Part 4 - Financial regulations

Below are the financial regulations.

A:           Financial management
B:           Financial planning
C:           Risk management and control of resources
D:           Systems and procedures
E:           External arrangements

Definitions

The Chief Financial Officer is that person designated for the purpose of Section 151 Local Government Act 1972 and Section 114 Local Government Finance Act 1992.

Budget Heads are those cost and income headings recorded in the Council’s Budget Book.

Advice and guidance issued by the Chief Financial Officer includes Financial or Accounting Instructions, which provide detailed guidance on financial control, audit, accountancy, financial management matters and the design and use of controlled stationery.

A Service is defined as a discrete area of the County Council’s activity managed by a Director or Head of Service as defined in Part 5 of the Constitution.

A Scheme in the context of the capital programme may be a single scheme or a package of smaller schemes being carried out in a defined geographical area of works of a similar type.

General introduction

(a)        These Financial Regulations are that part of the Constitution approved by the Council, which provide the framework for managing the Authority’s financial affairs.  They apply to every Member and Officer of the Authority and anyone acting on its behalf with the exception of Schools to which Schools’ Financial Regulations apply.

(b)        The Constitution and Scheme of Delegation identify the financial responsibilities of the full Council, Cabinet and Scrutiny Members, the Head of Paid Service, the Monitoring Officer, the Chief Financial Officer and other Directors.

(c)        All Members and staff have a general responsibility for taking reasonable action to provide for the security of the assets under their control and for ensuring that the use of these resources is legal, is properly authorised, provides value for money and achieves best value.

(d)        The Chief Financial Officer is responsible for maintaining a continuous review of the financial regulations and submitting any additions or changes necessary to full Council for approval following consideration by the Cabinet or Leader of the Council or Cabinet Members and Audit and Governance Committee.

(e)        Directors are responsible for ensuring that all staff in their departments are aware of the existence and content of the Authority’s financial regulations and other internal regulatory documents (including Accounting Instructions) and that they comply with them.

(f)         The Chief Financial Officer is responsible for issuing advice and guidance (e.g. Accounting Instructions) to underpin the financial regulations that Members, Officers and others acting on behalf of the Authority are required to follow.

Page updated: 09/10/2020 Page updated by: Gloucestershire County Council

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