What Are "Financial Regulations"
There is one area of a council’s work that is so large that it warrants its own set of standing orders. The financial affairs and accounting procedures are regulated by the “Financial Regulations”. Financial Regulations control the financial affairs and accounting procedures of a local council. They include most of the requirements relevant to the work of council’s Responsible Financial Officer.
As the Financial Regulations direct Council’s financial management they can only be changed by resolution of the council. They provide procedural guidance for both Councillors and Officers. Financial Regulations must be used in conjunction with the council’s Standing Orders alongside any contract specific financial regulations.
The council is responsible in law for ensuring that its financial management is adequate and effective and that the council has a sound system of internal control. This ensures the effective exercise of the council’s functions, including the management of risk. The council’s accounting control systems must include measures:
- providing for the timely production of accounts;
- that provide for the safe and efficient safeguarding of public money;
- to prevent / detect an inaccuracy, accidental mistake or deliberate attempt to defraud the council;
- that identify the duties of its Officers.
Members of council are expected to follow the Regulations and not to entice employees to breach them. The Responsible Financial Officer (RFO) is a statutory office. The Clerk has been appointed as RFO for Anglesey Parish Council.
Investment Strategy 2023
In April 2023 Council adopted an investment strategy which outlines how the council’s reserves are to be managed. The focus of the strategy is on security followed by liquidity leaving yield as a the final consideration.