or as requested by the Board.

C.  Contact Us 

Please contact us via our Contact form.

D.  Meetings:

The Finance Committee shall set a regular monthly meeting date and time at its reorganization meeting in May.  Special meetings may be called throughout the year as necessary.

E.  Members:

Membership shall include the Treasurer (ex officio, non-voting member), and such delegates, alternates, and community members as appointed by the Board.

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