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 F.& G.P. Advisory Panel 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.

7. The Clerk/R.F.O. shall provide to the Council with quarterly statements showing income received and expenditure incurred on the Council’s behalf.

8. The Clerk/R.F.O. shall complete the Council’s annual accounts and the Summary and Statement of Accounts for audit 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.

Banking

9. The Council shall maintain appropriate bank accounts at least one of which shall bear interest.

Income

10. 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

11. 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.

12. 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.

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

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

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

16. 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.

17. Cheques shall be signed and funds transferred between accounts in accordance with the mandate given by the Council to the bank.

Orders for Work, Goods and Services

18. Where possible the Council shall obtain two estimates, quotations or tenders for work, goods, services etc. the cost of which is expected to exceed £1,000 and at least 3 where costs are expected to exceed £25,000.

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

20. 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.

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

Leases and Property

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

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

Insurance

24. 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

25. The Council shall make appropriate arrangements for payment of salaries and expenses.

V.A.T.

26. 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

27. 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

28. The Finance and General Purposes Advisory Panel shall review the Council’s Financial Regulations from time to time and make such recommendations for amendment to the Council as the Advisory Panel may consider as appropriate.

Approved by the Council on: ___________________

Chairman: ___________________ Date: ____________