 MODEL FINANCIAL REGULAT IONS Page 17 of 20 1.1. The officer in charge of each section shall be responsible for the care and custody of  stores and equipment in that section. 1.2. Delivery n otes shall be obtained in respect of all goods received into store or otherwi se  delivered and goods must be checked as to order and quality at the time delivery is  made. 1.3. Stocks shall be kept at the minimum levels consistent with operational requirements. 1.4. The RFO shall be responsible for periodic checks of stock s and stores at least annually. 2. ASSETS, PROPERTIES AND ESTATES 2.1. The Clerk shall make appropriate arrangements for the custody of all title deeds and  Land Registry Certificates  of properties  held by the  c ouncil. The RFO shall ensure a  record is maintained of all properties  hel d by the  c ouncil, recording the location,  extent, plan, reference, purchase details, nature of the interest, tenancies granted,  rents payable and purpose for which held in accordance with Accounts and Audit  Regulations. 2.2. No  tangible moveable  property shall  be purchased or otherwise acquired,  sold,  leased or otherwise disposed of , without the authority of the  c ouncil, together with  any other consents required by law, save where the estimated value of any one item  of tangible movable property does not exceed £ 2 50. 2.3. No real property  (interests in land)  shall be sold, leased or otherwise disposed of  without the authority of the  c ouncil, together with any other consents required by law, In each case a r eport in writing shall be provided to  c ouncil in respect of val uation  and surveyed condition of the property (including matters such as planning  permissions and covenants) together with a proper business case (including an  adequate level of consultation with the electorate). 2.4. No real property (interests in land) shall  be purchased or acquired without  the  authority of the full  c ouncil. In each case  a r eport in writing  shall be  provided to  c ouncil in respect of valuation and surveyed condition of the property (including  matters such as planning permissions and covenants ) together with a proper  business case (including an adequate level of consultation with the electorate). 2.5. Subject only to the limit set in Reg . 14.2 above, no tangible moveable property shall  be purchased or acquired without the authority of th e full counci l. In each case a  r eport in writing shall be provided to council with a full business case . 1.1. The RFO shall ensure that an appropriate and accurate Register of Assets and  Investments is kept up to date.  The continued existence of tangible assets shown in  th e Register shall be verified at least annually, possibly in conjunction with a health  and safety inspection of assets.
Next Page