Periodically it is necessary to review and revise your financial regulations. This may be due to legislative changes or new technologies. The model financial regulations were last updated in 2016 and a number of changes are now required.
These affect: -
- Councillors checking on the accounts
- Annual Budgeting
- Delegation of emergency expenditure
- The need for regular statements from the RFO
- Delegated payments
- Signing of cheques
- Internet banking
- Use of debit and credit cards
- Income for charitable trusts
- Payments for construction works.
Changes from 2016 version are very minor, namely;
- Restriction added to Regulation 11.1.a.ii
Clarifying disapplication of contract regulations to legal professionals limited to those acting in disputes only – not general legal work.
- update to limits under Public Contract Regulations – footnote to Regulation 11.1.b
- Minor change to heading Regulation 12
There is a guidance sheet which indicates which points have been revised since 2016.
It is recommended that the Clerk / RFO goes through the changes in comparison to the previous version and takes the amendments for approval by their Council.