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Finance Committee Overview

Role

To manage the Council's finances and lead on setting the budget.

 

Membership

Councillors:

  • O'Callaghan (Chair)
  • Funnell (Vice-Chair)
  • Edwards
  • Ellicott
  • Smith

 

Terms of Reference

Adopted by the Council: 12 November 2018

1. The Committee will appoint a Chairman and Vice Chairman at the first meeting following the Annual Meeting of the Council in May each year.

2. A Chairman shall serve no more than three consecutive years.

3. In the event of the Chairman's absence the Vice Chair will lead the meeting.

4. The Committee cannot appoint non Councillors as Committee Members.

5. Each meeting requires a quorum of 3 Members.

6. The Responsible Financial Officer (RFO) will attend all meetings.

7. The Committee will operate in accordance with Local Government Law and in accordance with the Council`s Standing Orders and Financial Regulations.

8. Draft minutes will be sent to all Councillors before the next Full Council meeting.

9. There will be a minimum of three meetings in any financial year. However, the RFO and Committee Chairman can call for further meetings if they  feel it necessary to ensure that Members are up to-date with the financial management of the Parish Council.

10. The Committee will hold meetings in October and early November to discuss the budget and make its recommendation on the precept for the following financial year. These meetings will be held in time to report to Full Council at its November or December meeting.

11. The Committee will review the annual salaries of all employees and make recommendations to Full Council for ratification.

12. The Committee has powers to agree, via email, any request from the RFO of a general nature (e.g. recurring grant requests or every day urgent expenditure that cannot be delayed until the next meeting of the Committee) to a maximum of £500 per item.

13. The Committee has spending powers to a maximum of £2,000 per item. The Committee will make recommendations, for submission to Full Council, on all expenditure in excess of this sum.

14. The Terms of Reference will be reviewed annually.