To receive and consider the report of the Town Clerk regarding the level of service received by the Council’s bank and consider whether to remain or review its provision. If it is the decision to stay with the current provider - consider the mandate and open credit facility.
The Committee received and considered the report of the Town Clerk/CEO concerning the banking arrangements of the Council.
Members were advised the Council had a complex banking mandate with its current provider and the level of service currently being provided had been disappointing, particularly concerning cheques which could only be verified by the Town Clerk.
The possibility of changing banks had been considered but there were benefits of remaining with the provider and extending the current mandate to include online banking. The inclusion of additional councillors on the mandate and permission for officers to undertake key operational functions, in line with financial regulations, would offer a more resilient service.
1. That, the members of the committee be authorised signatories on Barclays Bank mandates, and
2. That, the Town Clerk is also listed on the bank mandate for the Barclays Banks General and Business Premium Account as being able to deal with transfers between accounts as well as setting up direct debits, and
3. That, the Deputy Town Clerk is set up as a key contact, along with the RFO when appointed as well as the Policy, Governance & Finance Administrator and be able to cash cheques up to £500 at the local Barclays Branch to replenish the Council’s petty cash account, and hopefully be able to deal with banking queries, and
4. That, the implementation of online banking with the Council’s current banking provider, Barclays Bank PLC, be set up as a matter of urgency.