Finance & Resources Committee Terms of Reference
Adopted at the Annual Town Council Meeting held of the 14th May 2015
Membership: FIVE Members of the Town Council
Quorum: Three Members of the Committee
Authority: Local Government Act 1972, Sections 101 and 102
The Council’s Standing Orders will apply to all meetings of the Committee.
The Committee shall be appointed on an annual basis at the Annual Meeting of the Town Council. The first order of business of the first meeting of the Committee after its annual appointment will be to elect a Chairman.
Unless the Council directs otherwise, the Committee may arrange to devolve any of its functions to a Sub-Committee or to Officers of the Council.
The Committee will meet monthly.
Once approved the minutes will be presented to the next meeting of the Town Council, for noting only.
Meetings shall be open to the public unless the Committee feels it appropriate to exclude the press and public for specific items.
Members of the Committee will receive an agenda and supporting papers.
All Members of the council will receive an agenda only, sent via email.
Notice of meetings will be posted in accordance with all meetings of the Council.
Only Members of the Committee may vote on agenda items.
Non-Members of the Committee may attend in their capacity as a councillor and will be allowed to speak on an agenda item with the agreement of the Chairman.
Non-Members of the Committee are subject to the same rules as Committee Members regarding confidentiality and the requirements of the Code of Conduct.
- To consider the annual draft budget and recommend the draft precept to full Council. Powers: No delegated powers.
- To monitor and authorise all income and expenditure and report findings to full Council on a quarterly basis in June, September, December and March of each year.
Powers: Delegated authority to: Monitor income and expenditure/ Authorise payments
- To check the receipt book for burial plot and memorial purchases, and internal costs. Powers: Delegated authority to oversee the purchase of burial plots and memorials.
- To vire funds between budget headings, except from staff costs, and bring forward funds from reserves as necessary.
Powers: Delegated authority to vire funds between budget headings EXCEPT from the budget for staff costs. Funds vired from reserves must not exceed £10,000 without the approval of the Town Council.
- To consider contracts for work.
Powers: Delegated authority to award contracts up to £10,000.
- To review the Council’s Asset Register and insurance on an annual basis and ensure that the Council’s property is adequately insured.
Powers: Delegated authority to oversee insurance of the Council’s property.
- To consider the Internal Audit report, and report findings and recommendations to full Council.
Powers: Delegated authority to review the Internal Audit.
- To consider all grant applications received.
Powers: Delegated authority to award grants in accordance with the Council’s ‘Grants Policy’.
- To ensure that PAYE and NI payments are appropriately deducted from employees’ salaries and paid to HMRC as required by law.
Powers: Delegated authority to ensure that the Council complies with HMRC requirements.
- To monitor financial risk and ensure that adequate financial risk management is in place.
Powers: Delegated authority to ensure adequate financial risk management is in place.
- To monitor risk management and ensure that health and safety requirements are met.
Powers: Delegated authority to manage risk, health and safety.
- To oversee the management of all of the Council’s property, assets and archives.
Powers: Delegated authority to ensure that the Council’s property is properly managed.
- To delegate areas of responsibility to either a sub-committee, a working group or an officer.
Powers: Committee to have the power to delegate.