- The Committee reports to Full Council.
- The Committee will oversee the financial affairs of the Council and ensure that all financial matters are dealt with in accordance with the Council’s Financial Regulations and Investment Strategy.
- The Committee will oversee the development and review of the Council’s key policies.
- The Committee can consider complaints against the Council or employees.
- The Committee will co-ordinate and oversee the recruitment of employees.
- Full Council may also refer matters to the Committee for consideration.
The Committee will comprise the Chairman and Vice-Chairman of Council and the Chairmen of the Planning and Amenities and Recreation Committees (four members). In the event the Vice-Chairman of Council is also Chairman of one of the other Committees, Council will nominate an additional member to the Committee. The Chairman of the Council will chair meetings of the Committee. If the Chairman is not present, the Committee shall elect from its membership a councillor to act as Chair. Three Councillors must be present at the meeting for it to be quorate. The Committee may invite Councillors with relevant expertise to attend specific meetings from time to time.
The meeting will be advertised and open to the public.
The Committee will meet up to four times per year. Additional meeting dates may be required to consider matters requiring urgent consideration within a prescribed timescale.
Matters for consideration by the Committee will include:
- To prepare a draft budget with the Clerk and RFO for presentation to Full Council at its November meeting.
- To review the Council’s accounts at the year end, and preparation of the annual return and supporting financial statement. The Committee shall also consider any recommendations from the internal auditor requiring action prior to a report to Council.
- To review the adequacy and effectiveness of the Council’s financial controls.
- To review the Council’s investments, quarterly.
- To review the Council’s level of reserves and exposure to risk under the Financial Services Compensation Scheme.
- To consider and short-term investments (maximum) of 12 months, in accordance with the Council’s Investment Strategy, subject to prior approval of the investment provider by Full Council.
Minutes and Officer Support
Minutes and any recommendations therein will be reported to Council. The Clerk & Executive Officer will support the Committee. The Responsible Officer will be required to attend the Committee during budget setting.