LOCAL GOVERNMENT (FINANCIAL) REGULATIONS (financial)

SUBSIDIARY LEGISLATION 363.01

LOCAL GOVERNMENT (FINANCIAL)

REGULATIONS

26th November, 1993

LEGAL NOTICE 155 of 1993, as amended by Legal Notices 166 of 1997,

222 of 1999, 324 of 2002, 302 of 2003, 456 of 2004, 22 of 2006, 18, 425 of

2007, 269 of 2017, 187 of 2019 and 362 of 2021.

PART I

General Provisions

The title of these regulations is the Local Government

(Financial) Regulations.

In these regulations, unless the context otherwise requires -

"Act" means the Local Government Act;

"auditors" means the local government auditors appointed under

article 65 of the Act;

"authorised primary documentation" means any original

document which is properly authorised and which legally verifies

the execution of a financial transaction by way of declaration or

description of the said transaction, and by the signature of all the

parties involved;

"chart of accounts" means the common list of accounts to be used

by Councils in the administration of their accounting and financial

operations;

"coding structure" means the system of code numbers used to

identify each type of accounting and financial transaction;

"committee" and "chairperson" mean respectively the committee

and chairperson appointed under article 47 of the Act;

"community" and "residents" shall refer to a part of or to all the

population of a locality as defined in article 2 of the Act;

"Community assets" means infrastructure, trees, and any urban

improvement;

"Council", "Councillor", "Auditor General", "financial year",

"locality", "Mayor", "Minister" and "Secretary" shall all have the

same meaning as is assigned to them by article 2 of the Act;

"Council’s administrative of office" shall have the same meaning

as is described in article 48 of the Act;

"Council employee" or "employee" means any person receiving a

wage or salary, excluding the Mayor, from the Council for work or

services rendered, or any other person acting in such a capacity;

"Council property" includes all property owned by the Council,

whether movable or immovable;

"the Director" means the Director responsible for Local

Government;

"financial procedures" means the Local Councils financial

procedures issued by the Minister;

"human resources procedures" means the Local Councils human

resources procedures issued by the Minister to be followed by

Councils in the execution of their human resources duties and

responsibilities under the Act and in accordance with the Local

Government (Human Resources) Regulations.

The Council may set policies, systems and time-scales

which are not inconsistent with the provisions of the Act or of these

regulations and which shall be administered by the Secretary in

order to execute the functions of the Council as defined in the Act

and in these regulations.

PART II

Accounting

(1)

The Secretary shall -

(a) establish, manage and maintain the system of Council

accounting and financial reporting, including timing of

reports, according to the chart of accounts and coding

structure as specified in these regulations and in the

financial procedures;

(b) bring promptly to account, under the proper headings,

all moneys and assets received, paid or relinquished by

the Council directly or through its bankers;

(c) maintain a positive balance, as determined by the

financial situation indicator referred to in sub-

regulation (2), between income and expenditure and

accrued income and accrued expenditure, ensuring that

such positive balance is, unless the Minister approves

otherwise in terms of the financial procedures, not less

than ten per cent of the allocation approved in terms of

article 55 of the Act for that same Local Council

financial year, while respecting all obligations for

income and expenditure and the execution of Council

functions as specified in the Act

Provided that as from 1 October, 2003, to 31

March, 2004, there shall apply a rate of not less than

five per cent of the allocation approved in terms of the

Act instead of the aforementioned rate of ten per cent

applicable for other periods.

(d) immediately inform the Director, as soon as the

positive balance is below that expected in terms of

paragraph (c), explaining the actions that are intended

to be taken by the Council to remedy the situation;

(e) ensure that all financial transactions and accounting

procedures are properly recorded and documented in

accordance with the Act, these regulations and the

financial procedures;

(f)

prepare the year end financial statements, submit same

to the Council for approval after which they are to be

signed by the Mayor and himself. It will be his

responsibility to ensure that the statements are

submitted to the Auditor General by not later than May

10, of each year, or if this happens not to be a working

day, the first following working day.

