The RFO must each year, by no later than November, prepare detailed estimates of all receipts and payments including the use of reserves and all sources of funding for the following financial year in the form of a budget to be considered by the council. The council shall fix the precept (council tax requirement), and relevant basic amount of council tax to be levied for the ensuing financial year not later than by the end of January each year. The RFO shall issue the precept to the billing authority and shall supply each member with a copy of the approved annual budget. The approved annual budget shall form the basis of financial control for the ensuing year. BUDGETARY CONTROL AND AUTHORITY TO SPEND Expenditure on revenue items may be authorised up to the amounts included for that class of expenditure in the approved budget. This authority is to be determined by the council for all items. Such authority is to be evidenced by a minute. Contracts may not be disaggregated to avoid controls imposed by these regulations. No expenditure may be authorised that will exceed the amount provided in the revenue budget for that class of expenditure other than by resolution of the council. During the budget year and with the approval of council having considered fully the implications for public services, unspent and available amounts may be moved to other budget headings or to an earmarked reserve as appropriate (‘virement’). Unspent provisions in the revenue or capital budgets for completed projects shall not be carried forward to a subsequent year. The salary budgets are to be reviewed at least annually in July and such review shall be evidenced by a minute No expenditure shall be authorised in relation to any capital project and no contract entered into or tender accepted involving capital expenditure unless the council is satisfied that the necessary funds are available. All capital works shall be administered in accordance with the council's standing orders and financial regulations relating to contracts. The RFO shall provide the council with a financial summary at each council meeting. BANKING ARRANGEMENTS AND AUTHORISATION OF PAYMENTS The council's banking arrangements, including the bank mandate, shall be made by the RFO and approved by the council; banking arrangements may not be delegated to a committee. They shall be annually reviewed for safety and efficiency. The RFO shall prepare a schedule of payments requiring authorisation, forming part of the Agenda for the Meeting and, together with the relevant invoices, present the
The RFO must each year, by no later than November, prepare detailed estimates of all receipts and payments including the use of reserves and all sources of funding for the following financial year in the form of a budget to be considered by the council. The council shall fix the precept (council tax requirement), and relevant basic amount of council tax to be levied for the ensuing financial year not later than by the end of January each year. The RFO shall issue the precept to the billing authority and shall supply each member with a copy of the approved annual budget. The approved annual budget shall form the basis of financial control for the ensuing year. BUDGETARY CONTROL AND AUTHORITY TO SPEND Expenditure on revenue items may be authorised up to the amounts included for that class of expenditure in the approved budget. This authority is to be determined by the council for all items. Such authority is to be evidenced by a minute. Contracts may not be disaggregated to avoid controls imposed by these regulations. No expenditure may be authorised that will exceed the amount provided in the revenue budget for that class of expenditure other than by resolution of the council. During the budget year and with the approval of council having considered fully the implications for public services, unspent and available amounts may be moved to other budget headings or to an earmarked reserve as appropriate (‘virement’). Unspent provisions in the revenue or capital budgets for completed projects shall not be carried forward to a subsequent year. The salary budgets are to be reviewed at least annually in July and such review shall be evidenced by a minute No expenditure shall be authorised in relation to any capital project and no contract entered into or tender accepted involving capital expenditure unless the council is satisfied that the necessary funds are available. All capital works shall be administered in accordance with the council's standing orders and financial regulations relating to contracts. The RFO shall provide the council with a financial summary at each council meeting. BANKING ARRANGEMENTS AND AUTHORISATION OF PAYMENTS The council's banking arrangements, including the bank mandate, shall be made by the RFO and approved by the council; banking arrangements may not be delegated to a committee. They shall be annually reviewed for safety and efficiency. The RFO shall prepare a schedule of payments requiring authorisation, forming part of the Agenda for the Meeting and, together with the relevant invoices, present the
ppc-model-financial-regs.docx