BEECH PARISH COUNCIL

FINANCIAL REGULATIONS

General

These financial regulations shall govern the conduct and management of the Council’s finances and financial transactions and may only be amended or varied by resolution of the Council.

Responsible Finance Officer (R.F.O.)

1. The Clerk to the Council shall be the Council’s Responsible Finance Officer (R.F.O.) and appointed

as such in accordance with Section 151 of the Local Government Act 1972.

2. The R.F.O. will be responsible for the proper conduct and management of the Council’s financial

transactions and the observance of appropriate Audit and Account Regulations.

Annual Budget/Precept

3. The Council’s financial year will be 1 April to 31 March the following year. Committees and

Advisory Panels shall provide the Clerk/R.F.O. with brief information and indicative estimates of cost

of any proposals to be considered for inclusion in the ensuing year’s estimates of expenditure not later

than 40 days before the date of the Council’s November meeting. The Chairman and the Clerk/R.F.O.

will annually present estimates of income and expenditure for the current year and estimates of

expenditure for the ensuing year to the Finance & General Purposes Advisory Panel.

4. The F.&G.P. Advisory Panel will consider the estimates provided and report to the Council not later

than the November meeting. On the basis of the Advisory Panel’s report the Council will determine

the amount of the precept for the ensuing financial year.

5. The Clerk/R.F.O. will submit the precept to the District Council.

Budgetary Control/Audit

6. The Council shall maintain an adequate system of internal control, including measures designed to prevent

and detect fraud and corruption and review its effectiveness.

7. The Council shall make appropriate arrangements for annual internal audit of the Council’s accounts in

accordance with the requirements of the Audit Commission and have such additional internal audit as the

Council may require.

8. The Clerk/RFO shall provide to the Council a statement summarising the Council’s receipts and payments

(including comparison with the budget for the financial year) for each quarter and the balances held at

the end of each quarter.

9. The Clerk/R.F.O. shall complete the Council’s Statement of Accounts of the Council (which is subject to

external audit), including the annual governance statement, as soon as practicable after the end of the

financial year and shall submit them to the F.& G.P. Advisory Panel for consideration. The Advisory

Panel will then report to the Council for formal approval of accounts before 30 June.

Banking

10. The Council shall maintain appropriate bank accounts at least one of which shall bear interest, as far

as this is possible.

Income

11. The Clerk/R.F.O. shall be responsible for collecting all monies due to the Council. All monies

received shall be banked at the earliest opportunity. Any outstanding sums/charges shall be reported

to the F.&G.P. Advisory Panel/ Council for any necessary action.

Expenditure/Payments

12. The Clerk/R.F.O. may incur reasonable petty cash expenditure for day to day administrative purposes.

Vouchers supporting payments shall be kept and an appropriate record maintained.

13. The Clerk/R.F.O. shall examine all invoices for payment and be satisfied that all work, goods or

services to which the invoices refer have been received and/or carried out satisfactorily before

payment is made.

14. All invoices/vouchers etc.for payment shall be kept and an appropriate Receipts and Payments record

maintained.

15. All invoices properly payable shall be settled within a reasonable time.

16. Except as provided in Regulation 16 all cheque payments shall be authorised by the Council.

17. Where it is necessary to make a payment before it has/can be authorised by the Council such payment

shall be certified as to its correctness and urgency by the Clerk/R.F.O. and may then be authorised by

the Chairman or in his/her absence by the Vice-chairman. All payments dealt with under this

Regulation shall be separately included in the next schedule of payments laid before the Council.

18. Cheques and other requests for payment shall be signed in accordance with the mandate given by the

Council to the bank.

19. The Clerk/RFO is authorised to transfer funds between bank accounts held in the Council’s name.

Orders for Work, Goods and Services

20. Where possible the Council shall obtain two estimates, quotations or tenders for work, goods, services etc.

where the cost of which is expected to exceed £1,000 and at least 3 where costs are expected to

exceed £25,000.

21. All necessary orders for work, goods, services etc. once approved by the Council shall be issued by the Clerk/R.F.O.

22. The Chairman or in his/her absence the Vice-Chairman may authorise urgent minor works on a number of

occasions and at a maximum cost per order both to be determined by Council.

23. In all cases orders for work, goods, services etc. shall be based on ensuring best value.

Leases and Property

24. The Clerk/R.F.O. shall be responsible for the safe custody of all leases, title deeds and agreements.

25. The Clerk/R.F.O. shall maintain records of all property, equipment etc. held by the Council.

Insurance

26. The Council shall enter into and maintain a proper insurance policy to provide cover for its activities and

responsibilities etc. and shall include adequate cover for public liability, employers’ liability and

fidelity guarantee.

Salaries and Expenses

27. The Council shall make appropriate arrangements for payment of salaries and expenses, including

deductions for income tax, national insurance and pension contributions.

V.A.T.

28. The Clerk/R.F.O. shall maintain adequate V.A.T. records, shall submit appropriate returns as required

and claim re-imbursement of V.A.T. paid by the Council on purchases, services etc.

Loans and Investments

29. All loans, investments, borrowing shall be in the name of the Council and under the control of the Council.

Review and Revision of Financial Regulations

30. The Finance and General Purposes Advisory Panel shall review the Council’s Financial Regulations once a

year and make such recommendations for amendment to the Council as the Advisory Panel

may consider as appropriate.

Approved by the Council on: 21^st June 2010

Chairman: ___Edward Neish_______ Date: ___19 July 2010_________