Functions of the Finance Committee
- To participate in annual and longer-term planning as part of whole-school development planning, and to agree an annual budget for recommendation to the full Governing Body.
- To monitor the school’s budget.
- To monitor the school’s financial procedures (including auditing arrangements).
- To decide how many of the priorities identified for development by other committees, can be afforded in any one year.
- To consider ways of achieving the priorities decided by other Committees.
- To consider, and respond to, any alterations in the LMS scheme and any developments, locally or nationally, in the funding of the education service.
- To make or delegate individual spending, purchasing and virement decisions or recommendations, in accordance with the School Development Plan, as follows:
- To make individual spending, purchasing and virement decisions up to the value of £100,000;
- To make individual spending, purchasing and virement recommendations above the value of £100,000;
- To delegate to the Headteacher individual spending, purchasing and virement recommendations up to the value of £50,000.
- In all the above, the Committee has delegated power to make decisions, within the agreed limitations, except where statutory requirements necessitate the support of the full Governing Body.
This statement of functions and powers will be reviewed annually.
Agreed at the Full Governors’ Meeting on 5th March 2007.
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