Terms of Reference

Name:    Finance Committee 
Status:    A standing committee subject to the rules of the Council’s Standing Orders.

Areas of Responsibility:

1.  In conjunction with the Parish Clerk, RFO and other authorised agencies, such as the internal auditor, to prepare an annual expenditure budget for inclusion in the Precept submission and the approval of Council.

2.  To review insurance requirements and oversee any insurance claims in liaison with the Clerk / RFO and following the advice of Council’s insurer.

3.  To review financial controls, including the requirement to conduct 4 in-depth financial reviews each financial year.

4.  To review the investment policy.

5.  To review the risk management scheme

6.  To review policies relevant to the committee and council’s finances. 

7.  To seek sustainable procurement to ensure Council’s bio-diversity duties are met.

Membership 
Chairman and Vice Chairman of Council.
Chairman or Representative from each Standing Committee of the Council.
Councillors who have expressed an interest and have undertaken Council finance training.
Non-councillor members are not permitted.

Quorum
A Quorum shall be three, or one-third of the total membership, whichever is the greater.

Meetings
The Committee shall meet four times in each financial year to review Council finances; in January and November each year to consider the budget and precept, and as often as required.
Meetings shall take place at the Parish Office.

Chairman
The Chairman shall be responsible for:

1.  The conduct of meetings.

2.  Presenting the minutes of committee meetings to full Council and seeking ratification of proposals made.

Adopted by Ruskington Parish Council - 12 May 2026 – Min ref 12.5a. Page 33-2026-AMPC