WINFORD PARISH COUNCIL FINANCIAL REGULATIONS   April 2008

1.   The Finance Working Party (FWP) shall be appointed by the Parish Council.  It shall consist of at least  three Councillors and the Parish Clerk, who is the  Responsible Financial Officer (RFO). Its recommendations shall be presented to the full Parish Council for approval.

2.   The RFO  shall be responsible for the following, which will be monitored by the FWP.

      *   Accounting records and systems of internal control (quarterly and annual accounts)

      *   Assessment and management of risks faced by the Council (risk assessment)

      *   Appointment of an independent internal and external auditor.

           The work of the internal auditor, including the issuing of regular reports, shall be required at least annually, to conform with internal audit terms of reference and the audit plan.

      *   Systems for financial reporting back to councillors and electors. The FWP shall prepare the Council’s annual budget for presentation to the Council for approval. Following submission to the external auditor the full accounts shall be made available for public viewing on the web site and notice boards for 28 working days.

PROCUREMENT

3.    For the supply of all goods, works and services the RFO shall seek three quotations or tenders. The Council may waive this requirement if 

        *   the cost of the goods, works or services excluding VAT is less than £500

        *   the Council agree, in exceptional circumstances, that three quotations cannot reasonably be obtained

        *   out of expediency goods, works and services have to be obtained urgently and it would be unreasonable for the supply to be held over until the next Council meeting.  In such a case the RFO may authorise the expenditure subject to consultation with at least two Councillors. 

4.   The Council is not bound to accept the lowest quotation received, but where it does not, a resolution must be passed explaining the decision..  

5.   The Compost and Allotments Working Party shall refer all proposed expenditure on the allotments back to the full Council for approval in accordance with normal procedures.

6.   It is intended that the management of both Felton Common and the composting site will be self financing.  In both cases the relevant working parties are authorised to incur on going expenditure in accordance with agreed schedules, but will at all times seek an income for the Parish Council to balance any expenditure incurred.  

PAYMENTS

7.   All payments will be by cheque. The RFO will not hold cash on behalf of the Council.

8.   All payments shall be approved by the full Council except where exemptions have been agreed and minuted. Cheques shall be signed by three authorised signatories, who will also initial all counterfoils.

GRANTS

9.  The Parish Council will consider all written applications for financial assistance from groups and bodies which in the view of the council are acting in the best interests of all or part of the parish. Monies will only be granted at a Parish Council meeting if agreed by two thirds of the members present.

DOCUMENTATION

10.   The RFO shall obtain and keep records of the following :

               *   Asset Register (record of all Council owned land, buildings and equipment)

               *   Lease agreements and tenancy regulations

INSURANCE

11   The RFO is responsible for insuring all Council property and equipment, and  for obtaining adequate cover on public liability, employer’s liability and fidelity  insurances

EXPENSES

12.   Councillors may claim travel expenses where approved by the Council for travelling to meetings outside the parish. Payment will be in accordance with current NALC essential car user mileage allowance.  

13.   All other expenses shall be authorised by the Council, and payment made after approval by the Council and submission of invoice, receipt or voucher. .

GENERAL

14     These regulations override all previous council resolutions passed in respect of matters dealt with above. 

15.    These regulations shall be reviewed every four years.