Issue - meetings

Report from S.151 Officer

Report from S.151 Officer

The Director of Finance presented a report setting out the Financial Procedure Rules and the Scheme of Delegation – Financial Limits for consideration by the Committee. Attached to the rules are detailed guidance notes to support budget holders in performing their financial duties.

It was explained that it had been a number of years since the financial regulations were updated, as part of the Financial Improvement Plan it was identified that several of the Council’s Financial Procedure Rules required reviewing, refreshing and updating including the financial limits.

The updated Financial Procedure Rules and Scheme of Delegation were included within the report.

• Councillor Martin referred to in year budget adjustments to school variances and asked why this happened and what controls were in place.

It was explained that in year virements were sometimes used to mask overspends and this was not something that was encouraged. This would make sure that there was a clear controlled approval mechanism in place.

Councillor Martin asked whether he could receive further information in relation to this and the Director of Finance agreed that he would share some information with Councillor Martin.

It was agreed:

1. That the Audit Committee approve the Financial Procedure Rules and Scheme of Delegation.

2. That the Audit Committee recommend to Full Council the adoption of the Financial Procedure Rules and Scheme of Delegation.