Issue - meetings

That the updated Financial Procedure Rules, incorporating the suggested amendment, be approved and recommended for submission to County Council.

The Finance Manager presented the proposed updated Financial Procedure Rules (FPRs) and sought recommendation to the next Constitution Committee meeting on 1 July prior to submission to County Council on 30 September 2015.  In line with the Council’s statutory obligations, there was a need to annually review the FPRs as well as reviewing each individual rule at least every two years.  A brief overview was given of the six sections of the document, which included a glossary of financial terms to help understanding.  The Finance Manager welcomed any feedback on the document and provided detail on the publication of the final approved FPRs together with a summarised version.

Mr. Paul Williams suggested that the wording on the formal virements requiring Cabinet approval be changed to reflect that this applied to aggregate amounts in excess of £75K within that specific budget.  The Corporate Finance Manager confirmed that the £75K limit was an accumulative amount and would amend the wording to clarify this.

RESOLVED:

That the updated Financial Procedure Rules, incorporating the suggested amendment, be approved and recommended for submission to County Council.