Formby Parish Council's financial responsibilities & controls can be summarised as follows:
Responsible Financial Officer
The Responsible Financial Officer (RFO) of the Parish is also the Parish Clerk who is a part-time paid employee of the Parish Council. The RFO is responsible for maintaining the recording of expenditure and income of the Council. This includes the raising of orders and arranging cheque payments approved by the Council. They are also responsible for ensuring financial transactions comply with Financial Regulations.
At the end of each financial year the RFO is responsible for preparing an Annual Return of income and expenditure.
The accounting records of the Parish Council are subject to both an internal audit by a person not connected with the Parish and also an external audit undertaken by a professional accounting practice - currently BDO.
The Finance Group
The Group meets once a month, except in August. The Councillors who are members of the Group monitor the levels of expenditure being proposed and undertaken by the Council and measure these against the Budget that has been set for the year.
The Budget is broadly split into adminstrative costs / expenditure on projects / Civic Donations / Maintenance costs. This is shown in the Parish Plan together with draft expenditure plans to 2014/15.
All Parish Councillors share responsibility for the financial management of the council but they are administered by the RFO who attends the Finance meetings.