financial regs may 2016 page 8

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] ;