Financial information

WHO MANAGES BUNGAY TOWN COUNCIL’S FINANCES?

The Town Clerk is the Responsible Financial Officer (RFO) i.e. they responsible to the Council for controlling expenditure during the course of the financial year, which runs from 1st April to 31st March.

The RFO is charged with maintaining the financial records and preparing annual accounts in accordance with the statutory provisions.

When expenditure is considered by the Council, the Clerk gives advice about the budget and current financial position of the Council.

Where payment is made other than by direct bank payment, cheques are signed by authorised Councillors following approval at Full Council or one of the Committees.  

Bank balances are reported monthly and are recorded in the minutes. 

Following the end of the financial year, the Annual Management Accounts are prepared and a summary of these are reported to the Annual Town Assembly in May.  Once approved, they are published in the Annual Report and placed on the website in July in accordance with the publication requirements. 

WHO CHECKS THE ACCOUNTS AND APPROVES THEM?

Once they are prepared, the Council Accounts, by law, must be checked twice for accuracy.

Following completion of the Annual Accounts, financial records and procedures are reviewed by the Independent Auditor in accordance with the Audit Commission requirements and a report is then made to the Council.  The Council then considers the report, approves the accounts and a report is made to the External Auditor who is appointed by the Audit Commission directly.  The External Auditor finalises the approval process by issuing an external auditor’s certificate and opinion.  The Council has to pay for this service. 

WHERE DOES THE COUNCIL’S MONEY COME FROM?

The Council derives its funds from the following sources:  the Precept; accumulated reserves; income from properties or lands; grants and loans if applicable; other sources such as bequests etc.  The majority of the Council’s income arises from the Annual Precept.