(2) For the purpose of these regulations, the financial situation

indicator shall be the measure to be applied for the purpose of

determining a positive balance and as resulting from the difference

between the total of all current assets and the total of all current

and long term liabilities for the current and subsequent financial

years, excluding any long-term commitments approved by the

Minister in terms of the Act.

PART III

Control and Responsibility

(1) The Secretary shall be directly responsible to maintain

a continuous internal control and monitoring system to ascertain

that the accounting, recording and other financial operations of the

Council are being properly conducted in accordance with the Act,

these regulations and the policies, systems and time-scales referred

to in the financial procedures.

(2) In the event of a suggested or potential irregularity, abuse

of control, weakness, fraud or embezzlement in the Council’s

financial affairs -

(a) the Mayor or the Secretary shall initiate an

investigation within twenty-four hours and notify the

Minister in writing immediately

Provided that, in the event of a suggested or

potential irregularity, abuse or control, weakness,

fraud or embezzlement in the Council’s financial

affairs by the Mayor and the Executive Secretary, the

Deputy Mayor or any member of the Council shall

notify the Minister in writing immediately;

(b) the Minister may request an investigation to be

conducted by the Auditor General or by a board

appointed under the Inquiries Act;

(c) the Minister may also order that an investigation be

carried out by any means as he deems fit.

(3) The Mayor, the Secretary, the Auditor General, the board

appointed under the Inquiries Act or their authorised

representative, shall have authority to -

(a) enter and have access to any part of Council land,

buildings and offices at all times;

(b) have access to all records and documents relating to

financial and other transactions of the Council;

(c) require explanations from any Councillor or Council

employee on any matter connected with the

investigation;

(d) require any Council employee to produce documents,

cash, stocks, inventory or any other Council property

under his control.

(4) The Mayor, the Secretary, the Auditor General or the board

appointed under the Inquiries Act or the entity appointed by the

Minister by virtue of sub-regulation (2)(c), shall, within two weeks

after completing their investigation, submit to the Minister and the

Council a written report of the findings on an investigation referred

to in sub-regulation (2).

(5) Following the receipt of the written report mentioned in

sub-regulation (4), the Council may take any such steps which it

deems necessary, or as may be directed by the Minister.

(6) Without prejudice to the foregoing provisions of this

regulation, where it results from the written report mentioned in

sub-regulation (4), or when it appears to the Auditor General from

any audit or inspection made by Local Government auditors, or

where it appears to the Director from any investigations or

inspections made, that -

(a) any payment has been made by any officer of a Local

Council, which payment is refused by the Council; or

(b) there has been any fraud or misappropriation of funds,

or of property both movable or immovable, belonging

to Local Councils; or

(c) any Executive Secretary or other person has wilfully

or negligently omitted to collect or receive any

monies, or that any monies collected or received have

not been duly credited to the revenue account, or such

monies have not been duly accounted for,

then if within a period to be specified by the Director, in cases

where any of the occurrences mentioned in paragraphs (a) to (c)

result from -

(i)

the written report mentioned in sub-regulation

(4); or

(ii) any audit or inspection made by Local

Government auditors; or

(iii) any investigation made or other investigations

made which have come to the Director’s

knowledge,

and where a proper explanation is not furnished to the satisfaction

of the said Director requesting the said information, with regard to

any such deficiency, or loss, or improper payment, or payment not

duly vouched for, or certified correct, or fraud or misappropriation,

then the Director shall take the necessary action against the person

responsible for the said deficiency, or loss, or improper payment, or

payment not duly vouched for, or certified correct, for the recovery

from such person of the amount of any such deficiency, or loss, or

improper payment, or payment not duly vouched for, or certified

correct, misappropriated funds or fraud

Provided that in the case of fraud or misappropriation

action shall only be taken against such person found guilty by the

competent court.

(7) Where such action mentioned in sub-regulation (6) is

deemed necessary, the said amount shall be a civil debt due to

Central Government from any person responsible as aforesaid and

such amount may be recovered by the Director by action in the

competent court.

(1) The Secretary shall be responsible to the Council for

all aspects of financial management.

(2) The Secretary may delegate to other employees such of. his

duties for financial management as he judges appropriate, so

ho w e v e r t h a t he w i l l r e t a i n o v er a l l r e s p on s i b i li t y fo r su c h

employees.

