Decision details

7.1     The Committee considered a report by the Director of Finance, Performance and Procurement and the Director of Law and Assurance (copy appended to the signed minutes).

7.2     Mrs Chuter introduced the report and explained the proposal to review the Financial Regulations and Procedures every three years.  As part of the streamlining project for the Council’s Constitution, it is also proposed to hold the Treasury Management Policy Statement and the Financial Procedures outside the constitution.

7.3     The Committee queried the limit for budget transfers and raised concerns that Directors could move multiple large sums just under the threshold.  – Mrs Chuter gave reassurance that all movements were monitored and that movements across portfolios required a two part sign off.  Ms Eberhart agreed to raise this concern at the Total Performance Monitor Task and Finish Group.

7.4     Resolved – That the Committee:

(1) Approves the revised Financial Regulations following

endorsement by the Governance Committee on 25 June 2018.

(2) Endorses the proposal to hold the Treasury Management Policy Statement and the Financial Procedures outside of the Council’s Constitution.

(3) Agrees with proposal to review the Financial Regulations and Financial Procedures in 2021.