OXTON PARISH COUNCIL
FINANCIAL REGULATIONS – Approved May 2018
EXPENDITURE
Orders for the payment of money shall be authorised by
resolution of the Council. Such resolutions on expenditure can only be
considered where included as an agenda item of the meeting considering the
expenditure.
SIGNING OF CHEQUES
Cheques in payment of amounts due shall be signed by
two authorised members of the Council who should add their initials to the
counterfoil of the cheque. Invoices must be available, at the time of signing,
to members signing cheques who should confirm the validity and amount of the
payment prior to signing. Cheques are to be signed at meetings at which the
payment is approved.
AUTHORISED MEMBERS FOR SIGNING CHEQUES
A minimum of three members shall be authorised by
resolution of the Council to sign cheques on behalf of the Council and shall
include the Chair and Vice Chair.
SEALING OF DOCUMENTS
Any two members of the Council authorised by
resolution of the Council may seal documents on behalf of the Council. A
document shall not be sealed on behalf of the Council unless its sealing has
been authorised by resolution of the Council.
INTERESTS
If any member has any pecuniary interest, as defined
under the Relevant Authorities (Disclosable Pecuniary Interest) Regulations
2012, in any matter under consideration by the Council they shall withdraw from
the meeting while the matter is under consideration unless invited to stay by
the Council.
CONTRACTS
In respect of the supply of goods or services or materials
or the execution of works, the Clerk shall seek to obtain competitive
quotations. For values of £500 to £2000 a minimum of two quotations and for
values £2000 to £10000 three quotations are required.
Acceptance of quotations shall be by resolution of the
Council. The Council shall not be bound to accept the lowest quotation.
ACCOUNTS AND FINANCIAL STATEMENTS
The Clerk shall supply to each member at every meeting
a financial a statement of payments made and received since the previous
meeting of the Council together with reconciliation between the accounts and
the balance held in bank accounts
BANK ACCOUNTS
The Council shall maintain a current account, in
addition the Council may maintain deposit accounts as it deems necessary.
ESTIMATES/PRECEPT
The Council shall approve written estimates for the
coming financial year at its meeting in the month of December.
ACCOUNTS
The Clerk shall maintain the accounts of the Council
in the form prescribed by the Accounts
and Audit
Regulations 2015 and the Governance and Accountability
for Smaller Authorities in England 2017.
INSPECTION OF ACCOUNTS
The accounts must be made available for inspection by
the public prescribed by the Accounts
and Audit
Regulations 2015 and
by prior appointment with the Clerk. The accounts are to be available for
inspection by Councillors at all times by prior appointment with the Clerk.
INSURANCE
The Council shall maintain insurance cover for the
risks it considers appropriate but shall, as a minimum cover, include for
Public Liability, Employers Liability, Money and Fidelity Guarantee.
