Issue - meetings
Financial Procedure Rules
Meeting: 22/11/2017 - Audit Committee (Item 35)
35 Financial Procedure Rules 
PDF 75 KB
Additional documents:
- Enc. 1 - Financial Procedure Rules, item 35
PDF 312 KB
- Enc. 2 - Glossary of financial terms, item 35
PDF 91 KB
Decision:
That the updated Financial Procedure Rules be endorsed and recommended for submission to Council.
Minutes:
The Corporate Finance Manager presented the updated Financial Procedure Rules (FPRs) for the Committee to endorse and recommend to County Council.
Following the last update in 2015, a review had identified minor changes to reflect updated procedures and service delivery methods. The proposed increase to the virement threshold requiring Cabinet approval (from £75K to £100K) allowed Chief Officers greater flexibility for transfers in their service areas whilst maintaining financial control in the current climate. Virements below the threshold were monitored by Corporate Finance and any changes were reported as part of the budget monitoring updates to Cabinet and Corporate Resources Overview & Scrutiny Committee.
RESOLVED:
That the updated Financial Procedure Rules be endorsed and recommended for submission to Council.