Longparish Parish Council

Terms of Reference of the Finance Committee

1. The committee reports to the Parish Council
2. The day to day management of the Council’s finances is handled by the Responsible Financial Officer (RFO) - see Standing Order 35.
3. The committee aims are to:
   1. assist members of the Council in understanding the Council’s finances
   2. ensure that the Council’s finances are properly and prudently managed within the framework set out in Standing Orders 35 to 41
4. In pursuit of these aims it will:
   1. prepare and monitor the Council’s budget
   2. recommend a precept annually
   3. review the annual accounts and return in draft and make recommendations
   4. review the internal and external auditors’ reports and make recommendations
   5. review the Council’s financial risks (including insurance and the risk of loss of financial records) and make recommendations
   6. review the work of the RFO and make recommendations
5. The committee will meet as necessary.  The normal pattern of meetings is
   1. a meeting in early January to consider the budget and recommend the precept
   2. a meeting when the draft accounts and return are available; this is normally in late April or early May
   3. a meeting in the Autumn to consider the internal auditor’s report.
6. The committee will review these terms of reference annually.