Role - Finance Committee
The Finance Committee is established under Standing Order No. 144. It considers expenditure on services for the House of Commons and has particular responsibility for the preparation and detailed scrutiny of the House's budgets.
The Committee’s remit is to:
- Advise the Commission on the financial remit for each year’s financial planning round, and the pay remit ahead of each year’s pay negotiations.
- Develop financial plans for future years for both the Administration and Members Estimates, including both the resource and capital elements.
- Prepare the draft Estimates for consideration by the Commission and the Members Estimate Committee and recommend for approval any supplementary estimates for the Administration and Members Resource Estimate, in the event of agreement that one is required.
- Monitor spending against budgets during the year, including:
- Proposals for significant changes in spending or revenue-raising not covered by the financial plans for future years, including proposals from other Committees or from the Government.
- Progress of major ongoing programmes and projects identified by the Committee from the financial plans for future years. [quarterly]
- Specific areas of spending, such as estates/works, security, catering, grants, and works of art budget. [annually or termly]
- Monitor the yearly budgets and financial performance of House teams.
- Review the adequacy of financial information for determining priorities.
- Review progress towards the House’s environmental targets.
- Work with the House of Lords Finance Committee on the opportunities for collaboration in the provision of services.
- Deal with any other matters referred to it by the Commission.
Areas for specific consideration in this Parliament include:
- The effects of Covid-19 on implementation of the House Service’s Corporate Strategy, and the potential reordering of business priorities in light of the pandemic (to be reviewed under the annual remit review).
- The arrangements for procurement and contract management to ensure value-for-money.
- The opportunities for delivering efficiencies within the House Service.
- The prioritisation of spending areas.
- The Committee meets approximately once a month when the House is sitting. Meetings are regularly held in private and the Committee is assisted by the Director of Finance and other House staff as appropriate.