Finance Policies

Included in this section are details of the policies that govern the financial management of the Council.

Financial Regulations

The Financial Regulations as part of our Constitution provide the framework rules for the prudent management of the Council’s financial affairs.

The Council has a responsibility in law for ensuring that its financial management arrangements are sound, that it has an effective system of internal financial control including the management of risk and the prevention and detection of fraud and that it has put in place arrangements for securing economy, efficiency and effectiveness in its use of resources.

The Financial Regulations are designed to demonstrate how the Council will meet these responsibilities and they apply to every Member and Officer of the Council.

They cover all aspects of the financial management of the Council including risk management, internal control, accounting policies, systems and records, annual accounts, financial planning and budgeting, monitoring and control of budgets, ordering and paying for goods and services, salaries and wages, collection and banking of income, stock control, asset management, insurance, banking and taxation.

Standing Orders for Contracts and Procurement

The Standing Orders for Contracts and Procurement as part of our Constitution supplement the Financial Regulations and provide the detailed framework rules for the procurement of all works, goods, materials and services and also set out the Council’s tendering and contract rules.

Treasury Management Code of Practice

Treasury management is the term used to cover the management of the Council’s borrowing, investment, banking  and cash flow activities and the effective control of the risks in relation to these activities.

Effective treasury management is an important element in the overall management of the Council’s financial affairs.

The Treasury Management Code of Practice puts in place a framework setting out the formal objectives, policies and practices and reporting arrangements for the effective management and control of the Council’s treasury management activities.

Anti-Fraud and Corruption Policy

The Council is committed to promoting a culture of honesty, openness and fairness and will not tolerate fraud or corruption.

The Anti Fraud and Corruption Policy sets out the Council’s framework for preventing and detecting fraud and corruption and the procedures for reporting and investigating potential occurrences of fraud and corruption.