While the Council’s finances are managed on a day to day basis by the Town Clerk, the Finance & Scrutiny Committee oversees the Council’s budgets. It is responsible for ensuring that all income and expenditure is properly recorded and accounted for, and for making sure that the Council complies with relevant legislation relating to its finances, employees, procurement and the Council’s assets.
The Committee has many specific duties, but primary among these is to provide guidance to the Town Council and other Committees on overall levels of income and expenditure. It is also the body which prepares the annual budget and recommends the next year’s precept (local Council Tax) for the full Council to consider and agree (or reject).
The Committee also appoints an internal auditor to assess the Council’s internal controls on a regular basis; these cover things such as ensuring payments made have been signed off by the Council, that high-value contracts (£25,000 or more) are correctly tendered and awarded, that the Council has adequate insurance and that financial risks to the Council are properly managed.