Finance Committee

Membership

Dirk Campbell

James Gardiner

James Herbert

Dinah Morgan

Dr Andrew Norris Vice chair

Nick Tigg Chair

Jonathan Vernon

Role

Shall meet six times a year (bi-monthly), shall consist of seven Members, all members shall receive training in the Council’s financial function, have a quorum of four, and be delegated to make decisions on behalf of Council in the following matters:

• review finance policies and procedures, and make recommendations for any changes if needed;
• to consider and review the financial administration of Council business including internal controls and make recommendations to the Council (with the exception of those at paragraph 3.1 above);
• oversee the preparation of the annual budget for consideration by Council and update a 5-year forecast of income and expenditure of the Council on continuing services;
• make a recommendation to Council regarding the setting of the precept in time for its annual budget setting meeting each year;
• monitor the annual budget of the Council and report to the next Council meeting any concerns that the Council may exceed its full year total expenditure budget including a review of debtors and agree necessary action agree variances to the annual estimates where necessary;
• ensure that the annual audit occurs and the financial reports are prepared in accordance with any accounting, audit and statutory requirements;
• to consider and make recommendation to Council on the approval of the annual accounts for audit;
• to consider, review and make recommendations on the appointment of the internal auditor regularly (every three to five years) and review performance;
• to receive and approve a schedule of payments and review bank reconciliation and bank statements at a minimum quarterly;
• receive and approve changes to charges;
• review Council’s Financial Risk Strategy and Assessment annually including insurance requirements;
• agree virements between approved budget headings;
• review and make recommendations to the Council on the use of General and Ear Marked Reserves;
• consider drafting, negotiating and renewing leasing/licensing agreements/terms and conditions for all Council property and land and make recommendations to the appropriate Committee and/or Council;
• obtain three quotes/tenders for any expenditure item over £2,500;
• consider the securing and security of property and land relevant to the Committee;
• consider the renewal of leasing/licensing agreements and make proper resolution to Council if it is not felt appropriate to continue such an agreement;
• review all pricing charges associated with Council services and facilities annually as recommended by Committees;
• consider and make recommendations to Council in respect of Grant Aid requests in line with Council’s Grant Aid Policy;
• make recommendations to Council regarding the Crime and Disorder Act 1998, following consultation with the appropriate bodies;
• make recommendations to Council regarding the prosecution or defence of any legal proceedings;
• make recommendations to Council for the use of powers to acquire by agreement, to appropriate, to dispose of land;
• make recommendations to Council for the use of its powers to promote a lottery;
• make recommendations to the Council for the use of its powers to accept gifts, including land;
• make recommendations to the Council regarding the future provision of civic regalia;
• agree the use by any other organisation of the Town Crest, and
• consider any other matter referred to the Committee by Council.