13. Stores and Equipment
13.1 The officer in charge of each section shall be responsible for the care and custody of stores and equipment in that section.
13.2 Delivery notes must be obtained in respect of all goods received into store and goods must be checked as regards quality at the time delivery is made.
13.3 Stocks shall generally be maintained at the minimum levels consistent with operational requirements
13.4 The Finance Officer shall be responsible for an annual check of all stocks and stores.
14. Properties and Estates
14.1 The Town Clerk shall make appropriate arrangements for the custody of all title deeds or properties owned by the Council. The Town Clerk shall ensure a record is maintained of all properties owned by the Council, recording the location, extent, plan, reference, purchase details, nature of the interest, tenancies granted, rents payable and purpose for which held in accordance with regulation 4(3)(b) of the Accounts and Audit Regulations 1996.
14.2 No property shall be sold, leased or otherwise disposed of without the authority of the Council, save where the estimated value of any one item does not exceed £500.
15.1 The RFO shall effect all insurance and negotiate all claims in the Council’s insurers.
15.2 The RFO shall ensure that all new risks, properties, vehicles or equipment, which require to be insured, are dealt with promptly.
15.3 The RFO shall keep a record of all insurances effected by the Council and the property and risks covered thereby and annually review it.
15.4 The RFO shall be notified of any loss liability or damage or of any event likely to lead to a claim.
15.5 All appropriate employees of the Council shall be included in suitable fidelity guarantee insurance.
16. Accounting Principals
16.1 The following principals will apply to the preparation of the annual accounts.
(a) Accruals and pre-payments of less than £50 shall be disregarded.
(b) The principals of “four quarterly bills” or “twelve monthly bills” in one financial year shall apply.
17. Revision of Financial Regulations
17.1 It shall be the duty of the F&GP committee to review the financial regulations of the Council on an annual basis and to make such recommendations to the Council as the committee considers are required.