FINANCE EXECUTIVE COMMITTEE
The Finance Executive Committee meets four times a year.
7th December 2021
All Meetings start at 6:00pm unless otherwise stated and take place in Committee Room 2 of Sedlescombe Village Hall
Finance Committee Agendas
Finance Committee Minutes
TERMS OF REFERENCE
These rules are supplemental to, and do not in any way override, Sedlescombe Parish Council’s standing orders. They will be applied in conjunction with, and be subject to, Sedlescombe Parish Council’s financial regulations.
Purpose: To assist the Parish Council in overseeing the proper financial management, financial risks, management strategy, internal and external audit, policy and treasury transactional matters. This includes the preparation of the annual budget for recommendation to the full council and reviewing and making recommendations on major financial transactions and the annual precept to the Full Council. The Clerk/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.
Committee: Membership numbers are not limited but are subject to a minimum of five serving Parish Councillors. All serving Councillors may request to be appointed to the Committee and should a member of the committee resign the council will appoint a replacement member. The Chair and Vice-Chair of the Council shall be ex-officio members with full voting rights.
The Chairman and Vice Chairman of the Committee shall be elected by the membership at the first committee meeting following the Parish Councils AGM.
Quorum: 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.
Meetings: The Parish Clerk or the Chairman of the Finance Committee may call meetings as and when necessary in accordance with the Council’s Standing Order of three days clear notice in additional to the planned quarterly meetings.
Areas of Responsibility: The Finance Committee has the delegated authority from Sedlescombe Parish Council:
To co-ordinate the detailed budget of the Council, in consultation with the Parish Clerk/RFO and recommend to the full Council the annual budget and the annual precept to be levied
To review the progress of actual expenditure compared to the budget, on a quarterly basis, and report to the full Council
To monitor the administration and review of day to day financial matters including internal audit of the Council’s income and expenditure. A detailed audit of records should be conducted in advance of the meeting by a councillor who is not a signatory on any of the bank accounts.
To ensure that the RFO prepares the accounts of the Council and arranges their internal and external audits.
To receive advice from the RFO on all aspects of finance and financial regulations including the investment of both operating and capital balances and any transfer into and out of the capital fund (such transfers to be subject to agreement by the full Council).
Ensure that appropriate records are maintained of all assets and that the assets are adequately controlled maintained and insured.
Any member of the Council may require that any matter dealt with, or intended to be dealt with, by the Finance Committee may be referred up to the full Council to be dealt with, without giving any reason.
To review and amend the Council’s Financial Regulations annually and to ensure that the Council is observing the regulations.
The Finance Committee allows members of the public to address the meeting about items on the agenda. Members of the public may speak for 3 minutes in accordance with the Council’s Standing Order and only before the Finance Committee has begun its own deliberations. If required, the committee members may seek clarification of the proposals from the public within the debate. In accordance with the Council’s Standing Order members of the public may be excluded from the meeting if confidential business is to be transacted.
These terms of reference will be reviewed annually following the Parish Council’s AGM.
Adopted on 18/6/18