Kangaroo Island Council elects to have a Section 41 Finance Committee as part of its functions.
The role of the Finance Committee is:
(a) To ensure compliance with legislative requirements;
(b) To consider reports on Council’s performance against budget;
(c) To consider reports on the immediate and long term financial plans of Council;
(d) To consider Council’s priorities in line with the Strategic and other plans.
The Committee considers items such as infrastructure needs, budget appropriations recommended by other Committees, and asset replacement and construction.
The Finance Committee will review;
They also consider any other business as determined by the Committee.
The Finance Committee meets as required, which is at least 2 times a year at appropriate times in the reporting cycle, and usually coincides with a quarterly review of the Councils financial performance comparing actual with budget.
Notice of each meeting confirming the venue, time and date, together with an agenda of items to be discussed, is forwarded to each member of the Committee and observers, no later than 3 clear days before the date of the meeting.
Minutes of committee meetings shall be circulated within five days after a meeting to all members of the Committee and to all members of the Council and will (as appropriate) be available to the public.