PADDOCK WOOD TOWN COUNCIL
Terms of Reference for the Finance Committee
The role of the Finance Committee is to oversee/manage the following aspects of the financial administration of the Town Council including arrangements for the preparation of the audit of the Council’s systems and accounts.
Committee membership is approved at the Annual Meeting of the Town Council which is held on the third Monday of May, unless otherwise notified.
The chairman and vice chairman of the Council, are also chairman and vice chairman of the Finance Committee.
Frequency of meetings and quorum
Four times a year
The quorum of the committee is 50% + 1.
- To oversee the investment strategies of the Town Council.
- Receive and consider annual draft budget.
- Recommend an annual budget and precept for the Council.
- Monitor reserves to ensure that surpluses are not built up other than for working capital or for earmarked projects and known liabilities, ensuring that sufficient reserves are retained for future maintenance, replacement or upgrading of items for which the Council is responsible.
- Monitor income and expenditure against budget and take/recommend appropriate action to the Council or committees.
- Consider requests to vire, where necessary, the reserve budgets to other budget headings.
- Undertake financial risk analysis annually and review the council’s insurance arrangements to ensure the Council is adequately insured.
- Receive and review Audit Reports and ensure the implementation of any recommendations.
It is not anticipated that the committee will require any additional funding.
The Finance Committee has the right to identify issues that will be dealt with at the full meeting of the Town Council.
Reviewed 26th April 2021