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  • Finance


    Finance
    The Finance Function of the Town Council is headed by the Town Clerk who reports directly to the Town Manager.


    The Town Clerk is responsible for the following:

    •   Financial and Management Accounting - including preparation of Estimates and Annual Financial Statement
    •   Budgetary control
    •   Financial reporting, back up and advice
    •   Financial returns, internal and external
    •   Management of long and short term finances.
    •   Investment and borrowing
    •   Payroll
    •   Creditors Payments i.e. Accounts payable
    •   Development/improvement of financial systems
    •   Insurance/Risk Management

     

    Legislation

    - Local Government Acts, 1941- 2001
    - Local Government (Financial Provision) Acts 1978-1997
    - Local Government (No 2)Act, 1960
    - City and County Management (Amendment)Act, 1955
    - Holiday (Employees)Acts, 1971-1991
    - Worker Protection (Regular Part Time Employees)Act, 1991
    - Payment of Wages Act, 1991
    - Prompt Payment of Accounts Act, 1997
    - Local Government (Superannuation)Act, 1980
     

     

    The Draft Local Authority Budget
    The revenue budget, which the local authority is required by law to prepare each year, is called the ‘Draft Local Authority Budget’. The preparation of the Budget is the responsibility of the Town Manager, and the Town Clerk and Administrative Staff carry out the detailed work of compiling the financial information.


    The format of the estimates documentation is prescribed in the ‘Public Bodies Orders’ and is standard to all local authorities. It is based on eight programme groups with associated sub programmes groups.
    - HOUSING AND BUILDING
    - ROAD TRANSPORT AND SAFETY
    - WATER SUPPLY AND SEWERAGE
    - DEVELOPMENT INCENTIVES AND CONTROLS
    - ENVIRONMENT PROTECTION
    - RECREATION AND AMENITY
    - AGRICULTURE, EDUCATION, HEALTH AND WELFARE
    - MISCELLANEOUS

     


    Preparation of the Book of Estimates:
    The cost of maintaining current services, implementing any desired improvements and introducing any new items is estimated. The income from State grants, charges for various services and other miscellaneous sources is estimated.


    The deficiency in funds is then met from commercial rates. The rateable valuation multiplier (formerly the rate in the pound) is determined by dividing the deficit by the effective commercial valuation for the Urban Area.


    The adoption of the estimate is a reserved function of the elected members. A statutory Estimates meeting must be within the prescribed period (as notified to the Council by the Department of the Environment and Local Government), each year to consider the Book of Estimates for the following financial year. The Local Authority must publish notice of this meeting, giving at least seven days clear notice in newspapers circulating in the area.


    The Book of Estimates must be circulated to the Elected members at least seven days prior to the Statutory meeting and is available for purchase by any member of the public at the Town Council Offices.
    The Members are not bound to adopt the estimate of expenses as prepared by the Town Manager, but may amend it at their own discretion.


    The meeting may be adjourned for a period not exceeding 21 days from the first statutory meeting. At the final statutory meeting the Members must:

    •   Adopt Estimate of Expenses
    •   Determine rateable valuation multiplier
    •   Adopt rate of charge for each service proposed

     

    Failure by the Council to adopt an Estimate could result in abolition of the Council and its replacement by a Commissioner appointed by the Minister of the Environment and Local Government.
     

    Annual Financial Statement
    The annual accounts of a local authority are called the “Annual Financial Statement”.
     

    All local authorities were required to prepare their accounts on an accruals basis for the year ended. This has meant the introduction of a balance sheet, showing all of the Town Council's assets for the first time.
     

    Insurance and Risk Management
    Arrangement of insurance cover for Public Liability, Employers Liability and all other relevant risks is the responsibility of the Town Clerk and the Staff of the Town Council. Insurance claims are dealt with by our insurers and by the Town Clerk.