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Financial Procedure Rules

Financial Procedure Rules

The council's financial regulations

The Financial Procedure Rules consist of and should be interpreted as the Council’s Financial
Regulations

Status of Financial Procedure Rules

The Financial Procedure Rules consist of and should be interpreted as the Council’s Financial Regulations

  1. The Council’s Financial Procedure Rules provide the framework for managing the authority’s financial affairs. They apply to every Member and Officer of the authority and anyone acting on its behalf. These rules must be read in conjunction with the whole of the Constitution and any other Council Standards.
  2. The rules identify the financial responsibilities of Full Council, Cabinet, Members and Officers. Chief Officers are defined for the purpose of these rules as the Chief Executive Officer (CEO), Monitoring Officer, Chief Financial Officer (CFO) and Executive Directors. All Members and Officers have a general responsibility for taking reasonable action to provide for the security of the assets under their control, and for ensuring that the use of these resources is legal, properly authorised, provides value for money and achieves best value.
  3. The CFO is responsible for maintaining a continuous review of the Financial Procedure Rules and may, where he or she considers it necessary, issue revisions during the year. Where the CFO considers the revisions to be significant and material additions or changes, these will be reported to Full Council for noting and/or approval. The CFO is also responsible for reporting, where appropriate, any breach of the Financial Procedure Rules to Full Council and/or to Cabinet. It should be noted that the CFO and S151 Officer is the Executive Director for Finance and Commercialisation. Any reference to CFO within these Financial Procedure Rules should be read as referring to that officer.
  4. To underpin the Financial Procedure Rules, the CFO is responsible for issuing any relevant advice and guidance that Members, Officers and others acting on behalf of the authority are required to follow. Such advice and guidance will be reviewed, and amended as necessary, by the CFO.
  5. Chief Officers are responsible for ensuring that all staff in their departments are aware of the existence and content of the authority’s Financial Procedure Rules and other internal regulatory documents and that they comply with them. If it is felt to be in the wider interests of the Council, if an urgent decision is required that either:
    • Falls outside of the defined process or limits within Financial Regulations or Financial Procedure Rules, or
    • Is within the limits of the Financial Regulations or Financial Procedure Rules but due to reasons of urgency the rules cannot be applied as set out
    the urgent decision can be made by the CFO, in consultation with the Cabinet Member for Finance and Capital Assets, the Leader, relevant portfolio holder and Executive Director for the service impacted by the decision. This is subject to it being reported at the next appropriate decision-making meeting