The Archdiocesan Finance Committee (AFC) is established in conformity with the requirements of the Code of Canon Law, in particular, canons 492 and 493. It is both an advisory body as well as a committee with specific rights and duties, as described in Book V of the Code of Canon Law.
The AFC is presided over by the archbishop and comprised of at least five and not more than seven members. Up to five members are appointed by the archbishop and serve for a term of five years. There is no limit on the number of five-year terms a member may serve. Two additional members serve ex officio: the Vicar General and the Chancellor. Their term is equivalent to the term of office.
The members of the AFC offer expertise, advice and counsel to the archbishop on important questions and acts of administration in the archdiocese. It also must consent to acts of extraordinary administration, which are defined by the Canadian Conference of Catholic Bishops.
The AFC is responsible for preparing the annual budget of the archdiocese and for examining the annual finance statements of the archdiocese. It hosts an annual general meeting, usually in May, to which all clergy and laity are invited, with a focus on sharing these financial reports with pastors and parish finance committee members.
The AFC meets at least three times a year.