In an effort to assist and improve the functional efficiency of the Financial Officer’s administration, a Legislative Financial Committee was initiated last week. The Committee, comprised of Senators, SGA executives, Justices from the SGA Supreme Court, and representatives from the Financial office, strives to provide accountability to the appropriation of club funding and to advise legislative spending. The committee is open to any member of the student association (i.e. any student at NMT) who would like to attend.
Article 5.11.2 of the Student Government Association Constitution details the duties and responsibilities of the financial committee. The main function of the committee will be to review all financial legislation submitted to the SGA by clubs or research institutions before they are presented to and debated in the Senate. The committee will evaluate the requestor’s need compared to the Senate’s financial ability and will provide a recommendation to the Senate of what the committee thinks should be awarded. The Senate may approve the recommended amount, or they may vote to approve some other amount – i.e. the full amount, a partial amount, or no amount.
The committee will also be responsible for procuring and maintaining the yearly budget for the SGA. The association currently maintains a budget with a 17% deficit – something the committee hopes to reverse by the end of the year by overhauling the existing budget plan and by implementing a newly redesigned budget plan.
Lastly, the committee will study instances of mismanagement of funds and of over-expenditure. Per the Association Constitution, clubs that receive funding from the SGA must be clear about how those funds are spent and are subject to investigation by the committee, should the Financial Office suspect misappropriation of funds. If the committee determines that those funds have been misappropriated, the club will be placed on financial probation – the consequences of which include limited funding from the SGA and restrictions on the number of event grants they may request and on the number of Senate bills they may present. In future weeks, committee officials will also be in talks with the Club Advisory Board about whether or not a club on financial probation should be allowed to request the use of university facilities, like the SAC or the gym.
Committee meetings are held on Friday mornings at 11:00am in the Paydirt office.