Financial Standing Committee

     

Chairperson

  Member     Member      MemberMember                                                                                                                           

RESPONSIBILITIES OF THE FINANCE STANDING COMMITTEE

🏛️ Overview

The Finance Standing Committee is responsible for overseeing the financial affairs, revenue, expenditure, accounting, and audit of a Local Self-Government Institution. It plays a key role in ensuring financial discipline, transparency, accountability, and effective utilisation of public funds.

🔵 1. Budget Preparation & Review

📊 Budget Preparation

  • Play a key role in the preparation of the Annual Budget.
  • Examine budget documents and recommend necessary amendments and modifications.
  • Review proposals relating to the institution’s financial requirements.

🔎 Budget Review

  • Examine proposals relating to estimated revenue and expenditure.
  • Monitor the overall financial provisions and ensure responsible financial planning.

🟢 2. Revenue, Taxation & Funds

💵 Revenue Enhancement

Take necessary measures to strengthen the institution’s revenue through sources such as:

  • Property Tax
  • Fees
  • Licences
  • Other statutory revenues

🧾 Tax Assessment

  • Review matters relating to Property Tax and other taxes.
  • Recommend reassessment or review of cases where taxes may have been assessed at an inadequate value.
  • Monitor effective collection of taxes and other dues.

🏦 Grant Monitoring

Monitor grants received from the Government and other agencies and review their proper and effective utilisation.

🟣 3. Accounting & Audit

📚 Examination of Accounts

  • Review the institution’s accounts on a monthly basis.
  • Monitor accounting procedures and financial transactions.

💳 Revenue & Expenditure Review

Examine and report on:

  • Collection of revenue
  • Cash balances
  • Outstanding amounts
  • Summary of revenue and expenditure for the previous month

📑 Financial Statements & Audit Reports

  • Examine the Annual Financial Statement and audit reports.
  • Review audit observations and related financial matters.
  • Recommend their presentation before the Local Self-Government Institution meeting.

🟠 4. General Financial Responsibilities

📈 Strengthening Financial Position

Take appropriate measures to improve the overall financial position of the Local Self-Government Institution.

⚖️ Financial Decision-Making

Consider proposals and matters that may have an impact on the institution’s financial position and resources.

🔐 Efficient Financial Management

Ensure greater efficiency, accountability, transparency, and financial discipline in the management of public funds.

💙 In Brief

“The Finance Standing Committee acts as the guardian of the financial resources of the Local Self-Government Institution