Town Councils Financial Rules
Table of Contents
Part I GENERAL
1 Citation
2 Definitions
Part II ANNUAL ESTIMATES
3 Town Council Fund
4 Sinking funds
4A Transfer of surpluses to sinking funds
5 Submission of annual estimates
6 Justification for annual estimates
7 Miscellaneous expenses
8 Works extending over one year
9 Approval of annual estimates
10 Supplementary estimates and schedules of transfers
11 Applications for supplementary estimates to show cost breakdowns
Part III INCOME AND RECEIPTS
12 Methods of payment to Town Council
13 Security to be furnished
14 Responsibility for custody and disposal
15 Remittances received in departments
16 Prompt issue of receipt
17 Alteration or spoilt forms
18 Custody of receipt books overnight
19 Register of stock of receipts, coupons, etc
20 Defective book to be noted
21 Custody, disposal and responsibility for negligence
22 Moneys to be banked
23 Keys of safe and money delivery box
24 Keys of strong room
25 Spare keys to be deposited with bankers
26 Lost keys
27 Billing for goods and services
28 Fees and charges
29 Selling prices of fixed assets
30 Miscellaneous receipt or income
Part IV EXPENDITURE AND PAYMENTS
31 Expenditure to be according to budget
32 Bank accounts
33 Bank instructions and authorised cheque signatories
34 Authority to incur expenditure
35 Expenditure under emergency circumstances
36 Secretary to advise appointment
37 Secretary to advise resignation
38 Last advice date for pay particulars
39 Payment to employee upon resignation
40 Preparation of wage sheets and payment to daily-rated employees
41 Payment of monthly-rated staff salaries
42 No advances or loans except approved loan schemes
43 Loan repayments
44 Town Council to formulate details of loan schemes
45 Terms and conditions of loans
46 Authority to approve loans
47 Loan recovery through salary deduction
48 Loan release
49 Maximum deductions allowed
50 Individual loan account kept
51 Proper accounts and reconciliation
52 Recovery of all debts
53 Expenditure to be met from sinking fund
54 Responsibility for accuracy of statements
55 Use of official order forms
56 Unauthorised disbursements
57 Bills to be dealt with promptly
58 Vouchers to contain full details
59 Payee’s name required on voucher
60 Payment to payees
61 Vouchers for items under contracts
62 Floats may be held
63 Private use of funds under imprest prohibited
64 Change floats
65 Cash vouchers
66 Floats to be kept low
67 Record of payments to be kept
68 Reimbursing the float
69 Final balances
70 Cheque books
71 Payment by cash or uncrossed cheque
72 Undistributed drawings to be rebanked
73 Procedure for quotations
74 Procedure for tenders
75 Waiver of competition
76 Managing agents
77 Registration
78 Opening of tenders and quotations
79 Tender box
80 Late tenders
81 Acceptance of tenders
82 Forfeiture of tender deposits
83 Guarantor may be required
84 Financial provision not to be exceeded
85 Right to remove or demolish
86 Execution of contracts and agreements
87 Contingency sums and variation works
88 Vote not to be exceeded
89 Investment of funds
Part V ACCOUNTS, AUDIT AND CASH
90 Alterations and erasures
91 Cash balance discrepancy
92 Cancellation of debit notes of Town Council
93 Authority to write-off irrecoverable revenue, debt and overpayment
94 Liquidated damages and administrative charges
95 Vouchers needed to support entries
96 Preservation and disposal of certain records
97 Authority to sell, dispose, write-off assets
98 Departmental office inventories
99 Inventory of goods
100 Disposal of written-off assets
101 Survey Committee
102 Authority for write-off or deletion of assets where no negligence or fraud is involved
103 Loss of property and equipment, etc.
104 Surcharge may be applied
105 Treatment of losses
106 List of debtors and creditors
107 Facilities for auditor
108 Interim audit
109 Access to secretary and chairman by auditor
110 Auditor’s queries must be answered
111 Books and vouchers to be produced to auditor
112 Destruction of obsolete serially numbered receipts in any form
113 Loss of serially numbered receipts in any form
114 Physical internal check
115 Exemption