The rules of the Board, adopted at its April 15, 1852 meeting, stated that the Finance Committee "shall take into consideration the reports and accounts of the Comptroller and Treasurer and all matters connected with the revenue, expenditures, or public debt of the city that may be referred to them, and particularly the appropriations of moneys and report whether the moneys have been disbursed in accordance with the ordinances and shall also from time to time suggest to the Board the best means to promote the economy of the administration and the accountability of the officers of the city."

Subsequent legislation specified additional duties and responsibilities of the Finance Committee. Ordinance #2175 (1855) provided that all bills and certificates whether from contracts or otherwise were to be approved by the Committee before being paid by the Comptroller. Later in 1855, #2321 further required that the Committee approve all applications for orders from any city officer involving the expenditure of money. In 1856 #2932 authorized the Finance Committees to have notes of the city discounted, "as from time to time may deem advisable to the interests of the city, and for the purpose of applying the money so obtained to meet the current expenditures." Ordinance #2959, also in 1856, required the committees to report to the Common Council any notes so discounted.

Although each of the two Boards had its own Finance Committee the extant records all seem to reflect joint operations. Some of the legislation noted above refers to the Finance Committee as if it were one body, although there is no evidence of an ordinance or resolution combining the committees of the two boards.