Finance, Planning and Resources Committee terms of reference
The terms of reference of the Finance, Planning and Resources Committee are to recommend and report to Council on:
- The performance of the Trust Funds, the appropriateness of the SIPO and compliance with the SIPO.
- Financial planning, budgeting and monitoring of expenditure and financial performance.
- Capital planning, major capital projects and post-project case evaluation including recommendations for the establishment of capital planning, expenditure and monitoring protocols.
Note: The role of the Committee is to make recommendations to the University Council rather than to make decisions on behalf of the Council
Discharging these terms of reference will entail reviewing and monitoring:
- Quarterly Trust Fund Reports to Council;
- Investments and purchases of the Trust Fund;
- Appropriateness of the SIPO and compliance with SIPO;
- Performance of the Trust Fund;
- Campus Master plan (and sub plans within that e.g. Seismic strategy plan) and campus development strategy;
- Financial plans including:
- 10 year planning (including capex plan) and relationship to the Campus Masterplan
- Any shorter term plans e.g. 3 or 5 year plans
- Annual plan (including capex plan)
- Capital funding including:
- Loan or Bond Funding Arrangements
- Treasury policy and compliance with limits under that policy
- Compliance with any limits or covenants relating to any loan or bond or required by TEC or MOE
- Monthly financial performance (management accounts);
- Reforecasts during the financial year;
- Capital business cases (over the Vice-Chancellor’s delegation) and any post investment assessments;
- Business cases for other transactions (over the Vice-Chancellor’s delegation);
- Strategy and plans relating to EFTS development;
- Strategy and plans relating to graduate profile;
- Reports to any third parties relating to the UC Futures programme; and
- Protected disclosures between quarterly meetings of Audit and Risk Committee
Capital Asset Management
In accordance with a Memorandum of Understanding with the Crown, in relation to the transfer of the Dovedale campus property to the University, the Finance, Planning & Resources Committee will take on the additional role as being the capital asset management governance group with the following terms of reference:
- Establishing target scores for each of the 17 capital asset management attributes in the Tertiary Education Commission Self-assessment tool that will move the University towards an appropriate level of capital asset management practice consistent with its size and planned capital development; and
- Adopting, prioritising and monitoring a capital asset management improvement plan designed to address the gaps in capital asset management maturity between the University’s most recently assessed performance and the target scores that it has set.
The Finance, Planning and Resources Committee will comprise not less than six Council members, including a minimum of two elected members. The Chair of the Finance, Planning and Resources Committee (who will not be the Chancellor) will be appointed by the committee, with the agreement of the Chancellor. The Chancellor, the Pro-Chancellor, the Vice-Chancellor and the Student President are ex officio members of the Finance, Planning and Resources Committee. Three members of the Committee will form a quorum. Following recommendations by the Committee, any vacancies may be filled by the Council at any time during the year should they occur.
The Finance, Planning and Resources Committee will hold regular monthly meetings (unless a meeting in December or January is considered to be unnecessary). It shall hold such additional meetings as the Chair shall decide to fulfil its duties.
Members of management, through the Vice-Chancellor, and the Chair of the Audit and Risk Committee (if not already a member) may attend on the invitation of the Chair.
The Finance, Resources and Planning Committee has the authority to seek through the Vice-Chancellor any information it requires. The Committee may consult with independent experts in the furtherance of its responsibilities.
Meeting agendas will be drawn up by the University Registrar and the Chair in consultation with the Chief Financial Officer, the Deputy Vice-Chancellors, the Vice-Chancellor and other staff as required, and the Chair of the Audit and Risk Committee. The agenda and accompanying papers shall be circulated at least four days prior to the meeting of the Committee, but where circumstances require and with the consent of the Chair, papers may be circulated nearer the meeting date.
At the discretion of the Chair meetings may be conducted by audio, audiovisual or electronic communication.
The Finance, Resource and Planning Committee reports back to Council after each meeting, providing its draft meeting minutes in confidence, a verbal briefing from the Chair and an opportunity for discussion.