Issue - meetings

Financial Regulations Review

Meeting: 04/12/2018 - Financial Strategy Advisory Group (Item 23)

23 Financial Regulations Review pdf icon PDF 104 KB

The Financial Regulations form part of the Constitution and ensure that there are adequate rules to govern the Council’s financial affairs. This report proposes amendments to the Financial Regulations.

Additional documents:

Minutes:

The Panel received and considered a report that proposed amendments to the Council’s Financial Regulations. The regulations formed part of the Council’s Constitution and ensured the good governance of the Council’s financial affairs.

The rules had been amended to reflect the Council’s current organisational structure and references to statutory regulations had been updated as appropriate.  In particular, it was highlighted that new authorisation limits were proposed for the use of revenue reserves together with an increase in the threshold at which Committee approval would be required for revenue budget virements.  A new provision permitting the Head of Digital and Service Transformation, in conjunction with the Chief Finance Officer, to authorise the write-off of business rates debts where the liable party was subject to insolvency action as prescribed in the Insolvency Act 1986 and the Council was not legally able to continue with recovery action, was welcomed.

Having reviewed the proposed amended regulations, subject to the inclusion of the definition of a “material sum”, the Panel recommended the approval of the updated regulations to the Strategy and Resources Committee.