4. Accounting and Audit
4.1 All accounting procedures and financial records of the Council shall be determined by the RFO as required by the Accounts and Audit Regulations 2003 as amended.
4.2 The RFO and Finance Officer shall be responsible for completing the annual accounts of the Council as soon as practicable after the end of the financial year and shall submit them to and report thereon to the F&GP committee.
4.3 The following principals shall be observed in connection with accounting duties:
(a) The duty of providing the information, calculating, checking and recording sums due to, or from, the council, should be separated as completely as possible from the duty of collecting or dispersing them.
(b) Officers charges with the duty of examining and checking the accounts of cash transactions should not be engaged in any of those transactions.
4.4 The RFO shall be responsible for maintaining an adequate and effective system of internal audit of the Council’s accounting, financial and other operations in accordance with regulation 5 of the Accounts and Audit Regulations 1996. The Council has appointed an independent internal Auditor as required by the Accounts and Audit Regulations 1996, as amended. Any officer or member of the Council shall, if the Internal Auditor requires, make available such documents of the Council which related to their necessary for the purpose of the audit and shall supply the Internal Auditor with such information and explanation as the Internal Auditor considers necessary for that purpose.
5. Banking Arrangements and Cheques
5.1 The Council’s banking arrangements shall be made by the RFO and approved by the F&GP committee.
5.2 A schedule of the payment of money shall be prepared by the Finance Officer and together with the relevant invoices etc presented to each F&GP committee. If the schedule is in order it shall be authorised by a resolution of that committee and signed by the chairman or vice chairman.
5.3 Cheques drawn on the Council’s bank account shall be signed b three of the following – Town Clerk, The Mayor, The Deputy Mayor, The finance Officer, Chairman of F & GP, Vice Chairman of F & GP or, in the absence or unavailability of the aforementioned elected members, the Chairman of any Town Council standing Committees.
5.4 The RFO and the Finance Officer shall have authority to transfer monies between the Council’s bank accounts.
5.5 No bank account shall become overdrawn.
6. Payment of Accounts
6.1 Apart from petty cash payments all payments shall be effected by cheque or other order drawn on the Council’s bankers. All Standing Order Mandates shall be reviewed annually and approved by the F&GP Committee
6.2 All invoices for payment shall be examined, verified and certified by the officer issuing the order. Before certifying an invoice the officer shall satisfy himself or herself that the work, goods or service to which the invoice relates have been received, carried out, examined and approved.
6.3 Duly certified invoices shall be passed to the Finance Officer who shall examine them in relation to arithmetical accuracy and authorisation, and shall code them to the appropriate expenditure head. He shall take all possible steps to settle all invoices submitted, and which are in order, within 30 days of their receipt.
6.4 When the Finance Officer is satisfied that invoices are in order he shall pass them for final certification and will then raise an appropriate cheque for signing by nominated persons.
6.5 Cheque details will be entered on to the bank and remittance system so that they duly appear on the schedules referred to in paragraph 5.2 above.
6.6 The RFO or Finance Officer may provide petty cash to officers for the purpose of defraying operational and other expenses. Vouchers for payments shall be forwarded to the RFO or Finance Officer with a claim for reimbursement:
- The Finance Officer shall maintain a petty cash float to a limit of £250 for the purpose of defraying operational and other expenses. Vouchers for payments made from petty cash shall be kept to substantiate the payment.
- Income received must not be paid into the petty cash float but must be separately banked, as provided elsewhere in these regulations.
- Payments to maintain the petty cash float shall be shown on the schedule of the payment of money presented to the F&GP committee (under 5.2 above)