financial regs may 2016 page 13

1. LOANS AND INVESTMENTS 1.1. All borrowings shall be effected in the name of the c ouncil, after obtaining any necessary borrowing approval. Any applicatio n for borrowing approval shall be approved by Council as to terms and purpose. The application for borrowing a pproval, and subsequent arrangements f or the l oan shall only be approved by full council. 1.2. A ny financial arrangement which does not require formal borrowing a pproval from the Secretary of State /Welsh Assembly Government (such as Hire Purchase or Leasing of tangible assets) shall be subject to approval by the full council. In each case a report in writing shall be provided to council in respect of val ue for money for the proposed transaction. 1.3. The c ouncil will arrange with the c ouncil’s b ank s and i nvestment providers for the sending of a copy of each statement of account to the Chairman of the c ouncil at the same time as one is issued to the Clerk or RF O. 1.4. All loans and investments shall be negotiated in the name of the c ouncil and shall be for a set period in accordance with c ouncil policy. 1.5. The council shall consider the need for an Investment Strategy and Policy which, if drawn up, shall be in accordan ce with relevant regulations, proper practices and guidance. Any Strategy and Policy shall be reviewed by t h e c ouncil at least annually. 1.6. All investments of money under the control of the c ouncil shall be in the name of the c ouncil. 1.7. All investment certific ates and other documents relating thereto shall be retained in the custody of the RFO. 1.8. Payments in respect of short term or long term investments, including transfers between bank accounts held in the same bank, or branch, shall be made in accordance with Regulation 5 (Authorisation of payment s ) and Regulation 6 ( Instructions for payment s ). 2. INCOME 2.1. The collection of all sums due to the c ouncil shall be the responsibility of and under the supervision of the RFO. 2.2. Particulars of all charges to be made for wor k done, services rendered or goods supplied shall be agreed annually by the c ouncil, notified to the RFO and the RFO shall be responsible for the collection of all accounts due to the c ouncil.