Part 5 114 VOCATIONAL TRAINING COUNCIL APPENDIX 5 FINANCE COMMITTEE Terms of Reference To formulate policy proposals on the Council’s finance and to advise the Council and the Standing Committee on all matters which have important financial implications. To examine the Council’s annual estimates of income and expenditure based upon the programmes of activities submitted to the Council by the Training Boards, General Committees, etc. To prepare a statement of income and expenditure of the Council for preceding financial year and a balance sheet of the Council on the last day of the financial year for Council’s approval. To award non-works tenders within the financial limit prescribed in the Financial Rules (value up to $14,000,000, but unanimous agreement of members of the Committee is required for tenders of an amount over $3,000,000). To examine non-works tenders for submission to the Standing Committee or the Council for approval. To appoint general consultants at value within the financial limits prescribed in the Financial Rules (value up to $14,000,000). To approve new or revised fees and charges within the prescribed financial limit in the Financial Rules (up to an estimated annual income of $10,000,000). To accept donations within the prescribed financial limit in the Financial Rules (up to $10,000,000). To advise the Council on the policies, strategies and criteria for allocation of Foundation funds. To determine and approve use of the funds under the Foundation in accordance with policies, strategies and criteria as set out by the Finance Committee. To provide annual report on Foundation funding and utilisation. To approve write-off of losses. To set up any sub-committees it considers necessary.