Finance standing Committee

 
Chairperson: Sudhamani R. K.
Members: Ashokan
           : Sunimol A. K.
 :        T. V. Chandramathi
 
  
  
  

Major Responsibilities of the Committee

The Finance Standing Committee is one of the most important Standing Committees in a Grama Panchayat in Kerala. The Committee is responsible for managing and planning the financial affairs of the Panchayat.

The major information regarding the Finance Standing Committee is given below:

1. Composition and Chairperson

  • Chairperson: The Vice President of the Grama Panchayat is the official Ex-officio Chairperson of the Committee.
  • Members: The Committee consists of a prescribed number of members elected from among the elected members of the Panchayat.

2. Major Responsibilities and Powers

The major functions of the Finance Standing Committee are as follows:

  • Preparation of Budget: One of the primary responsibilities of the Committee is to prepare the annual budget containing the estimated receipts and expenditure of the Grama Panchayat. The budget is subsequently submitted to the Panchayat Committee for approval.
  • Financial Control: The Committee monitors the income and expenditure of the Panchayat and ensures that the utilisation of funds is carried out in accordance with the prescribed norms and procedures.
  • Taxes and Revenue: The Committee supervises the assessment and collection of taxes, such as property tax, profession tax, etc., and various fees, with a view to strengthening the Panchayat's own-source revenue.
  • Accounts and Audit: The Committee oversees the preparation of the annual accounts of the Panchayat, examines audit reports, and takes necessary steps to address and settle audit objections.
  • Project Coordination: The Committee assesses and facilitates the financial requirements of projects prepared by other Standing Committees, such as the Development, Welfare, and Health & Education Standing Committees.

3. Importance

The Finance Standing Committee functions as the custodian of the financial resources of the Panchayat. Major decisions involving financial liabilities require appropriate consideration and action through the prescribed Panchayat procedures, including the role of the Finance Standing Committee.

In accordance with the Kerala Panchayat Raj Act, the Finance Standing Committee plays an essential role in ensuring transparent, efficient, and accountable financial management in Local Self-Government Institutions.