Financial Regulations (FRs), while not a part of Standing Orders (SOs), are the framework within which the financial administration of the council is conducted.
The two documents (FRs and SOs) should cover all matters that may reasonably be expected to arise but should not be so comprehensive as to attempt to cover each and every eventuality, as this could result in them being unnecessarily complex, bureaucratic and incomprehensible.
Getting the balance right is a matter for the Council, based on their knowledge and experience, and any appropriate technical/professional advice that is available.
FRs form a key part of the Council’s Internal Control, as part of their role is to mitigate risk by both reducing the likelihood of something inappropriate happening that might damage the Council and also from reducing the potential damage were that event to occur. Examples covered within FRs might include rules that would reduce the risk of loss of cash, inappropriate expenditure or disposal of assets.
The Parish Council has used as a benchmark and example of good practice, the National Association of Local Council’s “Models of Standing Orders for Local Councils” and "Model Financial Regulations for Parish Councils", as updated from time to time.
These Financial Regulations were adopted by the Council at its Meeting held in September 2016. They were re-adopted, unamended, by the Council at its meeting 26th Sept 2017.
Listed below are the main headings covered in the Financial Regulations. These can be seen in detail by accessing the file below.
2. Accounting and Audit (Internal and External)
3 Annual Estimates (Budget) and forward Planning
4. Budgetary Control and Authority to Spend
5. Banking Arrangements and Authorisation of Payments
6 Instruction for the Making of Payments
7 Payment of Salaries
9 Orders for Works, Goods and Services
11 Risk Management
12 Suspension and Revision of Financial Regulations