Finance Committee Terms of Reference

BUCKINGHAMSHIRE COUNTY COUNCIL

TERMS OF REFERENCE FOR THE FINANCE COMMITTEE OF

MONKS RISBOROUGH CE PRIMARY SCHOOL GOVERNING BODY



CONSTITUTION

The Membership of the Committee, and the clerk, will be as per the agreed membership grid.
Please note that the Headteacher cannot clerk a Committee.

A quorum will be at least three Governors.

The Chairman of the Committee will be elected by a quorum of the Committee members.

Associate members do not have voting rights.



TERMS OF REFERENCE

1. To prepare the annual financial plan for ratification by the full Governing Body, having taken account of the priorities determined by other committees and set down in the School Improvement Plan and OFSTED Action Plan.

*2. To have authority to vire between headings during the financial year as need arises, providing this does not result in any overspend at the end of the financial year. The virement limit to be £2,500. Requests above this limit have to be agreed by the full Governing Body.

*3. To recommend to the full Governing Body the level of financial authority to be delegated to the Headteacher for the day to day management of the school and to keep this reviewed annually. The Headteacher?s limit to be £2,500. Amounts above this to be referred to the Finance Committee. .

*4. To have authority to agree the use of any sums held in contingency / reserve having regard to the priorities established in the School Improvement Plan and up to a limit of £2,500.

5. To receive and review regular monitoring reports from the Headteacher and report back to the full Governing Body at their termly meeting(s).

6. To arrange for an audit of all Voluntary School Funds to take place at least once in every twelve months and to ensure that a certificate of audit / independent examination is presented to the Governing Body and a copy sent to the LEA. To ensure, if appropriate, that the School?s Voluntary Funds are registered with the Charity Commission.

7. To ensure that appropriate financial regulations, including write offs, are followed carefully within school and that any recommendations from the Audit Report are fully implemented. (See attached regulations from the LMS folder dated April 2000).




8. To determine in each school year the sum of monies available for expenditure on salaries. To liaise closely with the Personnel Committee to ensure appropriate levels of finance are available to ensure that teachers are properly rewarded within the structure established by the Schoolteachers? Pay and Conditions Document. This includes liaising over the staff complement and the results of any recommendations resulting from the performance management review.

9. To ensure minutes are taken at each meeting and circulated promptly to all members of the Governing Body and the Clerk to Governors.



This Committee was incorporated by Minute No. 7 of the Governing Body's Meeting held on 22 September 2003. The composition and terms of reference will be reviewed annually in the Autumn Term.



* Governors need to agree these arrangements and limits each year.




(Revised September 2003) Back to top