Finance Committee
The Finance Committee shall meet on a quarterly basis in January (which will be the budget meeting), April, July and October to discuss the Policy & Resources of the Council. Consisting of the Mayor and Deputy Mayor as ex-officio members, plus five Councillors.
LEAD OFFICER: Town Clerk as Responsible Finance Officer (RFO).
- The appointed Internal Auditor (Auditing Solutions Ltd) will give independent reports to members. To receive and implement any recommendations as appropriate.
- To receive External Audit report and implement any recommendations accordingly.
- The Income and Expenditure will be constantly monitored and provide guidance when setting the annual Budget; receiving recommendations from ALL Committees in November.
- Virement within budget headings is at the discretion of the Finance Committee.
- To have delegated authority in all things finance (Income and Expenditure) with the exception of setting the annual Precept, taking out a Loan or contractual obligations to staff.
- To ensure that finances are managed in accordance with ‘Financial Regulations’ and ‘Standing Orders’.
- To ensure that monthly payments are presented to the full Council and quarterly reports approved by the Committee are shared with all Councillors.
- To scrutinise costs and regular payments, for cost and efficiency; exploring and initiating opportunities for savings and to increase income.
- The Council's General Policies will be reviewed on an Annual Basis.
- To take instruction and guidance from full Council when and where appropriate.