The overall purpose of the committee, within council policies and approved budgets is in conjunction with the Clerk/RFO to monitor the council’s functions and expenditure.
The committee will review and update the Council’s Financial Regulations and Standing Orders at least once every 4 years and to ensure the Regulations are observed by the Council, monitor the Council’s income and expenditure against budgets and make recommendations for action to the Council, review Audit reports and make recommendations to the Council in respect of Auditor’s observations, develop, maintain and monitor the effectiveness of the Council’s policies, monitor the Council’s banking arrangements and investments, make recommendations to the Council in respect of the Council’s insurance obligations, consider the draft annual budget and make a recommendation for the forthcoming year’s precept, monitor and review processes for risk assessment and consider subscriptions, grants and donations.
Membership of the committee will consist of all other committee chairman and the committee does not have authorisation to agree expenditure but will make recommendations to Full Council.