Finance, Audit, and Facilities Committee
The Finance, Audit, and Facilities Committee is one of four Standing Committees of the Board of Education.
Terms of Reference (DRAFT)
Purpose
The Finance Audit and Facilities Committee provides accountability for the business aspects of district operations. The Committee assists the Board in its financial oversight by monitoring and reviewing the risk, control, and governance processes that have been established in Board policies.
| Nature of the Committee | Standing Committee of the Board |
| Membership |
|
| Chairperson | A trustee will serve as Chair |
| Partner and Representative Groups | Comments and input from a representative from (non-voting):
|
| Appointment |
|
| Budget | None |
| Secretariat | Executive Assistant to the Board |
| Meetings | Meetings will be scheduled a minimum of two times per year, or as needed due to workload. Agendas with supporting materials will be circulated to the committee and partner/representative groups, five days in advance of each meeting. |
| Quorum | Two trustees designated as members of the committee |
Deliverables
The Finance, Audit and Facilities Committee provides oversight of audit and financial reporting, including:
- review and approval of quarterly and annual financial statements;
- transfer of monies between funds, risk management, and internal controls; and specifically,
- makes policy recommendations with respect to:
- budget development and management;
- financial management and reporting;
- labour relations; and
- capital planning for facilities and transportation.
Reporting Mechanism
High-level minutes of all meetings will be provided to the Board. The committee may make recommendations to the Board.
Google Translate