Financial Regulations

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Financial Regulations
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Timetable

• General Introduction
• Quiz
• Background
• Financial Management
• Questions
• Assets
• Questions
• Coffee Break

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Timetable (continued)

• Expenditure and Income
• Questions
• External Arrangements
• Questions
• Quiz
• Summary and key messages
• Questions

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General Introduction

• Welcome
• Introductions
• Purpose of today
• Structure
• Review of Financial Regulations
• Future training on financial issues

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Background

• Purpose of Financial Regulations
• Proper administration of the Councils financial
  affairs
• Legal Responsibilities
• The Section 151 Officer
• Where to find them
• Links to other policies and procedures
• Part of the Councils Constitution

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• What areas are you involved with?
• Opening Quiz

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General Requirements

• Consultation
• Know where to find Financial Regulations
• Check what the rules say Dont assume you know!
• If in doubt, ask
• Financial Regulations are not optional

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• Questions

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Financial Management

• Budgetary Control
• Capital Monitoring and Control
• Treasury Management and Bank accounts
• Authorised signatory lists
• VAT

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Budgetary Control

• Revenue Budget management
• Chief Officers and budget officers
  responsibilities
• Coding of income and expenditure
• Performance monitoring information
• E-financials training and assistance
• Virement
• What is virement?
• Virement authorisation levels
• Restrictions on Virement

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Capital Monitoring and Control

• New capital schemes Procedure
• Procedure for underspends
• Capital Monitoring

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Treasury Management and Bank accounts

• What is Treasury Management?
• Carried out by Financial Services
• Bank accounts can only be set up by Finance
• Direct Debit systems must have the approval of
  Finance
• Cheque Procedures raising, cancellation and
  replacement
• Procurement Cards

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Authorised signatory lists

• Make sure you know what you can authorise
• Orders
• Invoices
• Timesheets
• Overtime Claims
• Contracts
• Know your authorisation limit
• Make sure an appropriate authoriser is always
  available in your area

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VAT

• Responsibility for applying VAT correctly
• If in doubt, ask you are not expected to know
  everything!

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• Questions

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Assets

• Arrangements for proper security of buildings
• Security of cash
• Reporting of breaches in security
• Inventories
• Maintenance
• Checking
• Keep it up to date
• Disposals
• Stores
• Regular stocktaking

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Insurance

• Identify the risks
• Let the insurance officer know of changes as they
  arise
• Only the insurance officer can arrange insurance
• All correspondence through the insurance officer
• Never admit liability

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• Questions and Coffee Break

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Expenditure

• Management responsibilities
• Salaries and Wages
• Travel and subsistence
• Authorisation of orders and invoices
• What is being certified
• Segregation of duties
• Late payments
• Right to Set off

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Income

• Paying in Income and Receipting
• Debtor Accounts
• Raising
• Recovery
• Amendment
• Write-Off
• Gifts and Hospitality

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• Questions

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External Arrangements

• Partnerships and Shared Services
• Consultation
• Approval prior to entering into formal
  arrangements
• Reporting arrangements
• Financial Regulations apply

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External Funding

• Must consider
• Consultation and approval
• Compatibility with Councils Aim and Priorities
• Capital or Revenue?
• Matched funding requirements
• Exit Strategies
• Ownership, maintenance and insurance of assets

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Summary and Key Messages

• Financial Regulations are best practice
• They are not optional!
• Know the relevant parts before you take action
• If in doubt, seek advice
• Whistleblowing

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• Questions