The Finance & Economy Committee has powers in relation to the Council’s financial resources, it's revenue and capital budgets, and economic development and support.
The Committee oversees all matters relating to:
- Economic Development; Business Support;
- Audit and Review Services (Internal and External);
- Corporate Accounting and Accounting Services;
- Council Tax and Benefits;
- Freedom of Information and Records Management;
- Human Resources and Industrial Relations;
- Treasury Management;
- Property Management;
- Customer and Related Services;
- Credit Unions;
- Wi-Fi and Broadband Delivery; Tourism.
The Finance & Economy Committee is empowered to perform the following insofar as these are not limited by reservation to the Council itself:
(1) advising the Council on the allocation of its financial resources and regulating and controlling them within the terms of the Council’s policies;
(2) preparing for the approval of the Council and reviewing from time to time such Financial Regulations as may be necessary;
(3) monitoring and reviewing expenditure within the allocations provided for in the Council’s approved Revenue and Capital budgets and, where the sums involved are material or there are significant policy considerations, making recommendations to the Council on requests for supplementary estimates;
(4) without prejudice to the duties and responsibilities of the Council’s other Committees, establishing a monitoring group, consisting of Members and Officers, to assist in the preparation of the Council’s Revenue Budget and in ensuring that the expenditure of the Council’s Committees remains within approved levels;
(5) overseeing all technical matters relating to:-
- the cost of capital projects and included in the Capital Programme approved by the Council;
- the manner in which capital expenditure is defrayed;
- the borrowing and re-borrowing of money and the raising and repayment of loans within such borrowing limits as may be approved by the Council;
- the keeping of accounts for the proper recording and auditing of all transactions of the Council;
- the temporary investment or utilisation of revenue balances;
- banking arrangements and the negotiation of banking terms;
- arrangements for insurance cover in respect of the Council’s risks and the management of the insurance fund;
- fixing of charges, rebates and allowances not being those linked to or associated with the functions referred to any other Committee;
- determining appeals against assessments and the disposal under any enactment of all other claims or applications for relief from or payment of taxes;
- considering all applications for loans, grants, donations and subscriptions, not being applications which are linked to or associated with the functions referred to any other Committee, and which are included in the budget;
- making proposals for incurring expenditure or making grants or loans under the powers contained in Section 84 of the Local Government (Scotland) Act 1973, with respect to any emergency or disaster which the Committee deems likely to affect the whole or part of the Council’s area or all or some of its inhabitants.
- the task of meeting budget reduction targets.
(6) agreeing the allocation of proceeds from asset sales up to a value of £100,000 where the Council’s agreed revenue budget is not dependent on the capital receipt.
(7) formulating, examining and approving policies, strategies and plans relating to Human Resources matters.
(8) Hearing any request for a review of a refusal by the Council to agree to an asset transfer request under Part 5 of the Community Empowerment (Scotland) Act 2015, which hearing will be conducted in accordance with the Standing Orders and the Scheme of Delegation and any regulations made pursuant to the said 2015 Act in respect of such hearings.
Where any new policies or changes to policies would have a significant impact on the Council’s strategic objectives, corporate policies or its resources, the Committee should not approve that policy/ change to policy but should instead refer it to Council for approval with or without recommendations.