The Finance Committee shall be comprised of 6 Members to be appointed at the Annual Meeting, or when a vacancy arises.
Finance
(a) To make recommendations to the Council on the annual financial estimates and the Council’s precept as to how these should be determined consistently with the Council’s general priorities and policies.
(b) To formulate and present to the Council recommendations for annual expenditure.
(c) To supervise the Council’s Accounts.
(d) To supervise and control borrowing by the Council and the investment of funds within the Council’s control.
(e) To make recommendations to the Council on the capital programme, its content, phasing and monitoring.
(f) To execute and carry out, in the name and on behalf of the Council, all resolutions and instructions from time to time given with reference to finances and accounts.
(g) To examine from time to time the various bonds, securities and deeds relating to the offices and property of the Council.
(h) To have the direction and control of insurance in respect of the Council’s property, members, and employees.
(i) To provide efficient financial services and advice for the benefit of the Council.
(j) To determine the making to individuals and organisations of all grants, allowances and loans.
(k) To regularly review the Council’s treasury management activities.
Audit
(a) To ensure that the Council’s resources are safeguarded and that value for money is secured.
(b) To undertake and make the appropriate recommendations on the following matters:
(i) A systematic appraisal of internal controls.
(ii) The review of financial procedures.
(iii) The development of an anti-fraud culture.
(iv) The agreement of audit plans.
(v) The monitoring of audit delivery.
(vi) The securing of auditor / officer collaboration within agreed timescales.
(vii) The securing of timely preparation and response to audit reports.
(viii) The monitoring of the finalisation of annual accounts.
(ix) Ensuring the implementation of audit recommendations.
(c) To receive reports and recommendations from the Council’s Internal and External Auditors and to make the appropriate recommendations to Council.
(d) To review the Council’s Risk Management Strategy and quarterly updates of the corporate risk register.
Asset Management
(a) To recommend on the acquisition, use and disposal of land.
(b) To determine overall strategic asset management priorities on a medium-term basis by maintaining the asset management plan.
Information Technology (I.T.)
To oversee the strategic and policy issues affecting the Council’s acquisition and development of information technology and to review regularly the Council’s Information Technology strategy.
