Terms of Reference

Cyngor Cymuned Llansanffraid Glan Conwy Community Council

Finance Committee - terms of reference

Adopted 06.02.2024

 

1. The Finance Committee is constituted to monitor all Council income and expenditure.

 

2. The main objective of the Committee is to assist the Council in overseeing the proper financial management, financial risks, management strategy, internal and external audit, policy and financial transaction matters. This includes the preparation of the annual budget, delegated to it by Council, and in reviewing and making recommendations on major financial transactions and the annual Precept to the Council.

 

3. The Finance Committee has no decision-making powers but instead makes recommendations to the Council for agreement.

 

4. The Financial Regulations of the Council govern the conduct of all financial transactions of the Council.

 

5. The Clerk/RFO is responsible for the proper administration of the Council’s financial affairs and is responsible for the maintenance of any documents and records necessary to ensure the effective fulfilment of the Committee’s duties.

 

6. Membership is limited to five serving Councillors. The presiding Vice-Chair each year shall automatically be the Chair of the Finance Committee.

 

7. The quorum necessary for the transaction of business is three, one of whom must be the Chair of the Committee or their nominee in the event of enforced absence.

 

8. Meetings will be held monthly in the week prior to full Council meetings.

 

9. The Clerk to the Council shall act as Secretary of the Committee. The Clerk shall minute the proceedings and resolutions of the Committee including recording the names of those in attendance.

 

10. Minutes of Committee meetings shall be circulated promptly to all members of the Committee and shall be considered and approved at the next full Council meeting.

 

11. Items to be discussed at the meeting are limited to those included on the agenda for the meeting. The agenda shall be publicised and circulated by e-mail to all members in advance, giving three clear days and stating time, date and location of the meeting.

 

12. At the Annual General Meeting of the Council membership of the Committee is reviewed and voted on, together with these Terms of Reference for the Finance Committee.