The purpose of the Finance Committee is to maintain financial oversight over the Council's finances and debate issues of Strategy and Policy in detail and to formulate recommendations to the Council.
It has delegated authority to spend within its allocated budget. This will include making decisions on budgeted finance and recommend to Council any proposals which are outside the approved budget and require either grant aiding or the use of financial reserves.
The Committees strategic role will be to formulate strategies for the Council to consider adopting. Maintain oversight of Council approved long term plans. Draft for Council approval policies and procedures for the good governance of the Council and its town.
The Committees Terms of Reference are:
- consider draft strategic documents for Full Council approval;
- consider policies and procedures for Council approval;
- consider projects, their associated costs and funding sources;
- use its delegated authority to spend within the budget allocated to the Committee subject to the overall budget adopted by the Council;
- receive and approve schedules of payments;
- oversee the preparation of a medium-term financial plan;
- to recommend to Members appropriate Councillor training;
- ensure appropriate health and safety policies are in place to mitigate risk;
- annually review financial regulations and recommend to Full Council any changes;
- oversee internal audit, consider any weaknesses identified and recommend appropriate actions;
- prepare draft budgets for the following financial year and recommend to Full Council accordingly;
- maintain oversight of the income and expenditure against the current financial year's budget.
- approve applications for virement either from other Committees or the Council's Responsible Financial Officer.
- consider and recommend to Full Council applications for expenditure from other committees which are outside their current budgets.
Members of the Finance and Policy Committee
Cllr Richard Levell (Mayor - Ex Officio)
Cllr Paul Byrne (Deputy Mayor - Ex Officio)
Cllr Bill Cross
Cllr Julia Hague
Cllr Helen Howell
Cllr Lee Wilkes