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Finance Committee
The committee draws up and recommends to UEG financial strategies and policies which will help the University achieve its long-term Vision.
Terms of reference
- To devise and recommend to UEG financial strategies and policies to facilitate the implementation of the University's long-term Strategic Plan, to include:
- consideration of the necessary resources of capital funding and to recommend any changes to the University's borrowing needs in the light of its cash balances, capital spending and budgetary forecasts;
- proposals for investment funds and the review thereof; and
- an assessment of the impact of external factors, particularly economic and political, which might affect the financial stability of the University, and to advise UEG accordingly.
- To oversee the production of the annual University budget and the allocation of budgets to budgetary groups, and to bring forward recommendations to UEG.
- To receive draft University financial statements and a business report from the Director of Finance on the results, highlighting any significant variances from the forecasts and the budgets.
- To monitor the financial performance of budgetary groups, to examine progress against the University's longer term financial plan in order to advise UEG on any corrective action considered necessary.
- To oversee the production of longer term financial forecasts, as required from time to time by HEFCE .
- To carry out a periodic review of the resource allocation method and ensure its alignment with the University's strategic aims and plans.
- To advise UEG on emerging risks in the area of finance, and on any other financial matters UEG might request.
Membership
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The Treasurer (Chair) |
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The Director of Finance |
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The Pro Vice-Chancellor with the Resources portfolio |
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A lay member of Council |
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Three members drawn from the pool of Heads of Schools/Directors in Professional Services |
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The Deputy Director of Finance |
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Secretary : Secretariat |
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