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Financial Regulations

Adopted by Shavington cum Gresty Parish Council on 6 April 2022

Adopted by Shavington-cum-Gresty Parish Council on 4 May 2022

Reviewed and adopted by Shavington-cum-Gresty Parish Council on 17 May 2023

Reviewed and adopted by Shavington-cum-Gresty Parish Council on 1 May 2024

1.           GENERAL

These Financial Regulations govern the financial management of the council and may only be amended or varied by resolution of the council. They are one of the council’s governing documents and shall be observed in conjunction with the council’s Standing Orders.

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.

Wilful breach of these regulations by an employee may result in disciplinary proceedings.

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 or Governance and Accountability for Local Councils in Wales – A Practitioners Guide jointly published by One Voice Wales and the Society of Local Council Clerks in Wales.

·      ‘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 members and staff.

· 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.

The council must not delegate any decision regarding:

·      setting the final budget or the precept (council tax requirement);

·      the outcome of a review of the effectiveness of its internal controls

·      approving accounting statements;

·      approving an annual governance statement;

·      borrowing;

·      declaring eligibility for the General Power of Competence; and

·      addressing recommendations from the internal or external auditors

In addition, the council shall:

·      determine and regularly review the bank mandate for all council bank accounts;

·      authorise any grant or single commitment in excess of [£5,000]; and