1.1. These Financial Regulations govern the financial management of the Council and may only be amended or varied by resolution of the Council. Financial regulations are one of the Council's governing documents and shall be observed in conjunction with the Council's Standing Orders.
1.2. Councillors are expected to follow these regulations and not to entice employees to breach them. Failure to follow these regulations brings the office of Councillor into disrepute.
1.3. Wilful breach of these regulations by an employee may result in disciplinary proceedings.
1.4 In these Financial Regulations:
‘Accounts and Audit Regulations’ means the regulations issued under Sections 32, 43(2) and 46 of the Local Audit and Accountability Act 2014, or any superseding legislation, and then in force, unless otherwise specified.
“Approve” refers to an online action, allowing an electronic transaction to take place.
"Authorise" refers to a decision by the Council, or a committee or an officer, to allow something to happen.
‘Proper practices’ means those set out in The Practitioners’ Guide
Practitioners' Guide refers to the guide issued by the Joint Panel on Accountability and Governance (JPAG) and published by NALC in England.
‘Must’ and bold text refer to a statutory obligation the Council cannot change.
‘Shall’ refers to a non-statutory instruction by the Council to its Councillors and staff.
1.5 The Responsible Financial Officer (RFO) holds a statutory office, appointed by the Council. The Clerk has been appointed as RFO and these regulations apply accordingly. The RFO;
acts under the policy direction of the Council;
administers the Council's financial affairs in accordance with all Acts, Regulations and proper practices;
determines on behalf of the Council its accounting records and control systems;
ensures the accounting control systems are observed;
ensures the accounting records are kept up to date;
seeks economy, efficiency and effectiveness in the use of Council resources; and
produces financial management information as required by the Council.