Purpose of the Finance Committee – The Committee will act on behalf of the Parish Council in respect of all aspects of finance, budgeting and risk assessment whilst adhering to the Parish Council’s legislation and guidance.

Membership – Composed of the Chair of each committee. The previous Chair will be entitled to stay for the following year. Other members may be co-opted if they are a Vice Chair of a committee or are signatories on the bank accounts. The Committee will be made up of Council members only. The Committee will consist of not less than 3 members and not more 6.

Key Responsibilities of the Committee – The Committee, in consultation with the RFO, will ensure proper account practices are followed and compliance with Financial Regulations and audit requirements whilst ensuring best practice in providing value for money. 

Operational Responsibilities – The Finance Committee will have the following duties and shall be empowered, within the current structure, to:

a)   Budget for the Council’s administration requirement and then manage and control spending in line with the budget approved at Full Council;

b)   Budget for the Council’s spending on other matters for which no other Committee has responsibility, including Section 137, and manage and control spending from this budget during the year;

c)   Collate budgets from other Committees, negotiate adjustments, and recommend a total budget to Council in December each year;

d)   Monitor overall financial matters on a quarterly basis and the use of reserves against the approved budget for the Council;

e)   Ensure the appropriate level of Internal Audit is undertaken;

f)    Ensure that a Risk Assessment is completed annually and a Risk Register is maintained;

g)   Ensure that the Council’s Asset Register is monitored and updated annually;

h)   Monitor the Council’s overall compliance with the Financial Regulations adopted by the Council, thus, ensuring the sound and open governance of financial matters and actions taken in the name of the Council;

i)    Review the Financial Regulations at least every 3 years to ensure fit for purpose;

j)    Make recommendations where necessary to the Council following a periodic ‘fit for purpose’ review of governance to include Standing Orders, Committee’s Terms of Reference, Code of Conduct, Risk Management, Complaints Procedure, Freedom of Information Policy and any other policies as deemed appropriate;

k)   Report on Committee meetings at Full Council meetings, identifying any specific issues for further action by the Council.

l)    Manage any issues referred to the Committee by the RFO.

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