sec.46Functions of a finance committee

sec.46 Functions of a finance committee

A finance committee established by a Service’s board has the following functions— advising the board about the matters stated in paragraphs (b) to (g) ; assessing the Service’s budgets and ensuring the budgets are— consistent with the organisational objectives of the Service; and appropriate having regard to the Service’s funding; monitoring the Service’s cash flow, having regard to the revenue and expenditure of the Service; monitoring the financial and operating performance of the Service; monitoring the adequacy of the Service’s financial systems, having regard to its operational requirements and obligations under the Financial Accountability Act 2009 ; assessing financial risks or concerns that impact, or may impact, on the financial performance and reporting obligations of the Service, and how the Service is managing the risks or concerns; the accuracy of the valuation of fixed assets the adequacy of financial reserves assessing the Service’s complex or unusual financial transactions; any other function given to the committee by the Service’s board, if the function is not inconsistent with a function mentioned in paragraph (a) to (g) . performance and resource management functions

• (a) advising the board about the matters stated in paragraphs (b) to (g) ;
• (b) assessing the Service’s budgets and ensuring the budgets are— (i) consistent with the organisational objectives of the Service; and (ii) appropriate having regard to the Service’s funding;
• (i) consistent with the organisational objectives of the Service; and
• (ii) appropriate having regard to the Service’s funding;
• (c) monitoring the Service’s cash flow, having regard to the revenue and expenditure of the Service;
• (d) monitoring the financial and operating performance of the Service;
• (e) monitoring the adequacy of the Service’s financial systems, having regard to its operational requirements and obligations under the Financial Accountability Act 2009 ;
• (f) assessing financial risks or concerns that impact, or may impact, on the financial performance and reporting obligations of the Service, and how the Service is managing the risks or concerns; Examples of financial risks or concerns for paragraph (f) — • the accuracy of the valuation of fixed assets • the adequacy of financial reserves
• • the accuracy of the valuation of fixed assets
• • the adequacy of financial reserves
• (g) assessing the Service’s complex or unusual financial transactions;
• (h) any other function given to the committee by the Service’s board, if the function is not inconsistent with a function mentioned in paragraph (a) to (g) . Examples of functions for paragraph (h) — performance and resource management functions