Financial rules
Appendix 1
Shropshire Council
Financial rules
Revision date: July 2017
Summary of Revisions
- Introduction of principles for each financial rule
- Streamlining of narrative throughout and removal of repetition
- Updating and applying consistency to role names used throughout
- Updates to Asset register and Land Terrier guidance (C3.3, C3.4)
- Additional guidance with regard to the payment for electronically procured goods and services (D4.15)
- Exemptions to the requirements for official orders, requisitions and T&Cs requirements (D4.7)
- Removal of references to Debit and Credit Card Uses for Council purchasing (D4.8)
- Further clarity regarding advance payments (D4.18, D4.26)
- Additional external funding sign off arrangements (E2)
- Introduction of Exemption Request Guidelines (Appendix H)
Part 4 – Financial Rules
Introduction
Status of financial rules
Financial rules
Financial management and control
Financial planning
Risk management and control of resources
Systems and procedures
External arrangements
Appendices
Appendix A - Financial Management and Control
A.1 Financial Management Standards
A.2 Managing and Controlling Spending and Income:
A.3 Accounting Policies
A.4 Accounting Records and Returns
A.5 Format of the Accounts
Appendix B - Financial Planning
B.1 Strategic Plans
B.2 Budgeting:
- Format of the Budget
- Revenue Budget Preparation, Monitoring and Control
- Resource Allocation
- Capital Programmes
- Preparing Revenue Budgets and Medium Term Planning
B.3 Use of Reserves
Appendix C - Risk Management and Control of Resources
C.1 Internal Controls
C.2 Audit Requirements:
C.3 Resources: Land, Buildings, ICT, Fixed Plant and Machinery:
C.4 Asset Disposal
C.5 Risk Management and Insurance
C.6 Treasury Management and Banking
C.7 Investments and Borrowing
C.8 Unofficial and Voluntary Funds and Funds held for Third Parties:
C.9 Staffing, including Gifts and Hospitality
Appendix D - Systems and Procedures
D.1 General
D.2 Income
D.3 Payments to Employees, former Employees and Members
D.4 Ordering and Paying for Work, Goods and Services
D.5 Taxation
D.6 Trading Accounts and Business Units
Appendix E - External Arrangements
E.1 Partnerships
E.2 External Funding
E.3 Work for Third Parties
E.4 Accountable Bodies
E.5 Payments to Voluntary Organisations
Appendix F - Table of Financial Limits
Appendix G - Scheme of Virement Flowcharts Revenue and Capital
Appendix H - Exemption Request Guidelines
ACKNOWLEDGEMENTS This document is based on the CIPFA document ‘Financial Regulations. A Good Practice Guide for an English Modern Council.