The Fifth State Finance Commission has been constituted by the Government as envisaged in Article 243-I and 243-Y of the Constitution of India and as provided in Section 186 of the Kerala Panchayat Raj Act, 1994 and Section 205 of the Kerala Municipality Act, 1994, vide notification No.785/2014 dated 17.12.2014, for a period of one year from the date of notification. As in the case of the previous three Commissions, SFC-V is also a three member Commission with the following members

Professor B A Prakash,
Former Head of Economics Department,
University of Kerala and former Chairman, Kerala Public Expenditure Review Committee.
Shri.James Varghese,
Principal Secretary
Local Self Govt. Department,
Government of Kerala.
Shri R K Agarwal,
Secretary to Government,
Finance (Resources) Department,
Government of Kerala.