Finance Committee Terms of Reference

Model Terms of Reference:

  • In consultation with the Headteacher, to draft/approve the first formal budget plan of the financial year
  • To establish and maintain an up to date 3 year financial plan
  • To consider a budget position statement including virement decisions at least termly and to report significant anomalies from the anticipated position to the Governing Body
  • To ensure that the school operates within the Financial Regulations of the City Council
  • To monitor expenditure of all voluntary funds kept on behalf of the Governing Body
  • To annually review charges and remissions policies and expenses policies.
  • To make decisions in respect of service agreements
  • To make decisions on expenditure following recommendations from other committees
  • To prepare financial statements for inclusion in the governing body report to parents
  • To ensure, as far as is practical, that Health and Safety issues are appropriately prioritised
  • To exercise virement between budget headings as necessary and up to an agreed maximum
  • To prepare and review financial policy statements, including consideration of long term planning and resourcing
  • To agree the level of delegation to the Headteacher for the day to day financial management of the school.
  • To authorise staff to have responsibility for signing orders, invoices and petty cash claims.
  • To authorise the Headteacher to enter into contracts up to an agreed limit
  • To liaise with those responsible for the school funds to ensure an overall policy on expenditure is agreed to the best advantage of the school.
  • To respond to any audit reports on the management of the budget and financial procedures
  • To review the school lettings policy.
  • To determine whether sufficient funds are available for pay increments as recommended by the Headteacher
  • In the light of the Headteacher Performance Management Group’s recommendations, to determine whether sufficient funds are available for increments
  • Additional items which individual Governing Bodies may wish to include