The Finance Committee is responsible to advise the Board on financial matters of the POA. Specifically, the Committee will work with the Property Manager to develop an annual budget for Board approval, taking into consideration contractual obligations of the Association, input from the various committees and Property Manager, known requirements of the Association and direction from the Board. The Committee has the authority to thoroughly review recommendations made to it and to make decisions that will allow the Association to live within its means and balance the budget. With the authority implicit in the above, recommend the amount of the annual assessment that property owner must pay. Should special assessments seem to be a possibility, the Committee should work with the Property Manager to develop specific recommendations. The committee will review each month's financial statements and advise the Property Manager of errors or problems noted. The committee will also ensure that the Board's collection policy is properly implemented as well as review the annual audit of the Associations financial records and advise the Board of any problems noted in the audit, including corrective actions that should be taken. The committee also maintains oversight of the Association's Reserve funds to ensure that they are properly maintained and allocated and that necessary changes are recommended.