The Audit Committee shall consist of five members. The membership shall include the Mayor or, at the option of the Mayor, a second appointed City Commissioner, an appointed City Commissioner, an appointment by the Harlingen Waterworks, an appointment by the Harlingen Airport Board and a resident of the City of Harlingen appointed by the Mayor. At least two of the members shall have a background in financial reporting, accounting and auditing. However, the lack of any such specific membership shall not invalidate or otherwise affect the actions taken by the Audit Committee. The Committee is appointed annually at the first regular meeting in June.