This Committee will have delegated powers to undertake the role within the framework of the principles and Terms of Reference set out below.
To provide a framework which enables the Headteacher to operate the sustainable management of the school.
To ensure that the legal roles and responsibilities of the Governing Body in relation to the control and monitoring of the school’s delegated budget are fulfilled.
Specific Terms of Reference include:
To prepare a draft budget on projections of income and expenditure for the Governing Body as a whole to consider and decide upon. Any recommendations made within the draft budget will need to relate to the priorities identified in the School Improvement Plan.
To monitor the progress of expenditure during the year.
To consider and advise the Governing Body on the financial implications of adopting certain policies especially those with long-term budget implications.
To interpret and implement the broad policies of the Governing Body in so far as they involve financial matters.
To act as a consultative group for the Headteacher where decision on financial matters that need to be made and dealt with between meeting of the full Governing Body. (This is cash limited to the amount identified in the Governors’ Finance Policy).
To provide information and reports that enable the Governing Body to comply with the financial regulations set down in the Hampshire LMS Scheme.
To advise that the full governing body / school complies with the Financial Management Standards in Schools.
The Finance Committee should meet three times each academic year within the budget planning cycle.
Brief minutes should be taken at each meeting. These should be passed to the Clerk to be taken forward for consideration/adoption at the next full Governors meeting.
The Committee will consist of four or five governors (plus the Headteacher acting in an advisory capacity).
A member of the school staff can be co-opted onto the Committee but cannot have formal voting powers.
To be quorate there should be 50% of Appointed Governors.
The Chairperson of Governors and Headteacher have right of attendance at all Committee meetings.
Membership of the Finance Committee should be reviewed at the last full Governors meeting of each academic year.