Finance Committee Terms of Reference (2024)
The Finance Committee is constituted to monitor all Parish Council income and expenditure and will have the following specific duties:
1. To prepare budgets and recommend precepts and will submit them to the Council for approval.
2. To ensure adequate financial controls are in place to utilise and protect the Council’s finances and assets – to include insurance of buildings, property, Vehicles, Tractors, Cutters and ancillary equipment and maintenance of asset register.
3. To Review and amend the Council’s Financial Regulations annually and to ensure that the Council is observing the regulations
4. To monitor and effect compliance with laid down internal and external audit and other financial procedures, regulations and statutes.
5. To monitor and where appropriate recommend purchase of all capital items
6. To make provision for future agreed capital projects.
7. To review Council Fees and Charges on a regular basis (at least annually)
8. To monitor the Council’s financial risk assessments and recommend changes where necessary.
9. To approve other Committee’s annual spending/budget levels and capital projects to be undertaken and recommend implementation of the same to the Council.
10. To approve within budgetary limits the day to day expenditure.
11. To recommend to the Council such delegated powers to the Clerk and RFO as thought appropriate
12. reviewing and making recommendations on major financial transactions
The Finance Committee has no decision-making powers but instead makes recommendations to Crowland Parish Council for agreement.
The Financial Regulations of Crowland Parish Council govern the conduct of all financial transactions of the Council.
The Responsible Financial Officer (RFO) is responsible for the proper administration of the Parish Council’s financial affairs and is responsible for the maintenance of any documents and records necessary for the effective fulfilment of the Committee’s duties as listed above.
Membership numbers are not limited but is subject to a minimum of three serving Parish Councillors. All serving Councillors may request to be appointed to the Committee or attend the meetings.
The quorum necessary for the transaction of business shall be three, one of whom must be Chair of the Committee or his/her nominee in the event of enforced absence and meetings will normally be held prior to the full council meetings.
The Responsible Finance Officer (RFO) shall act as the Secretary of the Committee. The RFO shall minute the proceedings and resolutions of all meetings of the Committee including recording the names of those present and in attendance.
Minutes of Committee meetings shall be circulated promptly to all members of the Committee and shall be circulated for noting at the next full Parish Council meeting.
The Finance Committee allows members of the public to address the Finance Committee meeting about items on the agenda. Members of the public may speak for 3 minutes in accordance with the Council’s Standing Order. However, in accordance with the Council’s Standing Orders, members of the public may be excluded from the meeting if confidential business is to be transacted.
Items to be discussed at the meetings are limited to those that are included on the agenda for the meeting. The agenda shall be circulated by e-mail or by post to all Committee members in advance, giving three clear days’ notice, also stating venue, time and date of the meeting. Hard copies are available on request.
At the first Full Council Meeting of the year the Chair and membership of the Finance Committee are reviewed and voted on annually together with these Terms of Reference for the Finance Committee