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Financial Monitoring and Budget Scrutiny Group

(Sub-Committee of Executive Board)

1. Secretary

Financial Administration Manager,  Finance and Planning

 

2. Membership

Ex officio members: 

(a) Chief Financial Officer (Chair)

(b) Deputy Vice-Chancellor

(c) Registrar

Attendees: 

  • Director Financial Control and Director Financial Performance.
  • Other individuals, including the Director of Strategic Planning and Change and other members of Executive Board, will attend meetings as required.
  • Representatives from pathway groups will attend to present the pathway group reports (Estates Portfolio Board, Technology Portfolio Board, etc.

A quorum requires no fewer than two members, but must include the Chief Financial Officer (Chair) or the Deputy Vice-Chancellor.   

 

3. Procedure

Meetings will normally be held monthly. 

 

4. Terms of reference 

 

(a) Oversee the management of the University’s capital and revenue investment plans – estate, residences, IT developments and equipment purchases. Ensure investment plans, and supporting business cases, have followed appropriate governance routes prior to FMBSG (for example Technology Portfolio Board and Estates Portfolio Board) and align with the agreed strategic priorities.

(b) Oversee the management of the University’s strategic investment funds, ensuring alignment with agreed strategic priorities and the University’s core values.

(c) Consider, thoroughly examine, and test the financial validity of investment business cases with a gross lifetime value of more than £0.5m (or cases of £ 50k and above funded from University strategic funds), with reference to agreed strategic objectives. Subject to prioritisation, refer cases as necessary to Finance Committee and recommend cases over £2.0m to Executive Board for approval.

(d) Consider updated investment business cases where the funding arrangements or other circumstances for the project have changed and further approval is required.

(e) Review any bid for external funding which is dependent on the achievement of matched funding, outputs/ outcome targets, or where the contractual requirements impose significant risk of clawback.

(f) Receive a monthly project summary report for all major strategic projects, and review commentary on key issues from the University’s Strategic Change Management team.

(g) Receive a project closure report, including final expenditure report, following completion or at an appropriate time post-completion.

(h) Consider requests for estates design work for projects yet to be approved, where design work value exceed £25k.

(i) Receive regular financial reports to ensure monitoring oversight and scrutiny on behalf of Executive Board and Finance Committee. Regular reports will include budget holder performance reports, trading unit reports, capital investment, University-wide marketing spend, internal allocations including HEIF, strategic funds utilisation.