PAPER B
Ryde Town Council
I.
Terms of reference for the Finance and Community
Resources Committee
1. Objective
To manage the Council’s financial resources and to debate and recommend strategy
and action on policy and operational matters concerned with the Council’s finances,
financial controls, management of budgets, contracts and investments.
2. Membership:
The committee shall comprise 9 members in total.
•
7 members to be elected at the Annual Meeting of the Town Council.
•
2 ex-officio members: the Mayor and Deputy Mayor
3. Chair
1. To be elected annually at the Annual Meeting of the Town Council.
2. In the event of the Chair resigning mid-term, an interim Chair will be elected at the
next meeting of Finance Committee and shall hold office until their resignation or
until the next Annual Meeting of the Town.
4. Vice Chair
To be elected annually at the first committee meeting following the Annual meeting
of the Town Council or at the first meeting following the resignation of the Vice-Chair.
4. Quorum
The quorum of the committee shall be 4 Town Council members.
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5. In attendance
The RFO and/or a delegated member of staff may be requested to attend any
meeting.
6. Meetings
• Meetings will usually be held on a bi-monthly basis, with a schedule of dates
to be agreed by Full Council. (Meeting dates will normally be a Tuesday but
may differ.)
•
7. Public participation
Meetings are normally open to the public in accordance with the Council’s standing
orders.
8. Minutes
• Minutes of all meetings will be recorded by an Officer and circulated to all
members of the committee and to all Full Council members.
• All resolutions and recommendations made to Full Council shall be recorded
in the minutes of the appropriate meeting.
9. Accountability and Scope
The Committee has delegated powers to act on behalf of the Council in relation to
the defined terms of reference only; any recommendations outside the Committee’s
terms of reference shall be made to Full Council.
10. Delegated authority
• The Committee is delegated with the power to act within budget up to a
financial limit of £10000 in association with the Proper Officer.
• The Finance Committee shall maintain the register of Council assets and
should receive an annual report on the register from the internal auditor.
• The Committee shall ensure that the internal audit is carried out in
accordance with Financial Regulations.
• To review and agree the Council’s banking and investment arrangements.
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• The Committee shall ensure that contracts are administered correctly and
efficiently by the named officer (Tenders for Council work, goods or services
shall be approved by Council resolution. Tenders for Agency Services, to be
undertaken by Council, are to be approved by Council resolution).
• To prepare budgets and recommend precepts to Full Council for approval in
line with the Council’s standing orders.
• To consider and approve virements up to the value of £10000 and
recommend virements in excess of £10000 to Full Council.
• To ensure adequate financial controls are in place to utilise and protect the
Council’s finances and assets - to include insurance of buildings and property
and maintenance of asset register.
• To review and recommend amendments to the Council’s Financial
Regulations annually and to ensure that the Council is observing the
regulations.
• To monitor and effect compliance with laid down internal and external audit
and other financial procedures, regulations and statutes.
• To monitor and where appropriate recommend purchase of all capital items
not previously agreed within other committees’ budgets.
• To make provision for future agreed capital projects.
• To monitor the Council’s financial risk assessments and recommend changes
where necessary.
• To establish and recommend a clear policy for The Council’s grant
administration.
• To establish a Grants Sub-committee.
• To approve grant awards over £5000 referred to the committee from the
grants sub-committee up to the value of £10000.
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11. Delegation to Officers
•
The Clerk and/or RFO have delegated authority to settle any invoice due the
Council. Before payment of accounts is made the Council's Officer
responsible must be satisfied that the goods have been received or works
undertaken, are in accordance with the specification, that the account is
correctly made out and that the relevant expenditure has been properly
incurred. A list of all payments made will be presented at the next Finance
Committee meeting for noting.
•
The Clerk has the authority to purchase routine goods and services for the
running of the Council to the sum of £10000.
•
The RFO (or authorised assistant) shall make arrangements to pay salaries
and wages to all employees of the Council.
•
Following an annual risk assessment, the RFO shall affect all insurances and
negotiate all claims on the Council’s insurers. The RFO shall report any loss
liability or damage, or any event likely to lead to a claim to the Council or the
appropriate Committee at the next available meeting.
•
All appropriate members and employees of the Council shall be included in a
suitable fidelity guarantee insurance which shall cover the maximum risk
exposure as determined by the Council, or duly delegated committee.
•
The RFO shall prepare risk management policy statements in respect of all
activities of the Council. When considering any new activity, the Council shall
consider, and if thought appropriate adopt, a draft risk management policy
for that activity.
•
The RFO shall keep a record of all insurances effected by the council and
the property and risks covered thereby and annually review it.
The Finance Committee’s Terms of Reference are to be reviewed annually at the
Council’s Annual General Meeting.
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