Strategic Finance Improvement Committee (SFIC)

Council resolved, at the 10 December 2025 Ordinary Council Meeting, to form a Strategic Finance Improvement Committee (SFIC) to further strengthen management and advise on the development of Integrated Planning and Reporting 2026/27.

Purpose:
The specific functions delegated to the Committee include:

  • Regularly and continuously review Council's financial situation with a view to becoming financially sustainable by 2026/27.
  • Prepare a Strategic Finance Improvement Plan with an emphasis on the urgency to address the financial issues facing Council.
  • To focus on the challenges faced by Council, brand the updated plan "Finance Improvement Plan" (the Plan).
  • Implement the actions identified in the Plan and report monthly to Council on the financial position in the Plan.
  • Improve compliance with accounting principles including the Local Government Act 1993 (NSW)(NI), the Local Government (General) Regulation 2005 (NSW)(NI) and the Code of Accounting Practice and Financial Reporting.
  • The Plan is to include the actions Council will take over the next two budgets (FY 25/26 and FY 26/27) to break the practice of adopting deficit operating budgets without reliance on government grants.
  • Update the six completed service reviews and include in the remaining three service reviews revenue opportunities to ensure Council can move to surplus operating budgets and ensure its long-term financial security.
  • Invite the Audit, Risk and Improvement Committee to provide monitoring of the Plan.
  • The Plan is also to include a three-year financial strategy which will culminate in Council increasing its unrestricted cash balance to a sustainable level to transition to the Norfolk Island Assembly (NIA).

Expressions of Interest for SFIC:
Council is seeking 3 more community members to participate in this voluntary committee. If there are any members in the community interested in joining the Committee, please contact Customer Care at customercare@nirc.gov.nf or freecall 0100.

Please refer to the following documents for more information:

Meeting Minutes:
SFIC Meeting Minutes - 29 January 2026(PDF, 281KB)

Agenda Packets:
SFIC Meeting Agenda Packet - 2 April 2026(PDF, 10MB)

Find SFIC meeting minutes and agenda packets in the web portal below. For assistance on how to use the web portal, read this step-by-step User Guide(PDF, 1MB).


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