Darryl Dethick – Treasurer and AIMp member
Andrea Smith – Chair and AIMp member
Lindsey Fairbrother – Independent
Jackie Eles – CCA
Tania Cork – Chief Operating Officer
Kathrine Newman – Admin Support
Terms of Reference
The purpose of the Finance subcommittee shall be to: ensure effective control of LPC finances; consider annual budgets, accounts and processes; develop effective financial management information and monitor performance; consider any financial matters that may need a referral to the LPC Governance subcommittee; agree proposals for income generation activity, to reduce dependence on levy income.
1.1 Three (or inset other number) members of the main committee shall be appointed by the committee to the Finance subcommittee, in addition to the LPC Treasurer. Membership should include CCA and Independent members.
1.2 In the event that a Finance subcommittee member ceases to be a member of the LPC, the committee shall appoint a new Finance subcommittee member for the remaining term of office.
1.3 The members of the subcommittee shall appoint a Chair from amongst its members.
2.1 The Finance subcommittee shall be accountable to the main committee.
2.2 The Finance subcommittee shall determine the frequency of its meetings to discharge its duties. The subcommittee may need to meet more frequently should a specific issue arise which needs further discussion and agreement.
2.3 The Finance subcommittee shall report its discussions and outcomes to the main committee.
2.4 A Finance subcommittee member with a conflict of interest should step down temporarily, in which case the subcommittee shall co-opt an additional member from the main committee.
2.5 The subcommittee, may invite the LPC Chief Officer or other officer or member to part or all of one or more of its meetings if their input is required to deal with a specific issue.
2.6 There is no quorum for the subcommittee, but the maximum attendance will be sought when arranging a meeting.
The Finance subcommittee will:
3.1 Refer directly to the Governance subcommittee any matter of governance relating to committee members’ or officers’ expenses claims.
3.2 Approve the LPC budget for recommendation to the main committee, including any change to the LPC levy or levy holiday. Consideration having been given to conducting a zero-based budget.
3.3 Ensure that annual accounts are prepared and presented to the LPC and contractors in accordance with the LPC constitution. The subcommittee will also approve the Treasurers annual report to contractors.
3.4 Review the LPC expenses policy and adherence; ensure that appropriate systems are in place to approve expense claims.
3.5 Review commercial contracts entered into by the LPC.
3.6 Keep under review, financial management systems to ensure the LPC can monitor LPC finances.
3.7 Oversee the work of the LPC Treasurer ensuring the duties set out in the Treasurer’s job description, such as that provided by PSNC, are attended to.
3.8 Manage financial aspects of LPC restructuring and mergers, and the approval and recovery of loans to a provider company.
3.9 Support the management of remuneration of LPC staff, officers and consultants.
3.10 Monitor adherence to the LPC Financial Management policy (such as that provided to LPCs by PSNC).
3.11 Be re-elected every two. This election should coincide with the election of the new Officers.