Financial Matters
The Council shall consider and approve Financial Regulations drawn up by the Responsible Financial Officer.
1) Such Regulations shall include detailed arrangements for the following:
a) the accounting records and systems of internal control;
b) the assessment and management of risks faced by the Council;
c) the work of the Internal Auditor and the receipt of regular reports from the Internal Auditor which shall be required at least annually;
d) the financial reporting requirements of members and local electors and
e) procurement policies (subject to (2) below) including the setting of values for different procedures where the contract has an estimated value less than £10,000.
2) Any proposed contract for the supply of goods, materials, services and the execution of works with an estimated value in excess of £10,000 shall be procured on the basis of a formal tender as summarised in (3) below.
3) Any formal tender process shall comprise the following steps:
a) a public notice of intention to place a contract to be placed in a local newspaper;
b) a specification of the goods, materials, services and the execution of works shall be drawn up;
c) tenders are to be sent, in a sealed marked envelope, to the Clerk by a stated date and time;
d) tenders submitted are to be opened, after the stated closing date and time, by the Clerk and at least one member of Council;
e) tenders are then to be assessed and reported to the appropriate meeting of Council or Committee.
4) The Council, nor any Committee, is not bound to accept the lowest tender, estimate or quote. Any tender notice shall contain a reference to the Standing oOrders 61, 63 & 64 regarding improper activity.
5) The Financial Regulations of the Council shall be subject to regular review, at least once every four years.
{Council is reminded that the European Union Public Sector Procurement Rules are likely to apply to contracts with a value in excess of £140,000 and advice should be sought at this level}