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Appendix A - A re-drafting of Financial Regulations

Appendix A - A re-drafting of Financial Regulations . Members and Management Team presentation January 2014. Acronyms used in this presentation . FR’s Financial Regulations CFO Chief Finance Officer (Head of Financial Services) SU Service Unit

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Appendix A - A re-drafting of Financial Regulations

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  1. Appendix A - A re-drafting of Financial Regulations Members and Management Team presentation January 2014 Borough of Poole Council Financial Regulations

  2. Acronyms used in this presentation • FR’s Financial Regulations • CFO Chief Finance Officer (Head of Financial Services) • SU Service Unit • CIA Chief Internal Auditor (Head of Audit & Management assurance) • LA’s Local Authorities • CIPFA Chartered Institute of Public Finance & Accountancy Borough of Poole Council Financial Regulations

  3. Why Change the current Financial regulations (FR’s) ? • Current FR’s formally adopted in April 2009 • Passing of time – the world looked at lot different 5 years ago • CFO role to continuously review • Supplementary guidance issued by CFO • Feedback from officers • Government led Procurement advances • Technological advances Borough of Poole Council Financial Regulations

  4. How have we gone about the re-drafting? • Coordinated by CIA • All SU’s nominated a representative to attend and participate in a series of ‘drip-feed’ review sessions • Review of best practice issued by CIPFA • Review of other LA’s approved FR’s – Tri Borough, south coast Unitary Councils, major city Councils such as Leeds and Manchester, across the political spectrum • Review of Private Sector FR arrangements Borough of Poole Council Financial Regulations

  5. Where are we now? • A provisional draft set of FR’s now exists • There is a formal route to adopt • E&EOS followed by all member briefing, plus ? • E&E OS 30th January 2014 (recommend to cabinet) • Cabinet 11th Feb(2014) • Council approval 25th Feb(2014) • Go Live 1st April (2014) Borough of Poole Council Financial Regulations

  6. The rest of this presentation will - • Summarise the general features • Summarise changes by each part (A-H) of FR • Concentrate on parts where changes are more significant – • Procurement Activity (part G) • Corporate Schedule of financial delegations (Appendix 1) • Hot Topics Appendix 3 Borough of Poole Council Financial Regulations

  7. Summary of General features • New FR 55 pages, old FR 103 pages • 50 page reduction but not a ‘dumbing down’ • How have we achieved a 50 page reduction ? • Each Part (A-H) has a ‘Principles’ starting point that concisely sets the scene • More use of headings to assist flow rather than introductory text • Consistent layout – responsibilities of CFO, managers, employees • Some statutory requirements are not repeated verbatim from legislative text (eg. The role and function of the CFO in the old FR was a 13 page appendix, replaced with Page 7, Para 8) • More comprehensive ‘Contents’ to aid navigation • Procurement activity embedded (Part G) , but not a ‘how to guide’ • ‘Hot Topics’ appendix 3 Borough of Poole Council Financial Regulations

  8. Summary of changes in each part (A-D) Borough of Poole Council Financial Regulations

  9. Summary of changes in each part (E-G) Borough of Poole Council Financial Regulations

  10. Summary of changes in each part (H-Appendix 3) Borough of Poole Council Financial Regulations

  11. Procurement Activity - Part G • The part of FR used by the most number of people within the organisation • A significant change of approach • General ‘Principles’ starting point that concisely sets the scene • ‘Standards’ expected • ‘Contractual principles and conditions’ – for all types of supply, for works only and for supplies and services only • Threshold tables • FR’s, particularly this procurement section is not a ’how to guide’ or manual. (that’s on the loop) Borough of Poole Council Financial Regulations

  12. Threshold tables • Keeping the organisation business efficient – works vs supplies and services (different thresholds) • The concept of three threshold drivers Borough of Poole Council Financial Regulations

  13. Other new features • Defined Circumstances (pages 40-42 of FR’s) • Increased clarity for Emergency expenditure – threat to life or property (urgency is not an emergency, page 39 pf FR’s) • Corporate Scheme of Financial delegations (Appendix 1 of the FR’s) • Hot Topics (Appendix 3 of the FR’s) Borough of Poole Council Financial Regulations

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