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Finance Committee

About Us

Remit

  1. The primary method of reporting performance to the Board is through SFC’s Performance Report. The Finance Committee will strengthen that reporting through more detailed scrutiny of the work of the executive in relation to financial strategy and providing assurance on the evidence lying behind the executive’s reports in SFC’s Performance Report.

  2. The specific duties of the Committee are listed below:
    • Review the financial strategy and recommend to the Board its approval and any subsequent changes.
    • Scrutinise the annual budgets for programme funds, for both financial (April to March) and academic (August to July) years, prepared by the Council executive and recommend to the Board their adoption.
    • Scrutinise the financial position of the Council to ensure that it can meet its commitments and strategic objectives, by reviewing reports on expenditure against plan and budgets, including the Scottish Government’s budgetary and cash controls.
    • Consider and report to the Council the key outputs from the executive’s monitoring of the financial health and governance and management of colleges and universities.
    • Consider and advise the Council on all external reports relevant to the above.
    • Oversee institutional compliance with the financial memoranda.
    • Review the financial aspects of the annual report and accounts for consistency with financial information reviewed by the Committee during the year.
    • Consider and report to the Council any other matters remitted to the Committee by the Council.
  3. The Committee is an advisory body with no executive powers. However, it is authorised by the Council to investigate any activity within its terms of reference, and to seek any information it requires from staff in the conduct of its enquiries. The Committee is authorised to obtain independent professional advice if it considers this necessary. The Committee should be mindful of the cost of such resources.

Membership

Council members

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