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) Vice-Chancellor (Chair) and President
(b) Executive Director of Finance
(c) Deputy Vice-Chancellor and Provost
(d) Chief Operating Officer
(e) Registrar
(f) Pro-Vice Chancellor, Research Strategy and Resources
(g) Director of Strategic Planning and Change
Attendees:
- The Honorary Treasurer may attend on a quarterly basis to review financial performance.
- Other individuals, including other members of Executive Board, will attend meetings as required.
A quorum requires no fewer than three members, but must include the Vice-Chancellor and President (Chair) or the Deputy Vice-Chancellor and Provost, plus the Executive Director of Finance.
3. Purpose and remit
The Group is a Sub-Committee of Executive Board with primary responsibility for:
(i) budget scrutiny
(ii) financial monitoring
(iii) prioritisation of investment, and
(iv) oversight of value for money.
4. Procedure
Meetings will normally be held monthly.
5. Terms of reference
(a) In respect of budget scrutiny:
(i) to co-ordinate, collate and critically review draft budgets and bids from all areas,
(ii) to consider draft overall budgets and any competitive bids,
(iii) to consider final budgetary proposals and recommend to Budget Setting Group appropriate allocations of available resources to faculty and other budgetary units.
(b) In respect of financial monitoring:
(i) to monitor the use of resources and financial performance of all budgetary units and to report to Executive Board,
(ii) to review the quarterly management accounts for the University and to advise on consequences arising from them,
(iii) to monitor the University’s expenditure on energy and to provide advice to the Executive Director of Finance on the exercise of his/her delegated authority in this area.
(c) In respect of prioritisation of investment:
(i) to receive and monitor a pipeline report of potential future projects (covering estates, IT, business development and other strategic initiatives), considering alignment with agreed strategic objectives in order to aid future prioritisation of resources,
(ii) to consider and thoroughly examine investment business cases with a gross value of more than £0.5m (or which need to be funded from University strategic funds), with reference to agreed strategic objectives. Subject to prioritisation, refer cases as it considers necessary to Finance Committee and any approved case over £1.0m to Executive Board,
(iii) to review any bid for external funding which is dependent on the achievement of output or outcome targets and report to Executive Board as necessary,
(iv) to monitor the progress of such cases once approved,
(v) to receive monthly project scorecards for all major projects, to review commentary on key issues from the University’s Change Management team and to report to Executive Board as necessary,
(vi) to receive a final expenditure report following completion and to report to Executive Board as necessary.
(d) In respect of value for money:
(i) to champion a culture of “Value for Money” across the University,
(ii) to receive Value for Money reports and review relevant topics in depth,
(iii) to review the draft annual procurement effectiveness reports prior to submission to OfS.
Established by Executive Board Minute 90, 29.01.02
Revised by Council Minutes 8, 11.10.2004; 122, 16.7.2007; 126, 14.7.2008; Executive Board Minute 194, 26.7.2005, & by Executive Board on 7 February 2006 and 10 July 2018.
Editorial Amendments January 2003, April 2015.
Substantive revision by Executive Board on 22 February 2022 and by Council Minute on 21 March 2022.