Agenda item

To adopt the revised Financial Regulations. Adjourned from the meeting of the Council 7 May 2025. Minute 257 refers.

The Committee received and considered the report of the Responsible Financial Officer (R.F.O) along with the proposed new Financial Regulations approved on 31 March 2025.

The RFO confirmed the regulations complied with audit legislation and the updated sector Practitioner’s Guide. Based on the NALC model, they had been adapted to reflect the Council’s diverse services. Minor changes since March were noted, and Members were invited to adopt the final version.

The Chair thanked officers for their work. In response to a query, officers explained that risk management was addressed separately to ensure effective controls.

Key amendments proposed were updates to sections 7.1 (electronic payment authorisation) and 7.2 (insertion of “on request”). Regarding section 11, the Town Clerk/CEO clarified that while Councillors did not currently claim allowances, the clause should remain for flexibility. It was agreed the document would be reviewed annually or sooner if legislation changed.

Recommended:

That, the updated Financial Regulations, subject to the above amendments, be adopted by the town council and reviewed annually or when legislation dictated.