Finance Committee Terms of Reference
Select for downloadable /printable PDF version
SUTTON BRIDGE PARISH COUNCIL
Terms of Reference for Finance Committee
Adopted 29th May 2018
Minute: 110.18
The Committee is to comprise a minimum of five Cllrs; it cannot co-opt non-Cllr members.
Membership of the Committee shall be reviewed at least annually, at the May Annual Parish Council meeting, and during other meetings as required.
The Committee shall elect a Chairman annually (at first meeting held after the Annual Parish Council meeting in May when membership of Committee has been reviewed).
A note-taker shall be appointed in the absence of the clerk
Proper notices of meetings shall be posted, with the correct period of notice given.
Notes will be taken and resolved to be accepted as minutes, at the following meeting of the Committee, or by the full Council.
Reports are to be made to the Full Council at its meetings.
The Committee's remit is to use its best endeavours: -
• to ensure that Council Standing Orders, and Financial Regulations are implemented in full,
• to validate payments for goods and services against invoices presented, and report them to the full Council for resolution,
• to ensure that invoices are issued for Council services, and that settlement is made as appropriate,
• to check figures contained in payroll calculations, monthly/year end bank reconciliations and cash book in accordance with Council’s Financial Regulations,
• to assist the RFO/Clerk in reviewing fees for Council services,
• to work in conjunction with the RFO/Clerk in producing financial information and ensuring regulations are met,
• to liaise with the RFO/Clerk in performing an annual review of the salary budget (by October each year) in order to identify impact on budget requirement for following financial year. Review to be evidenced by hard copy schedule signed by the Clerk/RFO and Finance Committee Chairman.
• to liaise with the RFO/Clerk in preparing detailed estimates of receipts & payments (including the use of reserves and all sources of funding) for the following financial year in the form of a budget, and for this to be presented for Council’s approval no later than November annually,
• to liaise with the RFO/Clerk in reviewing bank mandate, at least annually, and submit appropriate recommendations to Council for approval.
• to liaise with Clerk/RFO in order to consider transfer of surplus funds to earmarked reserves subject to confirmation of council,
• to liaise with Clerk/RFO in order to consider payment of utility supplies by direct debit,
• to assist the RFO/Clerk in seeking technical assistance towards preparation of tenders and job specification for planned works,
• to assist the RFO/Clerk in reviewing the assets of the Council, and the appropriate insurance cover on them,
• to assist the RFO/Clerk in preparing and ensuring adherence to 'risk assessments', including preparation of such assessments when new risks are revealed,
• to assist the RFO/Clerk in liaising with the Internal Auditor, where the requirements of that position relate to financial issues,
• to consider and make investments in accordance with the Annual Investment Policy. These investments will be reported to the next full Council meeting,
• to seek delegated powers from Council as considered appropriate.