Canon Law requires every bishop to appoint a Diocesan Finance Council of persons skilled in finance and civil law, who are to prepare the budget for the diocese (Canon 492). "The members of the finance council are taken from among the 'members of the Christian faithful.' While the finance council is not required to be representational, it would seem advisable that it include both clergy and laity (Canon 49)."

In addition to the Bishop, the Council is comprised of one priest, one woman religious and seven lay people. These members are appointed to renewable five-year terms, and the Bishop is required to obtain their consent for major financial transactions and is instructed to seek their counsel in other cases. It is the responsibility of the Diocesan Finance Council to plan and review the financial operations of the Diocese. 

The Diocese of Rockville Centre is grateful to have the following members serve on its Finance Council:

• Most Reverend William Murphy, Bishop, Diocese of Rockville Centre
• Rev. Msgr. Robert J. Brennan, Vicar General and Moderator of the Curia, Diocese of Rockville Centre
• Mr. Thomas E. Christman, adjunct professor of finance, St. John's University and former chairman and CEO of CM&M Group, a diversified international financial services holding company.
• Mr. Kenneth Langone, founder and chairman of Invermed Associates, LLC, an investment banking and brokerage firm, as well as a co-founder of The Home Depot, Inc.
• Sr. Kathleen McGinn, O.P., financial consultant for the Dominican Sisters International and former treasurer, Sisters of St. Dominic, Amityville.
• Mrs. Anne M. McSweeney, director, office of development, Memorial Sloan-Kettering Cancer Center.
• Mr. Kevin T. Murphy, director of administration and chief fiscal officer, Diocese of Rockville Centre
• Mr. Peter Quick, former president and member of the Board of Governors of the American Stock Exchange
• Mr. Lewis S. Ranieri, a founder of Hyperion Partners L.P., and chairman and/or director for various entities owned by the company including chairman and member of the Board of Directors of Hyperion Capital Management, Inc., a registered investment advisor.  Mr. Ranieri also serves as chairman and CEO and president of Ranieri & Co., Inc., a private investment advisor and management corporation.  He is also chairman of The Tomorrow's Hope Foundation.