The establishment of a Finance Council is a required element of church law and is established in the parish constitution and by-laws. The Finance Council operates to aid the pastor with fiscal matters. Its primary functions include the accounting for all income and expenses, recommending an annual budget, and preparing annual financial reports to the diocese and financial statements to the parishioners. During the year, the Finance Council monitors income and expenditures in comparison to the established budget and make recommendations for corrective action in the areas of major discrepancy. The Finance Council is appointed by the pastor.