Finance Standing Committee

 

💰 Key Responsibilities of the Finance Standing Committee

The Finance Standing Committee oversees the financial matters, income and expenditure, and audit of a Local Self-Government Institution (LSGI).

1. 📈 Budget Formulation and Approval

  • Budget Preparation: Plays a major role in preparing the Annual Budget, scrutinizing budget documents, and proposing amendments.

  • Budget Review: Examines proposals related to the budget's income and expenditure and generally attends to all financial matters.

2. 💲 Income, Taxation, and Funds

  • Revenue Mobilization: Takes necessary steps to increase the institution's income (through taxes, fees, licenses, etc.).

  • Tax Assessment: Recommends the imposition of property tax and other taxes, and requests the Secretary to review cases where tax has been levied after reducing the determined value.

  • Grant Monitoring: Monitors the Grants received from the government and other agencies, and their utilization.

3. 🧾 Accounting and Audit

  • Account Scrutiny: Conducts a monthly audit of the accounts.

  • Income-Expenditure Verification: Examines and reports on the collection of dues, outstanding balance, and the summary of income and expenditure for the immediately preceding month.

  • Financial Documents: Scrutinizes the Annual Financial Statement and Audit Reports and recommends their presentation to the LSGI's general meeting.

4. 🌐 General Financial Affairs

  • Takes measures to improve the overall financial condition of the Local Self-Government Institution.

  • Considers all proposals that affect the financial stability of the institution.

  • Ensures efficiency in Financial Management.

In summary: The Finance Standing Committee functions as the Guardian of the Treasury of the Local Self-Government Institution.