The Mayor shall have the power to appoint the following standing Finance committee.
The committee shall consist of at least two (2) members of the Board of Aldermen, with one (1) such member named as its Chairman. The Mayor shall serve as ex officio member to the committee without the right to vote.
The Finance committee shall serve the function of long-range planning for the City of Salem; budget preparation for Board approval; and such other duties as might be assigned to them by the Mayor or Board of Aldermen. The committee shall have the power to call upon all City employees for information in their investigations and planning as well as from the private sector.
The committee shall be appointed at a meeting following the annual municipal election and the members thereof shall serve for a term of one (1) year.

The Finance committee shall be responsible for the following areas, which are not exclusive:
Preparation of budget annually; audits; tax collection and levies; bond proposals; salaries and classification of City employees.