The council must conduct the administration and management of its financial affairs and spend its money in accordance with its legal powers and legislation. The council is responsible for setting a budget and for regularly monitoring income and expenditure against the approved budget, which is done at least quarterly.
The Town Clerk is the appointed Responsible Spending Officer with responsibility for maintaining the accounts and providing advice and support to the Council, ensuring value for money and sound financial management.
The Town Council is responsible for approving the audited Annual Governance and Accountability Return (AGAR) before 30 June. The AGAR is audited by a competent and independent Internal Auditor who ensures that the accounts are in accordance with proper practice and legislation. The AGAR and Internal Auditors Report are considered at the Annual Meeting of the Town Council.
The approved AGAR is then submitted and audited by a Government appointed External Auditor.
The council is subject to the requirements of the Transparency Code for Smaller Authorities which, along with the publication of the approved AGAR, requires publication of supporting documents by 01 July at the latest. Documents for the year ended 31 March 2019 are set out below:
- list of all items of expenditure above £100 (to be completed);
- a bank reconciliation for the relevant financial year and an explanation of any significant variances (e.g. more than 15%, > £100) between the relevant year and previous year;
- a statement of Assets held (being updated)
- an annual risk assessment of council operations