Financial Standing Committee


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