Financial checks and balances Sample Clauses

Financial checks and balances. It will be necessary for the Southampton City Centre BID Board to establish a number of financial policies and procedures to ensure that there are sufficient checks & balances in place from the outset as part of a robust financial system for the company. The first step is to agree a number of financial principles that can inform these policies and procedures. The purpose of this paper is to lay out recommendations to the BID Board upon formation about agreement of the financial principles and the key elements to be included in the respective policies and procedures (which the Board will be asked to approve in due course). These principles need to include the roles of the Board, the Finance & General Purposes Committee and proposed theme groups for each of the BID programme areas; and underpin the procedures that will be established for: • Budget setting – Yearly and BID term budget(s).  Project and budget scrutiny/challenge processPurchase Order system. • Payments system – computerised / on-line payments. • Budget reporting – management accounts.
Sample 1
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