Finance Committee Terms of Reference

Corringham Parish Council has agreed to adopt the Finance Committee Terms of Reference at its meeting held on 6th September 2020 and has recorded the decision under Minute Reference 7b.

Corringham Parish Council will review these Terms of Reference at its Annual Parish Council meeting in May of each year. 

Purpose of the Finance Committee.

1)   The Finance Committee is constituted to monitor all Parish Council income and expenditure and is constituted as a Standing Committee of Corringham Parish Council.

2)   The primary objective of the Committee is to assist the Parish Council in overseeing the proper financial management, financial risks, management strategy, internal and external audit, policy and treasury transactional matters 

3)   The Finance Committee is able to make decisions on spending and sign off payments if necessary to fulfil the running of the Parish. A minimum of two Councillors are required to agree payments.

Membership 

1)   Membership of the Finance Committee is not limited but is subject to a minimum of three serving Parish Councillors who shall be elected each year at the Annual Parish Council Meeting. 

2)   All serving Councillors may request to be appointed to the Committee. 

3)   The Chairman of the Parish Council will automatically be a member of the committee and have full voting rights.

4)   The quorum of the Finance Committee will be two Members. 

5)   The Parish Clerk will provide administrative support for the Finance Committee. 

Procedures 

1)   The Committee will operate within Corringham Parish Council’s Standing Orders, Financial Regulations and Local Government Law. 

2)   Committee duties are defined and agreed by the Main Council who may vote, at any time, to modify the Committee’s powers.

3)   A Chairman for the Committee will be elected at the first meeting of the Committee each year. 

4)   The Committee will submit all its minutes of meetings to the next appropriate meeting of Corringham Parish Council with any recommendations. They shall be considered and approved at the next full Parish Council meeting and will be published on the Parish Council web site.

5)   There shall be a minimum of two meetings per year, one prior to the October Parish Council meeting where budget and precept proposals should be presented and one prior to the AGAR being submitted. Other meetings can be convened to deal with special events as they may occur.

Financial Committee Functions 

The Committee shall: 

1)   Review and amend the Council’s Financial Regulations and Grant Policy annually prior to the Annual meeting in May and recommend any amendments to full Council.

2)   Ensure that the Council is observing the regulations and that the Parish Council’s financial practices comply with the Financial Regulations set out by the Audit Commission, Central Government and Council’s adopted Financial Regulations. 

3)   Ensure adequate financial controls are in place to utilise and protect the Council’s finances and assets.

4)   Advise the Council on the financial aspects of the Council 

5)   To agree payments on behalf of the Council to facilitate the running of the Parish.

6)   Monitor the internal and external auditing of the Parish Council and all insurance matters.

7)   Monitor the Council’s financial risk assessments and recommend changes where necessary. 

8)   Prepare budgets and recommend precept requirements for the main council for subsequent discussion and approval.

9)   Review Council Fees and Charges for Allotment rents and Burials on an annual basis

10)   Ensure that the Council’s Asset Register is monitored and updated annually

11)   Monitor, and where appropriate, recommend purchase of all capital items

12)   Make provision for future agreed capital projects.

13)   Review and recommend an active policy for the best use and upkeep of the Council’s property and resources. 

14)   Carry out financial investigations and request relevant supporting documents and evidence when appropriate 

15)   Manage any issues referred to the Committee by the RFO.

Interests 

If a Member has a personal interest as defined by the Code of Contact adopted by the Parish Council then they shall declare such interest as soon as it becomes apparent, disclosing the nature and extent of the interest as required. If a Member who has declared an interest then considers the interest to be prejudicial they must withdraw from the meeting during consideration of the agenda item to which the interest relate.