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Finance and Policies Committee (F&P) Terms of Reference

Policies Uploaded on July 27, 2022

The Committee is responsible for budget management, grants, and key Council Policies. 

 

      1.MEMBERSHIP: 

  • Seven Councillors, including the Chair and Vice-Chair. 
  • A Quorum will be four members. 
  • Membership of the Committee will normally be decided at the annual meeting each year.  

 

      2. MEETINGS AND ADMISSION OF THE PUBLIC: 

  • The Committee will meet quarterly and additionally in October/November to prepare the budget. Additional meetings may be called as required. 
  • The Clerk will draw up the agenda and minute the meetings. 
  • The public may attend all meeting unless temporarily excluded from part of the meeting by means of special resolution. 

 

     3.POWERS AND RESPONSIBILITIES: 

  • To draw together the proposed budgets in order to produce a complete draft annual budget for full Council to approve in the autumn. 
  • To consider and recommend the annual Precept figure for full Council to approve in the autumn. 
  • To monitor the annual budget on a quarterly basis and to report to full council including making recommendations for adjustments. 
  • To review arrangements, including charters, with other local authorities and review contributions made to expenditure by those authorities. 
  • To review the Council’s insurance policy annually.  
  • To review the Council’s internal controls including effectiveness of internal audit and internal control policies (Annual Investment Strategy, Statement of Internal Control, Financial Risk Assessment, Anti-fraud and Corruption Policy).  
  • To consider and make recommendations to full Council on awarding grants to local organisations.  
  • To consider and make recommendations to full Council on any financial borrowing or loans, and any use of financial reserves.  
  • To have delegated authority for dealing with urgent emergency expenditure matters (such as carrying out emergency repairs to the sea wall etc).  
  • To carry out an annual review the Council’s management policies including Data Protection, Freedom of Information, Social Media policy, Repetitive and/or Disruptive Behaviour policy, Safeguarding policy and procedure, and Protocol on recording at meetings).  
  • To review the Council’s Standing Orders and Financial Regulations on a regular basis to ensure they are up to date with current legislation and fit for purpose.