Financial Regulations provide the framework for the financial administration of the PTA with a view to ensuring that the Authority’s financial affairs are conducted in a sound and proper manner, constitute value for money and minimise the risk of legal challenge to the Authority.  Financial Regulations are not intended to constitute a set of detailed rules to respond to every contingency.  The Regulations allow for variation in detailed controls by the designated officers where justified by local circumstances.

Financial Regulation 1 defines responsibility for financial control.

Financial Regulations 2,3, and 4 lay down the tasks required of the Authority, Committee or designated officer for the fundamental financial processes of:

• Forward planning and budgetary strategy;
• Incurring and controlling revenue spending and income;
• Incurring and controlling capital spending and income.

Financial Regulation 5 covers the requirements for Risk Management.

Financial Regulations 6 and 7 cover the standards required for:

• Accounting;
• Internal audit.

Financial Regulation 8 governs PTA procedures for obtaining goods, materials, works and services.

Financial Regulation 9 defines the powers and responsibilities governing arrangements with NEXUS.

Financial Regulation 10 regulates the ‘day to day’ financial systems of the PTA. It requires Designated Officers to ensure that prescribed controls are present, but allows them, except where explicitly stated otherwise, to determine the detail of the controls in order to meet service circumstances.     

All financial decisions and decisions with financial implications must have regard to proper financial control. Any doubt as to the appropriateness of a financial proposal or correctness of a financial action must be clarified in advance of the decision or action.

Financial instructions and Financial Procedure Notes will be issued from time to time where assistance is needed with the interpretation of Financial Regulations. 

Failure by officers to observe Financial Regulations and the codes and guidance issued under them may result in action under the Authority’s disciplinary procedures.

Failure by members to observe Financial Regulations may amount to a breach of the Code of Conduct for Members and result in a complaint to the Standards Board for England.

Amendments to Financial Regulations require the approval of the Authority following a report from the Deputy Clerk and Treasurer. The Authority may amend all other Procedures, Policies, Codes and Checklists referred to in these Financial Regulations. The Deputy Clerk and Treasurer will amend as necessary the supporting advice and guidance to Financial Regulations, including financial procedure notes issued under FR 10.