Finance Group

The Finance Committee is a sub-committee of the Policy & Finance Committee. 

• Duties & Powers

  • 1. to assist the Policy & Finance Committee in fulfilling its oversight responsibilities relating to, financial reporting, policies, strategies and activities, and financial risk management. This responsibility is carried out in accordance with approved policies that comply with generally accepted accounting principles (GAAP).  

  • 2. to be responsible for recommending financial policies, goals, and budgets that support the mission, values, and strategic goals of the States of Alderney as and when they are defined and agreed.  

  • 3. to undertake scrutiny of States assets, expenditure and revenues to ensure the highest standards in the management of their financial affairs, on behalf of the Policy & Finance Committee. 

• Responsibilities

  • 1. to provide expertise to enhance the quality of the Policy & Finance Committee's discussion on financial matters, and facilitate effective decision-making in this area.

  • 2. to determine the adequacy of the Island's internal financial controls and procedures for financial reporting, acting as Audit Committee for this purpose.

  • 3. to review management accounts and financial statements on a regular basis to monitor adherence to International Financial Accounting & Reporting Standards.

  • 4. to develop and oversee the implementation of policies to safeguard States assets and revenue streams.

  • 5. to receive reports and advise the Policy & Finance Committee on the financial implications of any material investigation, litigation, contractual dispute or legal matter.

  • 6. to analyse and review States spending proposals and capital projects in excess of £100k, which are placed before it with the view to providing written recommendations to the Policy & Finance Committee on the risks and taxpayer value for money for each project.

  • 7. to take responsibility for assessing and rating the risks and rewards of higher value spending proposals, based on information provided including bids, tenders, estimates and all related documentation including corporate governance, relevant correspondence, minutes and contracts relating to the proposed expenditure.

  • 8. to undertake activities which will support the review of spending on projects during their implementation phases up to and including completion to ensure that they are running according to time and financial budget, including examination of executives of firms conducting the implementation of the projects, and highlight any concerns it has on implementation to the Policy & Finance Committee.

  • 9. to where requested by other Committees to work collaboratively with those other Committees on a formal referral basis any relevant propositions for which they may request assessment for financial risks/rewards and tax payer value for money.

  • 10. to recommend policies that maintain and improve the financial health and integrity of the organisation.

  • 11. to review and recommend a long-range financial plan for the organisation in conjunction with, and as support to, the States Strategic Plan.

  • 12. to review and recommend an annual operating (revenue) budget and annual capital budget consistent with the long-range financial plan and financial policies.

  • 13. to review and recommend capital expenditures and unbudgeted operating expenses as and when authorised by the Policy & Finance Committee.

  • 14. to review and approve the Economic Development Reserve consistent with the long-range financial plan and financial policies.

  • 15. to review the financial aspects of major proposed transactions, new programmes and services, as well as proposals to discontinue programmes or services, and making recommendations to the Policy & Finance Committee.

  • 16. to act as the "Investments Panel" with responsibility for the States investments portfolio and making related decisions regarding the material investments of the States of Alderney and the States of Alderney Water Board.

  • 17. to meet with representatives from Guernsey Post and the Commonwealth Mint on an annual basis (by VC as necessary) in respect of the delegated responsibility for stamp and coin issues.

  • 18. to act as the Remuneration Committee as per the approved terms of reference below, and report directly to the Policy & Finance Committee (Employment Board):

    - to consider & recommend changes to the Chief Executives salary
    - to consider severance arrangements for the Chief Executive and other States of Alderney senior staff
    - to consider any pay appeals requiring Employment Board approvals
    - to consider any other issues regarding States of Alderney staff remuneration not covered under States of Guernsey policies

  • 19. to undertake those duties delegated to it by the Policy & Finance Committee.

• Delegated Items

  • Items delegated by the Policy & Finance Committee to the Finance Group:

  • 1. to be responsible for postage stamp and coin issues and design approvals

  • 2. to deal with allocation of grants including: Minor Grants not exceeding £5,000 and Policy & Finance grants as individually specified in approved budget

  • 3. to be responsible for the States investments portfolio and act as the "Investments Panel".

• Meetings

  • The Finance Group meets at least five times a year. A calendar is available via the downloads section on this page. 
    Additional meetings can be arranged as necessary on the instruction of the Chairman.

• Agendas and minutes

  • Agendas and minutes relating to past and forthcoming meetings can be accessed via this page. 

• Data Protection

  • For details regarding how the Committee processes personal data, please see the Data Protection page.