Tattershall with Thorpe Parish Council
Finance and General Purpose Committee Terms of Reference
First adopted 01/02/2022
Reviewed: 06/12/22 Minute Ref: 130-22/23 10
v.2 December 2022
1 General
1.1 The finance committee is constituted as a standing committee of Tattershall with Thorpe Parish Council and as such shall adhere to standing orders.
1.2 Meetings will be held annually or as often as necessary to fulfil the responsibilities below.
1.3 Membership of this committee shall compromise a minimum of three members including the Chair and Vice Chair of the council.
1.4 Membership of the committee is established at the annual meeting of the council.
1.5 Three members of the committee shall constitute a quorum.
2 Delegated responsibilities
2.1 The committee, along with the Responsible Financial Officer (RFO), will have overall responsibility for reviewing the management of the council’s financial affairs in accordance with legislative requirements, regulations and guidelines and will have the ability to establish working groups to review any of these responsibilities as required.
2.2 The committee have the following responsibilities:
1. to review the council’s banking arrangements and accounting systems regularly
2. to monitor the council’s income and expenditure against the budget
3. to prepare the council’s annual budget
4. to make a recommendation to the council of the precept required for the next financial year
5. to consider financial planning and the allocation of reserves
6. to ensure the council is adequately insured
7. to ensure the council observes its financial regulations
8. to review the financial regulations annually and make recommendations for change to the council
9. to consider internal and external audit reports and make recommendations for changes to implemented to the council
10. to review the council’s charges annually
11. to review all legal matters pertaining to leases, insurance claims, easements, tenancies, contracts, loans, insurance cover, damage to property, debt recovery and make recommendations to the council.
2.3 The clerk is responsible for the maintenance of any documents and records necessary for the effective fulfilment of the Committee’s duties as listed above.
2.4 The committee shall not:
1 authorise the council’s payments
2 approve the council’s banking arrangements
3 fix the budget and precept for the following year
3 Review
3.1 These terms of reference shall be reviewed annually or as and when necessary, and approved by the council.