The County Financial Management Committee consists of seven (7) members elected by the Commission. The committee consists of the County Mayor, Road Superintendent, Director of Schools and four (4) members elected by the Commission at its September meeting of each year for one (1) year terms. The four (4) members elected by the Commission may or may not be members of the Commission. The committee shall elect its own chair, and the Finance Director shall serve as secretary of the committee. The committee shall establish and approve policies, procedures and regulations for implementing a sound and efficient financial system for administering the funds of the county. The committee shall be elected by the Commission under the provisions of Rule 17.1. (TCA 5-21-104, Quarterly Minutes Book #24, dated November 19, 1984).