Oakham Town Council Financial Working Group May 2018

Oakham Town Council Financial Working Group May 2018

The Financial Working Group met last night.

We have a lot of work to do this year.

It was decided at the meeting, the clerk would be asked to comply with the council own
financial regulations and hopefully the full council will be presented with copies of the
internal audit and any other correspondence received from the internal auditor for consideration
and recommendations to be made. For at least the last two years this has not been happening.

The group will also look into protecting the public money by seeking approval to open more
bank accounts. Currently if a bank fails we are only protected for around £85,000 and temporary
large sums. The council currently holds around £400,000 with one bank.

The working group will also start a monthly reconciliation of all accounts and report to council.

The working group is to report to council each month.

The biggest change which is to be put to council at the June meeting is the proposed adoption of NALCS model financial regulations. The town councils regulations have been meddled with over the
last two to three years and not all those changes have been effective or needed.

The changes would mean the office and day to day running costs would be expected to come from the agreed budget. All other new expenditure would be brought to full council for approval.