The Finance committee advised on the preparation of annual revenue and capital budget; assesses financial reports and ensures effective review by the Authority of financial performance; and reviews annual PSA charges. The quorum of the committee wass half the Membership.
The next meeting for the Finance committee is on n/a
Chairman
Reporting
The Finance Committee formally reported in writing to the Authority after each meeting providing a quarterly budget report and highlighting any other significant matters arising.
The Finance Committee provided the Authority and Accounting Officer with an Annual Report, timed to support finalisation of the annual PSA charges, summarising and explaining any significant movements for individual PSA holders.
The Finance Committee provided a report to each December Authority meeting presenting and recommending the final budget for the next financial year.
Former Responsibilities
- Advising on the preparation of the annual budget
- Ensuring appropriate consultation in the preparation of the budget
- Assessing financial reports and ensuring the effective review by the Authority of financial performance
- Reviewing the annual PSA charges and understanding the reasons for any significant the movements
- Assessing progress against delivery and spend on capital projects and major revenue schemes approved by the Authority in accordance with the scheme of delegation
- Examining post completion reports for all capital and major revenue schemes approved by the Authority in accordance with the scheme of delegation
Fomer Milestones
- Quarterly summary of spend versus budget to be prepared and sent to the Authority members for review and comment
- In setting its strategy in December the Authority will also set a strategic framework within which the next budget will be prepared
Meetings
The Finance Committee met at least 6 times a year. The Chair of the Committee may convene additional meetings, as they deem necessary.