FINANCE STANDING COMMITTY

finance

 

💰 Finance Standing Committee – Major Responsibilities

The Finance Standing Committee oversees the financial affairs, income and expenditure, and auditing of a Local Self-Government Institution.

1. Budget Preparation and Approval

  • Budget Preparation: Prepare the annual budget, examine budget documents, and suggest amendments.
  • Budget Review: Examine proposals related to income and expenditure and monitor financial matters.

2. Revenue, Taxation and Funds

  • Increasing Revenue: Strengthen revenue sources such as taxes, fees, and licences.
  • Tax Assessment: Review matters related to building tax and other taxes.
  • Grant Monitoring: Monitor the utilisation of grants received from the Government and other agencies.

3. Accounting and Audit

  • Examination of Accounts: Conduct monthly audits of accounts.
  • Income and Expenditure Review: Examine summary reports of income and expenditure.
  • Financial Records: Examine annual financial statements and audit reports and make recommendations.

4. General Financial Matters

  • Improve the financial position of the Local Self-Government Institution.
  • Consider proposals affecting its financial position.
  • Ensure efficiency in financial management.

📌 In Brief

The Finance Standing Committee functions as the guardian of the treasury of the Local Self-Government Institution. It leads the efficient management of the budget, revenue, expenditure, audit, and overall financial management.