The Financial Planning Committee’s roles and responsibilities are assigned through the Islands Trust Council policy.

The Financial Planning Committee provides advice to the Islands Trust Council and management by undertaking the following responsibilities:

1. Annual Budget Process
To facilitate Council’s involvement in the annual budget process by:
1. providing direction to all program units, via management, in overseeing the process of budget preparation
2. assisting Council in establishing the principles and assumptions for the development of the budget
3. reviewing the base operating needs and all program requests against the principles and assumptions and make recommendations to Council
4. representing the interests of Council, Executive Committee, and Council Committees throughout the budget process

2. Budget and Financial Planning
To facilitate the linkage of the annual strategic planning process with the annual budget process through:
1. the interpretation of Council’s priorities/strategies and related work programs into resource allocation requirements both for the annual budget and for long range planning practices
2. direction to management in the development of long range financial planning and capital budgeting
3. facilitating Council’s involvement in the preparation of a three year operational and capital budget plan

3. Financial Management
To report to and make recommendations to Council regarding the organization’s financial management practices such as:
1. a regular financial reporting system
2. development of financial management policies and procedures
3. assessing/monitoring revenue generating and expenditure control practices, management recommendations for financial resource allocations within and during the annual budget
4. review financial reporting documents for the Ministry/Treasury Board and/or public presentation via the Executive Committee

4. Annual Audit
The Financial Planning Committee will appoint from amongst its members, but excluding members of the Executive Committee and trustees who are not members of Trust Council, an Annual Audit Committee for the purposes of the annual audit and will report directly to Council by:
1. reviewing audit reports
2. reviewing with management the management letter recommendations and determining necessary actions
3. monitoring the implementation of the auditor’s recommendations
4. recommending an accounting firm to Trust Council, each year, to conduct the annual audit
5. reviewing with the auditors the year end audit (and interim audit) work program

5. Islands Trust Conservancy Support
To provide advice to the Islands Trust Conservancy Board on financial services and support available from the Islands Trust.

6. Management Advice
To monitor and review the Trust’s financial management, budget and financial planning practices and to assess management’s recommendations to Trust Council in these areas, through consultation with the Trust’s auditors as required.