In accordance with Framingham Home Rule Charter, Article VI, Section 11: There shall be a strategic initiatives and financial oversight committee (SIFOC) to advise the mayor, council and school committee on the status of Framingham’s long range strategic plan in accordance with Article III, section 11(b), the state of the municipal economy, sufficiency of municipal revenues, and other fiscal matters that may from time to time be referred to it by the mayor, council or school committee. The Committee shall be comprised of nine (9) members appointed to staggered three-year terms, three (3) chosen by the council, three (3) chosen by the school committee, and three (3) chosen by the mayor, including its chair. Members shall be residents of the municipality and shall not hold any other elected or appointed office in the municipality and shall not receive any compensation. Each appointing authority shall select at least one member with expertise in finance and one member who is a member of the local business community. SIFOC will report annually to the mayor, council and school committee and shall file all of its reports with the city clerk.