(3) Employees to whom the Secretary delegates any duties

under this regulation shall be responsible to him for the -

(a) due performance

of

the

duties

under

their

responsibility;

(b) proper collection and custody of all Council moneys

and other assets receivable by the Council;

(c) proper relinquishment of all Council moneys and other

assets payable or relinquished by the Council;

(d) accuracy of the accounts rendered by them or under

their responsibility.

(4) The fact that auditors audit and report on the conformity of

Council accounts and financial affairs to the conditions defined by

the Auditor General shall not in any way diminish the

responsibility of any employee from complying, or securing

compliance, with the Act, these regulations and the financial

procedures.

PART TV

Business and Financial Planning

(1) The Secretary shall be responsible for the preparation

of a draft of the Council’s business plan. In the preparation of such

a plan the Secretary shall follow such directions as may be given by

the Council or by the Mayor and shall consult such committees and

employees as may be necessary.

(2)

The business plan shall -

(a) outline the values, goals, organisation and business

direction of the Council;

(b) provide details about past and future Council

operations and projects, including details about

allocated resources, and achieved or expected results;

(c) include a three-year financial plan for income and

expenditure categorized according to the financial

procedures;

(d) be prepared in the form specified in the financial

procedures.

(1) The Council shall prepare and discuss the draft of the

new or revised business plan as stipulated in article 59(1) and (2) of

the Act.

(2) The Secretary shall forward to the Minister a copy of the

draft of the business plan not later than eight weeks after the end of

the Council’s first year of its term and thereafter by the fifteenth

day of February of each year.

(3) The Minister may make comments about the draft business

plan and the Council may adjust the draft business plan

accordingly.

(4) The business plan shall be approved by the Council before

the end of the fourth month after the completion of the Council’s

first year of its term and thereafter by the end of March of each

year.

(5) The Secretary shall submit a copy of the approved business

plan to the Minister and to the Minister responsible for finance

within the time limit stipulated in article 59(3) of the Act.

The Council shall publish its business plan within three

weeks after its approval. A copy of the published business plan

shall be open for public viewing at the Council’s administrative

office during normal office working hours.

PART V

Annual Budget

The Secretary shall be responsible for the preparation of

the annual budget, including estimates for income and expenditure

i n c o n s u l t a t i o n w i t h t h e C o u n c i l , r e l e v a n t c o m m i t t e e s an d

employees, who shall forward all the required supporting

information.

(1) The Secretary shall calculate the provision allocated

by Government to the Council on the basis of the proportion of the

annual financial allocation according to article 55 of the Act.

(2) The Secretary shall coordinate the preparation of the annual

budget and shall -

(a) assist committees and employees in the preparation of

their proposals;

(b) evaluate each individual

account

heading,

and

committee budget;

(c) ensure compatibility and consistency between account

headings and committee budgets;

(d) consolidate all individual budgets into the Council’s

annual budget.

(3)

The Council’s annual budget shall consist of

(a) an overview and summary of the budget;

(b) consolidated and detailed budget estimates for income

and expenditure classified according to the system of

accounts under the financial procedures;

(c) capital expenditure budget;

(d) cash budget; and

(e) budgeted indicators to measure performance of works

and services.

(4) The budget estimates shall be accompanied by explanations

respecting every item of an unusual nature therein comprised and

of any significant difference under each item between the proposed

expenditure or expected income and the approved budget estimates

for the preceding year.

(5) The Secretary shall submit the annual budget to the Council

for its approval within the time limit stipulated in article 56 of the

Act.

The format and contents of the annual budget shall be

presented in the form prescribed by the financial procedures.

(1) The Council shall consider, and if necessary revise,

and approve the annual budget as stipulated in article 56 of the Act.

(2) The Secretary shall submit a copy of the Council’s

approved annual budget to the Minister within the time limit

stipulated in article 56 of the Act.

(1) The Council shall publish its annual budget not later

than two weeks after submitting it to the Minister according to

regulation 13(2). A copy of the published budget shall be

forwarded to the Minister responsible for finance.

