Policy and Finance Committee

Purpose

The purpose of the Policy and Finance Committee is to ensure continued compliance to Financial Regulations and Risk Management including both operational and financial.  To guide the Council in the formulation and review of policies (apart from those within remit of other Committees) and to ensure robust accounting, banking and invoicing systems are in place.

Membership

1. The committee shall comprise of 9 Council members.
2. Members shall be appointed at the annual meeting of the council or, in the case of the resignation of a member(s), at an ordinary council meeting.
3. Membership must comprise of members of the Council only.
4. Committee meetings shall be subject to a quorum of 3 voting members.
5. As per the Standing Orders, the Chair of Council has voting rights on the occasion of their attendance at committee.
6. As per the Standing Orders, members of the Policy and Finance Committee are encouraged to attend training courses relevant to Finance issues, including but not limited to HALC provided Local Council Finance for Councillors – An Introduction.

Chairman

The Council will elect a chair and vice chair at the annual meeting of the council.

Conduct of Meetings

1. The committee will meet six times a year and all meetings will be held in accordance with the council’s standing orders.
2. The committee shall carry out all matters in accordance with the council’s Standing Orders and any other related policies.
3. All meetings of the committee will be minuted by the clerk or other appropriate staff member.
4. All minutes of the committee meetings will be provided to the Full Council.
5. Members of the press and public will be allowed to attend meetings and make representations in relation to advertised business items of the agenda in accordance with standing orders.
6. Councillors who are not a member of this committee may attend but do not have automatic voting rights and are deemed to be a member of the public.

Delegated Powers 

1. To guide the Council in the formulation and review of policy provision for Council services.
2. Without prejudice to the duties and responsibilities of other Committees, to monitor and review the effectiveness of the Council’s work and the standards and levels of service provided and to make recommendations as appropriate to the Council.
3. To exercise general supervision of the financial administration of the Council, including:
   • financial, accountancy and banking arrangements, including the Council’s financial regulations.
   • management of any Council investments.
   • management of the Council’s insurances.
   • the provision of adequate and effective systems of control to secure the integrity of finances and any other information.
   • preparation of a draft annual budget for Council’s consideration and adoption.
   • to authorise expenditure where such expenditure is within agreed budgets and project limits.
4. To monitor and review the Council’s Standing Orders (with appendices) and Financial Regulations and make recommendations to Council as appropriate.
5. To guide the Council with the Policy list to ensure all policies remain current.
6. Review and monitor the Financial Management Risk Register and recommend appropriate action to Council.
7. Manage and monitor all investments as directed by Council.

Exclusions from Delegation

The Committee may not exercise any function specifically referred by statute to the whole Council, and as set out in the Financial Regulations 2024 particularly Regulations 1.13 and 1.14. 

Reporting line

The Policy and Finance Committee reports to Council.