Financial Performance and Planning Committee: Terms of Reference

Information regarding the UCL Financial Performance and Planning Committee's formal powers and responsibilities.

Subject to any particular direction that may from time to time be given by the University Management Committee (UMC), the Financial Performance and Planning Committee is charged by the UMC:

1. To oversee the budget-setting and business planning process.
2. To review and comment on the institutional budget prior to its consideration by UMC.
3. To monitor the performance of the University against its KPIs by reviewing periodic KPI and benchmark reports.
4. To monitor the overall financial performance of the University and to advise on strategies to improve that performance, including:

    a) the review and analysis of individual cost-drivers;

    b) operational financial performance by way of the monthly management accounts, and to advise on any necessary corrective action;

    c) the financial performance of Faculties and Services, including BAU business reviews, and to recommend to UMC steps to improve that performance;

    d) the financial performance of research income and spend; this may include reviewing individual grant awards, funder portfolios or other data where it supports understanding the financial performance of research income and spend;

    e) review and approval of individual research grant applications where the total UCL contribution over the lifetime of the award is £5m or higher.

5. To recommend University annual student number targets to UMC including:

    a) implications for size and shape plans;

    b) the consideration of initial business cases for new taught programmes, and recommendation as to whether programme development proceeds to consideration by the Programme and Module Approval Panel;

    c) to review the performance of new taught programmes against their business cases. 

6. To recommend annually proposed tuition fee changes to UMC for approval.

7. To oversee the management of risk within the financial portfolio to ensure risks are managed within the university's agreed tolerance levels, and to escalate to the UMC those risks which are outside the Committee's remit to resolve.

8. To make recommendations to UMC on additional investment priorities and opportunities, including:

    a) To review business cases for major orders, financial commitments, contracts or projects with an overall total contract value over £5m (including innovation contracts), and to keep an overview of progress;

    b) to review the performance, including any benefits realised, of any such projects.

9. To make decisions on financial matters following the strategic direction agreed by the UMC and within the delegated powers of relevant officers;

10. To refer matters to the UMC where they impact on the responsibility of other UMC committees or where the Chair considers the decision is of strategic importance;

11. To recommend major decisions relating to the finance portfolio to the UMC.