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FI 8 Banking Arrangements

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FI 8 Banking Arrangements

Preamble

The Authority's banking activities are controlled by a single contract, which aims to provide a wide range of complex and specialist banking services to all departments, establishments and staff.  A consistent and secure approach to banking activities is essential in order to achieve optimum performance from the Authority's bankers and the best possible value for money. These instructions seek to ensure that banking arrangements which fall within the scope of the contract are controlled and approved by the Head of Finance.  Separate instructions apply to schools operating local bank accounts.  These instructions, together with detailed guidance set out in the guidance notes for Local Bank Accounts, are necessary to ensure that the accounts are properly administered and controlled.

Instructions

Schools using central banking arrangements:

8.1       All matters connected with the Authority's banking activities in relation to official accounts at schools shall be made by or under arrangements approved by the Head of Finance.

8.2       Subject to instruction 8.3 below, no school employee or governor shall open a bank account in connection with the Council's banking activities.

8.3       This instruction shall not apply to the banking arrangements of a school employee performing a statutory function in his or her own right, or to official bank accounts opened by a school in relation to the School Budget Share (see 8.4).

Schools using local bank accounts:

8.4    All official bank accounts in relation to the School Budget Share, will be opened by the Head of Finance on behalf of the school.

8.5    If schools choose to use alternative banks they must be approved first by the Head of Finance.

8.6    The name of the Authority must be incorporated into the title of the account(s) in the form "BCC <School Name> Account".

8.7       Schools should make proper arrangements to ensure the control and safe custody of cheques whether they are individual books or continuous stationery used in printers.

8.8       Cash dispensers, debit cards, credit cards or other smartcards must not be used in relation to the school bank account. The Authority has does have ‘Purchasing Card’ facility which schools can operate details are available on the SchoolsWeb.

8.9      No personal cheques may be cashed through the school bank account.

8.10    The school shall complete a monthly reconciliation of the bank balance in the local finance system and the balance on the bank statement. A 3-way reconciliation should also be undertaken as a minimum each term.

8.11    School staff banking monies to the County Fund are encouraged to use a branch of the Council's bankers. The Head of Finance reserves the right to recover bank charges from the relevant budget where other banks are used.

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