Issue - meetings

RECOMMENDED TO COUNCIL the adoption of the Financial Regulations as shown in Appendix A and approved by the Audit and Governance Committee. The operation go live date to be 1 April 2026.

Evolutionary changes to the Council’s Financial Regulations are summarised in this report and shown in red text throughout the Financial Regulations document which is shown at Appendix A.

No material changes have been made to Part A to F and H, and Appendices of Financial Regulations.

Some very minor changes have been made in the glossary of terms.

More substantial changes were made last year to reflect procurement regulations reform. This year, in some cases throughout Part G there has been a need to refine wording to make regulations more explicitly clear to clarify Financial Regulations requirements.

The Head of Audit and Management Assurance (HAMA) presented a report, a copy of which had been circulated to each Member and a copy of which appears as Appendix 'E' to these Minutes in the Minute Book.

Members were reminded that the Committee had adopted an annual evolutionary approach for keeping policies within its remit up to date. This enabled policies to be fit for purpose, responsive to legislative changes and able to incorporate local amendments as required. The changes shown in red text remained in the documents so that changes were clearly identifiable. Staff would be reminded of the policies and made aware of the changes with the updated versions published on the website and intranet. The Committee received specific update reports later in the year on the use and effectiveness of the policies.

As the Financial Regulations formed Part 5 of the Council’s Constitution the evolutionary changes would be submitted to Council on 24 March 2026 for adoption. The HAMA reported that no material changes had been made to Part A to F, and H, and the Appendices of the Financial Regulations. Some very minor changes had been made in the glossary of terms. He asked Members to note paragraph 9 of the report which responded to a recommendation associated with the Future Places investigation. A small typo in paragraph 28B of the Regulations would also be amended to remove the word ‘that’.

More substantial changes were made last year to reflect procurement regulations reform. The Head of Procurement and Contract Management provided a comprehensive summary of the changes this year. It was noted that in some cases throughout Part G there had been a need to refine wording to address inconsistencies between what was in the procurement regulations and what was in the Financial Regulations and make certain areas more explicit so as to remove any ambiguity

The Chair thanked the officers for the clarity of approach.

RECOMMENDED TO COUNCIL the adoption of the Financial Regulations as shown in Appendix A and approved by the Audit and Governance Committee. The operation go live date to be 1 April 2026

Voting: Unanimous