NALC publishes updated Model Financial Regulations for local councils

NALC publishes updated Model Financial Regulations for local councils

5th of July, 2024

In response to the evolving landscape of local governance, the National Association of Local Councils (NALC) has published its latest edition of Model Financial Regulations for local (parish and town) councils.

Local councils across the nation are increasingly delivering on a diverse array of responsibilities and services for their communities. While these endeavours yield tangible benefits, they also entail managing finances effectively and adhering to pertinent regulations. The prudent handling of funds, especially those raised through the precept from local residents, is important and paramount for sustaining essential services and activities.

Recognising the challenges inherent in financial control at the local level, NALC has stepped in to provide invaluable assistance. The revamped Model Financial Regulations bring together all the essential procedures and financial regulations that councils need to implement to ensure that they manage their finances effectively and transparently. The document comes with an introduction to help explain how to use it, with clearly marked areas where the council can tailor the document to fit its needs.

Key features of the updated regulations include a user-friendly introduction to aid councils in navigating the document effectively. Additionally, the regulations are designed with flexibility in mind, allowing councils to adapt them to suit their specific requirements seamlessly. This flexibility ensures that councils of all sizes and operational scopes can benefit from the guidelines provided.

The Model Financial Regulations are exclusively accessible to local councils that are members of NALC and their respective local county associations. Members interested in accessing the document can download it from the NALC website or obtain it through their local county association. Please get in touch with your local county association if you have any questions about this document or other finance-related issues.

NALC chair Cllr Keith Stevens commented on the publication of the updated regulations, stating, "Whether a council is large or small, the efficient management of finances is crucial for delivering quality services to the community. Our updated Model Financial Regulations are tailored to meet the diverse needs of local councils, offering practical guidance and customisable templates to facilitate sound financial practices."