Financial Standing Orders
General
Annual Estimates
Budgetary Control
Accounting and Audit
Banking Arrangements with Cheques
Payments of Accounts
Payment of Salaries and Wages
Loans and Investments
Income
Orders for Work, Goods and Services
Contracts
Payments under Contracts for Building or Other Construction Works
Stores and Equipment
Properties and Estates
Insurance
Revision of Financial Regulations
1.1These financial regulations shall govern the conduct of the financial transactions of the Council and may only be amended or varied by resolution of the Council.
1.2The responsible financial officer (RFO), under the policy direction of the Parish Council, shall be responsible for the proper administration of the Council’s financial affairs.
1.3The RFO shall be responsible for the production of financial management information.
2.1Detailed estimated of income and expenditure on revenue services and receipts and payments on capital account shall be prepared each year by the RFO and submitted to the Council.
2.2The annual capital and revenue budgets shall form the basis of financial control for the year and be submitted to the Council.
3.1The RFO shall periodically provide the Council with a statement of income and expenditure to date under each head of the approved annual revenue and capital budgets.
3.2All capital works shall be administered in accordance with the Council’s standing orders and financial regulations related to contracts.
4.1All accounting procedures and financial records of the Council shall be determined by the RFO as required by the Accounts and Audit Regulations 1996.
4.2The RFO shall be responsible for completing the Annual Accounts of the Council as soon as practicable after the end of the financial year and shall submit them to and report thereon to the Parish Council.
4.3The Council shall appoint each year a member responsible for internal audit who will periodically examine the Cash Book, Receipts & Payments to ensure as far as he is able that the books are in order.
5.Banking Arrangements with Cheques
5.1The Council’s banking arrangements shall be made by the RFO and approved by the Council. Two accounts shall be maintained at the bank, a current account and a deposit account.
5.2Cheques shall be signed by three members of the Council and each signatory will initial the counterfoil as verification that the counterfoil and cheque are correctly completed.
5.3All payments shall be supported by the relevant invoices, receipts and vouchers.
6.1Apart from Petty Cash Payments all payments shall be effected by cheque or other order drawn on the Council’s bankers.
7.Payment of Salaries and Wages
7.1The payment of all salaries and wages shall be approved by the Council.
8.1All loans and investments shall be negotiated by the RFO in the name of the Council and shall be for a set period of time in accordance with Council policy. Changes to loans and investments should be reported to the Council at the earliest opportunity.
8.2All investments and money under the control of the Council shall be in the name of the Council.
8.3All borrowings shall be effected in the name of the Council.
8.4All investment certificates and other documents relating thereto shall be retained in the custody of the RFO.
9.1The collection of all sums due to the Council shall be the responsibility of and under the supervision of the RFO.
9.2Particulars of all charges to be made for work done, services rendered or goods supplied shall be notified to the RFO and the RFO shall be ultimately responsible for all accounts due to the Council.
9.3Personal cheques shall not be cashed out of money held on behalf of the Council.
10.Orders for Work, Goods and Services
10.1All officers are responsible for obtaining value for money at all times. An officer issuing an official order is to ensure as far as reasonable and practicable that the best available terms are obtained in respect of each transaction.
11.1All contracts shall be approved by the Council.
12.Payments under Contracts for Building or Other Construction Works
12.1Payment on account of the contract sum shall be made within the time specified in the contract by the RFO upon authorised certificates of the architect or other consultants engaged to supervise the contract.
12.2Where contracts provide for payment by instalments the RFO shall maintain a record of all such payments. In any case where it is estimated that the total cost of any work carried out under a contract, excluding fluctuation clauses, will exceed the contract sum by 5% or more, a report shall be submitted to the appropriate committee.
12.3Any variation to a contract or addition to or omission from a contract must be approved by the RFO in writing, the Council being informed where the final cost is likely to exceed the financial provision.
13.1The RFO shall be responsible for the care and custody of stores and equipment.
13.2Stocks shall generally be maintained at the minimum levels consistent with operational requirements.
14.1The RFO shall make appropriate arrangements for the custody of all title deeds of properties owned by the Council.
14.2No property shall be sold, leased or otherwise disposed of without the authority of the Council.
15.1The RFO shall effect all insurances and negotiate all claims on the Council’s insurers.
15.2The RFO shall give prompt notification to the Council of all new risks, properties or vehicles which require to be insured and of any alterations affecting existing insurances.
15.3The RFO shall keep a record of all insurances effected by the Council and the property and risks covered thereby and annual review it.
15.4The RFO shall be notified of any loss liability or damage or of any event likely to lead to a claim.
15.5All appropriate employees of the Council shall be included in a suitable fidelity guarantee insurance.
16.Revision of Financial Regulations
It shall be the duty of the Council to review the financial regulations of the Council from time to time.