According to the Code of Canon Law, each parish must have a finance council (CIC, c. 537). The parish finance council is composed of Catholic faithful who offer advice to the pastor in the administration of the parish’s temporal goods.

The finance council is a consultative body that provides the pastor with advice concerning the stewardship of the parish’s fiscal resources. It assists the pastor by:

• Conducting long-range financial planning with regard to funding operational and capital needs in the parish;
• Developing and overseeing a parish budget process which results in an annual parish budget. This process should involve the participation of those responsible for parish programs. It should be so designed that it addresses the parish’s priorities and goals as determined by the pastor and parish pastoral council;
• Providing financial analysis of current fiscal status reports;
• Providing fiscal analysis of proposed goals, strategies, programs and administrative aspects of parish life.

While the finance council has significant responsibility for the stewardship of parish financial resources, it is not the role of the finance council to recommend directions, priorities, or programs other than those related to its delegation: namely, fiscal stewardship.

For this reason, the other consultative structures must be in place for the finance council to fulfill its role responsibly and effectively.