 MODEL FINANCIAL REGULAT IONS Page  8 of  20 1.1. the appropriate date against that planned as sho wn in the budget. These statements  are to be prepared at least at the end of each financial quarter and shall show  explanations of material variances . For this purpose “material” shall be in excess of  £100 or 15% of the budget. 1.2. Changes in earmarked reserve s shall be approved by council as part of the  budgetary control process. 2. BANKING ARRANGEMENTS AND  AUTHORISATION OF PAYMENTS  2.1. The  c ouncil's banking arrangements, including the  b ank  m andate, shall be made by  the RFO and approved by the  c ouncil ;  banking arr angements may not be delegated  to a  c ommittee. They shall be regularly reviewed for  safety and  efficiency. The  council shall  seek credit references in respect of members or employees who act as  signatories. 2.2. The RFO shall prepare a schedule of payments  req uiring authorisation , forming part  of the Agenda for the Meeting and, together with the relevant invoices, presen t the  schedule to  c ouncil or  f inance  c ommittee .  The council / committee shall review the  schedule for compliance and, having satisfied itself s hall authoris e payment by a  resolution of the  c ouncil  or  f inance  c ommittee . The approved schedule shall be ruled  off and initialled by the Chairman of the Meeting.  A detail ed list of all payments  shall be  disclosed within or as an attachment to the  m inute s of the  m eeting at which  payment was authorised . P ersonal p ayments  (including  salaries , wages, expenses  and any payment made in  relation to the termination of a contract of employment) may be summarised to remove public  access to any personal information . 2.3. All invoices for payment shall be examined, verified and certified by the  RFO to  confirm that the work, goods or services to which  each invoice relates  has been  received, carried out, examined and  represents expenditure previously  approved by  the council . 2.4. The RFO shall examine invoices  for arithmetical accuracy and analyse them to the  appropriate expenditure heading. The RFO shall take all steps to  pay all invoices  submitted, and which are in order, at the next available  c ouncil  or Finance  Committee m eeti ng. 2.5. The Clerk  and RFO  shall have delegated authority to authorise the payment of items  only in the following circumstances:  If a payment is necessary to avoid a charge to interest under the Late Payment  of Commercial Debts (Interest) Act 1998, and the due  date for payment is  before the next scheduled Meeting of  c ouncil, where the Clerk and RFO certify  that there is no dispute or other reason to delay payment, provided that a list of  such payments shall be submitted to the next appropriate meeting of  c ouncil [or  f inance  c ommittee] ;
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