Finance & General Premises Committee (This Committee has delegated authority)
Membership: Maximum of 7 Governors including the Head teacher, Chair and governors
In attendance: Business Manager/School bursar
Observer/s: As agreed by the governing body
Quorum: 4 Governors
Meetings: one per term to be decided at the start of the school year and more frequently if required
Terms of Reference:
1. Ensure sound management of the schools financial situation and the achievement of Value for Money by monitoring and evaluating the school’s financial performance.
2. Establish regular reporting procedures and make recommendations, where necessary to the Governing Body.
3. Ensure the school’s development plan is fully costed and provides a sound basis for long term financial planning.
4. Give consideration to the initial budget and long term financial plans and make recommendations to the Governing Body.
5. Ensure that the school complies with the principles of Best Value in using the resources available to the school including consideration of the annual Best Value Statement and make recommendations to the Governing Body.
6. Ensure that regular (at least annual) financial self-evaluation (including the use of local and national financial benchmarking data) is undertaken and that any other requirements to ensure that the accreditation for the Financial Management Standard for Schools is maintained, are undertaken.
7. Give consideration to the signing off process of the annual Statement of Internal Control, with recommendations to the Governing Body.
8. Regularly review the school’s policy on its level of balances and make recommendations, as appropriate, to the Governing Body.
9. To evaluate the quality, cost and impact of services purchased from all outside providers, including the North Yorkshire County Council Children and Young People’s Service, before contracts are renewed.
10. To consider the priorities for use of the Devolved Capital Funding made available to the College and to make recommendations to the Governing Body. As well as LCVAP
11. To consider the annual insurance requirements and make recommendations to the Governing Body.
12. To receive the report of the Authority’s auditors and to act upon any recommendations made therein.
13. Determine the school’s charging policy.
14. To carry out an annual review of the school’s Budget Management Policy and to make recommendations to the Governing Body.
15. To attend or commission appropriate training for Governors.