LYDIARD TREGOZE PARISH COUNCIL
The Role of the Responsible Financial Officer
The role of the Responsible Finance Officer (RFO) is statutory position (defined in law). As such the RFO is under a duty to carry out all the statutory functions. As the RFO (Responsible Financial Officer) your responsibilities and duties include but may not be limited to the following:
- Carry out all the statutory functions, ensuring the implementation of, and compliance with the Council’s Financial Regulations.
- Ensure that such information as directed by the Council is available in a timely manner.
- Be responsible for advising the Council on the adequacy of, and changes to, its Financial Regulations. This shall include all internal controls and procedures to manage financial risk.
- Ensure that an annual financial risk assessment is undertaken, documented and submitted to the Council.
- Ensure that there are procedures in place to record all financial transactions, income and expenditure together with assets and liabilities.
- Ensure that there are procedures in place to ensure the correct and timely payment or receipt of invoices.
- Be responsible for the production of the Council’s year end accounts and the relevant sections of the Annual Return as required by law.
- Ensure that the independent internal auditors report is submitted to the Council upon receipt and produce recommended changes to procedures and Financial Regulations as necessary.
- Ensure that the Council’s bank accounts are monitored and reconciled in accordance with the Council’s Financial Regulations.
- To monitor the Council’s cash flow and advise the Council or Commit of recommended actions.
- Be responsible for the production and distribution of regular management accounts as directed by the Council. Monitor and explain any variance between budgeted items and actual cost.
- Be responsible for coordinating the Council, Committees, Members and other Officers in the production of the Council’s annual budget.
Other duties and responsibilities…
- Liaising with other public authorities
- Liaising with community groups and charities
- Coordinating and managing grants and other sources of funding
Other tasks as the Council may decide from time to time.
