Finance

Who Manages the Town Council’s Finances?

The Town Clerk is the Responsible Financial Officer (RFO).  They are responsible to the Council for controlling expenditure during the course of the financial year, which runs from 1st April to 31st March.

The RFO is charged with maintaining the financial records and preparing annual accounts in accordance with the statutory provisions.

Following the end of the financial year, the Annual Management Accounts are prepared and a summary of these are reported to the Annual Town Assembly in May. Once approved, they are published in the Annual Report and placed on the website in July in accordance with the publication requirements.

Who Checks and Approves the Accounts?

Once they are prepared, the Council Accounts, by law, must be checked twice for accuracy.

Following completion of the Annual Accounts, financial records and procedures are reviewed by the Independent Auditor in accordance with the Audit Commission requirements and a report is then made to the Council. The Council then considers the report, approves the accounts and a report is made to the External Auditor who is appointed by the Audit Commission directly. The External Auditor finalises the approval process by issuing an external auditor’s certificate and opinion. The Council has to pay for this service.

Financial Policies and Regulations

You can find all the financial policies and regulations on our policies and procedures website page: https://harleston-tc.gov.uk/policies-and-procedures/

 

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