Hospital and Health Boards Regulation 2023

A finance committee established by a Service’s board has the following functions—

advising the board about the matters stated in paragraphs (b) to (g);

assessing the Service’s budgets and ensuring the budgets are—

consistent with the organisational objectives of the Service; and

appropriate having regard to the Service’s funding;

monitoring the Service’s cash flow, having regard to the revenue and expenditure of the Service;

monitoring the financial and operating performance of the Service;

monitoring the adequacy of the Service’s financial systems, having regard to its operational requirements and obligations under the Financial Accountability Act 2009;

assessing financial risks or concerns that impact, or may impact, on the financial performance and reporting obligations of the Service, and how the Service is managing the risks or concerns;Examples of financial risks or concerns for paragraph (f)—

• the accuracy of the valuation of fixed assets

• the adequacy of financial reserves

assessing the Service’s complex or unusual financial transactions;

any other function given to the committee by the Service’s board, if the function is not inconsistent with a function mentioned in paragraph (a) to (g).Examples of functions for paragraph (h)—

performance and resource management functions