Part 4 - Financial regulations

Below are the financial regulations.

Introduction

Financial management covers all financial accountabilities in relation to the running of the Authority, including the Policy Framework and budget.

Actions that are “contrary to the budget” include:

  • Initiating a new policy;
  • Committing expenditure in future years to above the budget level;
  • Incurring interdepartmental transfers above virement limits;
  • Causing the total expenditure financed from Council Tax, grants and corporately held reserves to increase beyond the budgeted level.

Virement and year end balances:

A.1         The Chief Financial Officer is responsible for the administration of the scheme of virement as set out below:

               The Cabinet, Leader of the Council and Cabinet Members are responsible for taking in-year decisions on resources and priorities and can therefore approve virement between services provided:

  • It does not involve a new policy or policy change;
  • It does not involve an increasing commitment in future years that cannot be contained within existing approved budget allocations.

Directors may effect virement between Budget Heads provided:

  • It does not involve a transfer of resources between services (Note: A service is defined by reference to a particular Budget Head in the Budget Book);
  • It does not involve a new policy or policy change;
  • It does not involve an increasing commitment in future years that cannot be contained within existing approved budget allocations;
  • That the Chief Financial Officer is notified in respect of all virements over £50,000.

A.2         Unless otherwise determined by the Cabinet, Leader of the Council or a Cabinet Member any service under-spending or overspending will be carried forward to the following financial year and the approved budget adjusted accordingly.

Accounting policies:

A.3         The Chief Financial Officer is responsible for selecting accounting policies and ensuring that they are applied consistently.

Accounting procedures and records:

A.4         The Chief Financial Officer is responsible for determining the accounting procedures and records for the Authority.

The annual statement of accounts:

A.5      The Chief Financial Officer is responsible for ensuring that the annual statement of accounts is prepared in accordance with the Code of Practice on Local Authority Accounting in the United Kingdom: A Statement of Recommended Practice (CIPFA/LASAAC). The Audit and Governance Committee is responsible for approving the annual statement of accounts.

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

Help us improve Gloucestershire County Council

Don’t include personal or financial information like your National Insurance number or credit card details.