Mandate

The Finance Committee is a standing committee of the Catholic Education Council which provides recommendations and advice in relation to the Archdiocesan community of schools. This includes recurrent, capital and special purpose funds administered through the Brisbane Catholic Education Centre whose financial responsibilities vary for parish and Archdiocesan schools.

Terms of Reference

With a view to ensuring that the resourcing strategies encompassed in the budget for the Brisbane Catholic Education system, and the frameworks adopted for strategic financial management have due regard to the policies and priorities of the Catholic Education Council (especially the Council Governance Policies), the Finance Committee:

1. Provides advice and guidance to Council and the Executive Director on financial strategy development, forward financial planning, budget policies and parameters and financial reporting frameworks.

2. Evaluates:

  • The strategic financial objectives and annual budgets of the Council;
  • The established and proposed priorities underpinning the objectives and budgets;
  • The parameters and assumptions supporting the objectives and budgets;
  • The short term and long term implications of the budget.

3. Systematically reviews, on a quarterly basis, the budget for Brisbane Catholic Education and recommends resourcing adjustments to Council.

4. Make recommendations to the Council on the annual audited Brisbane Catholic Education financial report and works with management on responses to all issues raised during the conduct of the Audit.

5. Reviews the Brisbane Catholic Education's Annual Risk Management Report for recommendation to the Council for presentation to the Audit and Risk Management Committee of the Archdiocesan Finance Council.

6. Reviews the risk assessment of any new major project, venture or endeavor outside the normal business activity of Brisbane Catholic Education for recommendation to the Council for presentation to the Audit and Risk Management Committee of the Archdiocesan Finance Council.

7. Recommends the reserve policy for Brisbane Catholic Education and the actual reserves to be held each year as proposed by the Executive Director, to the Council for approval.

8. Reviews all major borrowing proposals for Brisbane Catholic Education and makes recommendation to the Council for their endorsement.

Membership

The Catholic Education Council appoints members of the Committee.

Membership and Office bearers will be as follows:

Chairperson

Appointed by the Catholic Education Council

Executive Secretary

Manager, Financial Services, Brisbane Catholic Education

Members
A representative of the Executive Director, Brisbane Catholic Education (ex officio)
At least one member of the Catholic Education Council
Archdiocesan Financial Administrator (ex officio)
A primary principal
A secondary principal
A nominee of the Council of Priests
Two other members with high-level financial management skills

Term of Membership

Three years with a maximum of two terms. No limit applies to ex officio members.

Accountability

To the Catholic Education Council by provision of advice, minutes and other reports as requested.

Meetings

The Committee will meet on an as needs basis

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