Policy 5.4

Terms of Reference - Finance Committee

Purpose

The Finance Committee

• Determines the budget process and timeline
• Prepares the draft budget for the Board
• Audits the Library’s programs and its financial performance
• Reviews all proposals with significant financial implications
• Serves as the audit committee which hires and receives the reports of the auditors and recommends any changes proposed
• Oversees the financial control of the library
• Recommends the five-year financial forecast
• Conducts a review of the core budget in the last year of the Library
• Operating Agreement

Membership

The Board Chair and Vice-Chair will choose the Chair of the committee and its members.  At the first meeting, the committee will select a Vice-chair.

Meetings

The committee will normally meet at least four times a year.