1.1 These financial regulations shall govern the conduct of the financial transactions of the Council and may only be amended or varied by resolution of the Council.
1.2 The responsible Financial Officer shall be the Town Clerk
1.3 The Responsible Financial Officer (RFO) under the policy direction the Staffing, Finance & General Purposes (S,F&GP) Committee shall be responsible for the proper administration of the Council’s financial affairs.
1.4 The Responsible Financial Officer shall be responsible for the production of financial management information.
2. Annual Estimates
2.1 Each committee shall formulate and submit proposals to the S,F&GP Committee in respect of revenue services and capital projects for inclusion in the rolling capital programme not latter that the end of December each year.
2.2 Detailed estimates of income and expenditure on revenue services, and receipts and payments on capital account, shall be prepared each year by the RFO.
2.3 The S,F&GP and Market Management Committees shall review the estimates and submit them to the Council not latter than the end of November in each year and shall recommend the precept to be levied for the ensuring financial year. The RFO shall supply each member of the Council with a copy of the approved estimates.
2.4 The annual capital and revenue budgets shall form the basis of financial control for the ensuring year.
3. Budgetary Control
3.1 Expenditure on the revenue account may be incurred up to the amount plus 10% included in each approved committee budget.
3.2 No expenditure may be incurred which cannot be met from the amount provided in the appropriate committee revenue budget unless a virement has been approved by the F&GP committee or the Council.
3.3 The RFO shall provide to every F&GP committee meeting a statement of income and expenditure to date under each head of the approved annual revenue and capital budget.
3.4 The Town Clerk may incur expenditure on behalf of the Council which is necessary to carry out repair replacement or other work which is of such extreme urgency that it must be done at once, whether or not there is any budgetary provision for the expenditure, subject to a limit of £4000. The Town Clerk shall report the action at the appropriate committee as soon as practicable thereafter.
3.5 Where expenditure is incurred in the accordance with regulation 3.4 above and the sum required cannot be met from savings made elsewhere within that committee’s approved budget, it shall be subject to the provisions of a supplementary estimate by the F&GP committee or the Council.
3.6 Unspent provisions in the revenue budget shall be used either to contribute towards earmarked funds for projects within the committee remit, or to maintain the General Reserve at an appropriate level or to contribute towards another project within the committee remit. Unspent provisions may also be used to offset the precept requirements of a committee for the following year.
3.7 No expenditure shall be incurred in relation to any capital project and no contract entered into or tender accepted involving expenditure on capital account unless the committee concerned is satisfied that it is contained in the rolling capital programme and that the necessary capital funds are available, or the requisite borrowing approval can be obtained.
3.8 All capital works shall be administered in accordance with the Council’s standing orders and financial regulations relating to contracts.