Finance Standing Committee
The Finance Standing Committee oversees the financial affairs, receipts and expenditures, and auditing of a local self-government institution.
1. Budget Formulation and Approval
Budget Preparation: Play a key role in preparing the annual budget; review budget documents and propose amendments.
Budget Review: Examine proposals regarding revenue and expenditure within the budget and oversee the institution's financial matters in general.
2. Revenue, Taxation, and Funds
Revenue Enhancement: Take necessary measures to increase the institution's revenue (from taxes, fees, licenses, etc.).
Tax Assessment: Direct the Secretary regarding the imposition of building taxes and other levies; review cases where tax assessments have been reduced.
Grant Monitoring: Monitor grants received from the government and other agencies, as well as their utilization.
3. Accounting and Auditing
Examination of Accounts: Conduct a monthly audit of the accounts.
Review of Receipts and Expenditures: Examine and report on the collection of funds, outstanding balances, and a summary of receipts and expenditures from the preceding month. Financial Documents: Examine the Annual Financial Statement and audit reports, and provide recommendations for their presentation at the meeting of the Local Self-Government Institution (LSGI).
4. General Financial Matters
Take measures to improve the overall financial position of the Local Self-Government Institution.
Consider all proposals that may impact the financial status of the institution.
Ensure efficiency in financial management.
In short, the Finance Standing Committee functions as the custodian of the Local Self-Government Institution’s treasury.
