Powers and functions of finance committee

Subject to other provisions of this Act, the Finance Committee shall exercise the following powers and perform the following functions, namely:-(i) to examine the annual accounts and annual budget estimates of the University, its schools or institutions or centers and advise the Board thereon; (ii) to review from time to time the financial position of the University; (iii) to make recommendations to the Board on all financial policy matters of the University; (iv) to make recommendations to the Board on all proposals involving raising of funds, receipts and expenditure; (v) to provide guidelines for investment of surplus funds; (vi) to make recommendations to the Board on all proposals involving expenditure for which no provision has been made in the budget or for which expenditure in excess of the amount provided in the budget needs to be incurred; (vii) to examine all proposals relating to the revision of pay-scales, up gradation of the scales and those items which arc not included in the budget prior to placing before the Board; (viii) to approve the expenditure of the University to the extent and manner as may be prescribed; (ix) to decide the principles of financial delegation and recommend to the Board; (x) to decide the principles of procurement process and recommend to the Board; and (xi) to exercise such other powers and perform such other functions as may be conferred or imposed upon it by the regulations.