The Finance & Policy Committee is made up of all the Committee Chairs and Vice-Chairs. As the Committee name implies, it is responsible for reviewing the finances and policies of the Council.
Starting from September/October each year every Committee spends a couple of months setting their rolling 3-year budgets which they recommend to Finance & Policy. Finance & Policy will then review the Committees recommendations. If the Committee is satisfied with the recommendations it will draft a budget and precept recommendation which will be then be sent to Full Council for adoption.
Committees also must go to Finance & Policy in the first instance if they wish to release funds from any earmarked reserves which they have assigned to them.
The Committee reviews most of the policies and procedures which dictate how the Council and its staff conduct business. It is crucial these policies are kept up to date with current practices and legislation.
Finance & Policy is also one of the Committees that organisations and community groups can go to when applying for project funding.