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Financial Regulations

  

OXTON PARISH COUNCIL

 

FINANCIAL REGULATIONS – Approved May 2016

 

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 1996.

 

INSPECTION OF ACCOUNTS

The accounts must be made available for inspection by the public for fifteen days prior to audit, 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.