Republic of the Philippines

Department of Education
Region III- Central Luzon
Division of Bulacan
Balagtas District
BOROL II ELEMENTARY SCHOOL
Borol 2nd, Balagtas Bulacan

Duties and Responsibilities of School

Finance Committee
 Establish such budget tracking and reporting standards as are appropriate to the needs of the
committee.
 Monitor Expenditures and Income and report significant variances to the board.
         Review and Monitor the approved budget expenditures monthly
         Sign payroll and expense warrants
         Review all major expenses not included in the currently approved budget.
         Review quarterly projections provided by Superintendent and recommend
corrections if needed
 Act upon requests of the board as needed
 Review and provide guidance to the full Board and management about:
         Policies or recommendations having potential financial implications
         Financial strategies for major projects
         Working capital and cash flow management
         Recommend transfers from contingencies and other accounts
 Other transactions or financial issues that management desires to have reviewed by the
Finance Committee
Annual Proposed Budget
         The committee assumes that the board as a whole has the responsibility to review
and approve the overall budget
         The committee expects to have input into certain budget assumptions that are
presented to the board. Examples would include projected rates of increase in electrical,
oil usage and rates
 It is the responsibility of the committee to dig deeper in areas where we can add value and
where other board members don’t wish, nor have the desire or time to delve. Once done, this
committee will make specific recommendations to the Board on its adoption, including
where desirable, comments on expense levels and adequacy of provision for reserves.