The Financial Sustainability Committee (referred to as “the Committee” hereafter) may undertake the Council’s function to:
(a) review and advise on initiatives to generate income for the Council
(b) promote financial sustainability and stability by generating income
(c) decide to invest on projects within the financial budget delegated to them.
Delegation of functions
The Committee will consider:
a) progressing with one or more projects within the delegated capital budget. Each Project’s budget shall need to include all foreseeable costs (for example Fees, Stamp Duty Land Tax and VAT).
b) the criteria for Officers to search for investment opportunities. These criteria will be reviewed regularly and adjusted accordingly in line with the economic markets and risk profile that the Council wish to operate in.
c) decide on recommendation reports put forward by Officers requesting authority to proceed with a project and allow for investment in due diligence.
d) the review of current project progress and to make further decision to proceed or stop projects should due diligence uncover any adverse effects on the business case.
e) business cases for financial investment in service areas for income generation. Reports will be brought to the committee before full Council for consideration and approval to proceed with the Committee’s support and recommendation.
f) business cases for financial investment with a budget higher than the Committee’s delegated budget threshold. Such reports will be brought for the Committee consideration and approval to progress with the Committee’s support and recommendation.
g) establishing Sub-Committees to agree recommendations on specific projects where changes to a business case may occur due to changing variables.
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