The Synod Constitution creates a Finance Committee (s. 11(7). Canon Five – Diocesan Business empowers the Committee the power to act in the name of the Synod in matters of acquisition, management and disposition of Synod property. It also empowers the Committee to give direction to the Synod Treasurer. Canon Six – Parish Governance gives Committee the power to approve or prevent parish transactions involving interests in land (s. 4).
The Committee performs a variety of property and contract-related functions or makes recommendations to the Diocesan Council concerning them in relation to: trusts and their management; managing of Synod and parochial investments in the DCIF; debt guarantees; budget planning and monitoring; management advice to parish corporations; applications and grants; employee compensation and pensions (in conjunction with the Human Resources Committee); insurance management; payroll and related services for parish corporations.
As many property and financial matters cannot practically be deferred to meetings of the Diocesan Council, Canon Four (s. 18) gives the Committee power to bind the Synod in many property and contract matters provided it reports its activity to the Council. The Council has the power to overrule the Committee’s decisions but not in a way that derogates from rights already acquired by third parties. On occasion, the Committee defers an important matter for discussion and disposition by the full Diocesan Council.
After each regular Synod the Diocesan Council makes six appointments to the Finance Committee (who need not be Council members). Six additional members serve ex officio: Canon Four, s. 18. The members are an approximate equal number of clergy and lay appointments. The lay and clergy members should possess interest in and, preferably, expertise in financial affairs and management.
The Committee elects its own chair and vice-chair: Canon Four, s.18.