Financial Regulations

 Governing Financial Regulations


1. General

  1. 1.1  These Financial Regulations shall govern the conduct of the financial transactions and related administration of the Maldon Harbour Improvement Commissioners (‘the Commissioners’) and may only be amended or waived by resolution at an ordinary meeting of the Commissioners.
  2. 1.2  Unless otherwise provided for in these Regulations, the duly appointed Treasurer shall be responsible for the proper administration of the Commission’s financial affairs and the production of any related financial management information which the Commissioners may from time to time require.

2. Annual Estimates

  1. 2.1  The Treasurer shall report to the meeting of the Commissioners immediately prior to the end of the financial year on any identified or other possible expenditure likely to arise in the following financial year in order that the Commissioners may make a judgement on the likely level of Harbour Dues to be levied in that financial year.
  2. 2.2  The Commissioners shall also consider the fixing of the level of the Harbour Dues for each financial year at its last meeting of the preceding financial year.

3. Budgetary Control

  1. 3.1  Expenditure on the Commissioners’ accounts may only be incurred up to the amounts included in an approved budget.
  2. 3.2  No expenditure may be incurred which cannot be met from the amount provided in the annual budget unless specifically approved by the Commissioners.
  3. 3.3  The Treasurer, in consultation with the Chairman and the Clerk, may incur expenditure on behalf of the Commissioners which is necessary for the purposes of any repair, replacement or other work of an urgent or emergency nature, whether or not budgetary provision exists for such expenditure, up to a limit of £500. The Treasurer shall report on any such action to the Commissioners at the next ordinary meeting.

4. Accounting and Audit

4.1 All accounting procedures and financial records of the Commissioners (to include such activities as providing information, calculating, checking and recording sums due to, or from, the Commissioners, and the collecting or disbursing of them) shall be determined by the Treasurer and meet the requirements set out in the Modernising Trust Ports (Second Edition).

  1. 4.2  The Treasurer shall be responsible for completing the annual accounts for the Commissioners as soon as practicable after the end of the financial year and shall submit them firstly for audit and subsequently to the Commissioners for approval and adoption at the next Annual Meeting.
  2. 4.3  The following principles shall be observed in connection with accounting duties:

(a) The duty of issuing orders, awarding contracts, providing financial information, and calculating, checking and recording any sums due to, or from, the Commissioners should be separated as completely as possible from the duty of collecting or dispersing them.

4.4 The Treasurer shall be responsible for maintaining an adequate and effective system of internal audit of the Council’s accounting, financial and other operations.

5. Banking Arrangements

  1. 5.1  The Commissioners’ banking arrangements shall be made by the Treasurer as may be approved from time to time by the Commissioners.
  2. 5.2  All cheques drawn on the Commissioners’ accounts shall be signed by the Treasurer and either the Chairman or the Clerk, provided that the Clerk shall not sign any cheques made payable to him for the reimbursement of his expenses or for any other reason.

6. Payment of Accounts

  1. 6.1  Apart from petty cash payments, all payments shall be effected by cheque or other order drawn on the Commissioners’ bankers.
  2. 6.2  All invoices for payment shall be examined, verified and certified by the Clerk but only after consultation and agreement with the Treasurer. Before certifying for payment, the two signatories authorised under Paragraph 5.2 above shall satisfy themselves that the works, goods or services to which the invoice relates have been received, carried out, examined and approved.
  3. 6.3  To assist small businesses, all payments will be paid promptly and in any case every effort shall be made to settle accounts within 10 working days of receipt.
  4. 6.4  The Treasurer may provide petty cash or cheques to Officers for the purposes of defraying operational and other expenses. Signed vouchers for payments made shall be forwarded to the Treasurer with a claim for reimbursement:

7. Payment of Salaries and Wages
7.1 The payment of all salaries and wages shall be made by the Treasurer in accordance with the payroll records.

8. Investments

  1. 8.1  All investments shall be negotiated by the Treasurer in the name of the Commissioners and shall be invested at the best advantage to the Commissioners in accordance with a policy that may be approved by the Commissioners. Any changes to investments should be reported to the Commissioners at the earliest opportunity.
  2. 8.2  All investments of money under the control of the Commissioners shall be in the name of the Commissioners.

8.3 All investment certificates and other documents relating thereto shall be retained in the custody of the Treasurer.

9. Income

  1. 9.1  The collection of all sums due to the Commissioners shall be the responsibility of and under the supervision of the Treasurer.
  2. 9.2  The Commissioners will review the Harbour Dues annually in accordance with Paragraph 2.2 above.
  3. 9.3  Any bad debts shall be reported to the Commissioners at the next available ordinary meeting who may instruct the Clerk or the Treasurer to recover such debts as they deem appropriate.
  4. 9.4  All sums received on behalf of the Commissioners shall be banked by the Treasurer or the Clerk at the earliest reasonable opportunity. Any sums received by any other person on behalf of the Commissioners must be forwarded to the Treasurer or the Clerk at the earliest opportunity. A written receipt shall be provided (and a duplicate retained) for each sum of money received whether received as cash or cheque.

10. Orders for Work, Goods and Services

  1. 10.1  An official order or letter shall be issued by the Clerk for all works, goods and services unless a formal contract is to be prepared or where an official order would be inappropriate e.g. petty cash purchases. All orders issued shall be sequentially numbered within each financial year and copies retained by the Clerk.
  2. 10.2  Value for money shall be obtained at all times for all works, goods and services and, as far as reasonable and practicable, the best available terms shall be obtained in respect of each order.

11. Contracts
11.1 No contracts are currently in place. Prior to any contract being entered into, appropriate Regulations shall be approved by the Commissioners.

12 Equipment

  1. 12.1  The Clerk shall be responsible for ensuring the appropriate care and custody of any equipment held on its behalf.
  2. 12.2  Delivery notes must be obtained in respect of all items of equipment (including items ordered on its behalf) and such items must be checked as to quality at the time delivery is made.
  3. 12.3  The Clerk shall be responsible for an annual check of all items of equipment held on its behalf and shall ensure that such equipment is included in the insurance cover for whoever retains it to the Commissioners’ order. A schedule of all such items of equipment shall be maintained by the Clerk.

13. Land and Property

13.1 The Commissioners own no land or property. Should any land or property be acquired, appropriate Regulations shall be drafted and presented to the Commissioners for adoption at the first available meeting following such acquisition.

14 Insurance

  1. 14.1  The Clerk shall effect all relevant insurances and negotiate all claims on the Commissioners’ insurers as directed by the Commissioners.
  2. 14.2  The Clerk shall keep a record or all insurances effected by the Commissioners, together with any equipment and risks covered and report annually to the Commissioners on the review of such insurances.
  3. 14.3  The Clerk shall be notified of any loss liability or damage or of any event likely to lead to a claim against the Commissioners.
  4. 14.4  All appropriate employees of the Commissioners shall be included in a suitable fidelity guarantee insurance.

15. Revision of Financial Regulations
15.1 It shall be the duty of the Commissioners to review these Regulations from time to time, and in any case at least every two years.

Approved 9/8/12