Finance Committee

The committee focuses on examine the accounts, the progress of expenditure and all new proposals involving fresh expenditure in the light of provisions made. The committee also examines the annual statement of the accounts and financial estimates of the Institute prepared by the Finance and Accounts Officer and submit it to Governing Body and Governing Council for further action.

Objective:

To ensure proper utilization of fund

Functions and Responsibilities

The following are the functions and Responsibilities of Finance Committee:

1. The annual accounts and financial estimates of the Institute shall be placed before the Finance Committee for scrutiny and thereafter submitted to the Governing Council together with the comments of the Finance Committee for approval.
2. The Finance Committee shall fix limits of the total recurring expenditure and the total non-recurring expenditure for the year based on the income and resources of the Institute. No expenditure shall be incurred by the Institute in excess of the limits so fixed.
3. No expenditure other than that provided in the budget shall be incurred by the Institute without the approval of the Finance Committee.
4. To provide the financial estimates in respect of building and other infrastructural facilities that are planned to be provided based on the recommendations of Institute Development Committee.
5. Scrutinizes the budget submitted by the different depts. and monitor the utilization of department’s budget.
6. Proposes the budget for the financial year for the departments and the institute.
7. To consider audited accounts of the Institute and submits the audited accounts to GC.
8. To make recommendations to the Governing Council for the following to:
   1. Advise the Governing Council on all financial matters.
   2. To scrutinize the budget submitted by the different departments and monitor the utilization of department budget.
   3. Propose the budget for the financial year for the departments and institute.
   4. Consider and submit the audited accounts.

TKIET Finance Committee

Financial Audit Report