(2) A copy of the Council’s annual budget shall be open for

public viewing at the Council’s administrative office during normal

office working hours.

(1) If supplementary funds for Local Councils are made

available according to article 62 of the Act, the Council shall

submit its approved supplementary budget to the Minister within

three weeks from the approval of the supplementary vote.

(2) The Secretary shall publish the supplementary budget and

make a copy thereof available for public viewing at the Council’s

administrative office during normal office working hours. A copy

shall also be forwarded to the Minister responsible for finance.

PART VI

Financial Management and Reporting

(1) At the end of each financial year a detailed annual

administrative report shall be prepared by the Secretary. Such

report shall -

(a) account to the Council for the Council’s finances

during the previous year;

(b) review the operating and financial results achieved

against the Council’s stated objectives, plans and

budget; and

(c) include a statement of the Council’s income and

expenditure for the year that ended and the Council’s

retained funds as at the year end.

(2) The detailed annual administrative report shall be prepared

in the form specified in the financial procedures.

(1) The Council shall discuss the annual administrative

report and instruct the Secretary to make any changes it may deem

necessary.

(2) It shall be the duty of the Council and the Secretary to

ensure that the financial statements forming part of the report fairly

present, in accordance with accounting policies applicable to Local

Councils, the income and expenditure of the Council for the year

that ended and its retained funds as at the year end, and that they

comply with the Act, these regulations and the financial

procedures.

(3) The Council shall approve the annual administrative report

not later than four months after the end of its first financial year of

office and subsequently by not later than the end of July of each

year.

(1) The Secretary shall publish the Council’s annual

administrative report, including a copy of the audited financial

statements, within two weeks from its approval by the Council.

(2) The annual administrative report shall be made available

for public viewing in the Council's administrative office during

normal office working hours.

PART VII

Banking Arrangements

(1) The Secretary shall, with the approval of the Council,

make all arrangements and agreements with the Council’s bankers

and shall operate such bank accounts as he considers necessary.

(2) Accounts shall only be held with banks approved by the

Minister with the concurrence of the Minister responsible for

finance.

(3)

Bank accounts shall not he used for personal matters.

The Secretary shall ensure that for each bank account a

record of all bank transactions, supported by authorised primary

documentation, is maintained.

(1) All cheques shall bear the Council’s coat of arms and

shall be ordered by the Secretary, who shall ensure their safe

custody and proper use.

(2)

Cheques issued by the Council for payment shall -

(a) bear the joint signatures of the Mayor and the

Secretary;

(b) be prepared correctly;

(c) not be post-dated;

(d) not be signed without bearing the amount or payee

name.

(3) Cheques, direct payments and inter-bank transfers or

payments shall be authorised by the Council according to order 32

of the Standing Orders contained in the Sixth Schedule to the Act.

The Secretary shall as soon as possible, but not later than

the tenth working day of each month, prepare a statement to

reconcile the balance of each bank account as it appears on the

Council’s books or records with the balance on the bank statement

for the immediately preceding month.

PART VIII

Expenditure

(1) The petty cash system shall be governed by the

following rules

(a) no cash transactions shall be made for items of

expenditure exceeding fifty (50) euro in the aggregate,

which amount shall include taxes;

(b) Council may by resolution authorise the Secretary to

advance, as may be necessary, such sums of money to

employees as an advance account for the payment out

of the petty cash;

(c) employees holding advance accounts shall keep a

proper record and, on request, give the Secretary a

statement of the accounts;

(d) an employee who ceases to he entitled to hold an

advance account shall render an account to the

Secretary for the amount advanced to him.

(2) No employee can transfer Council money to another

employee without the express consent of the Secretary. Such

transfer shall be recorded.

(3) Each month the Secretary shall account to the Council for

all petty cash expenditure incurred during the immediately

preceding month.

(4) Monies shall be taken from petty cash only upon the

presentation of fiscal receipts, which shall clearly indicate the

purchased items

Provided that if the vendor cannot provide a detailed fiscal receipt,

there shall be filled in a Petty Cash Voucher so as to identify the

purchased items, to which the fiscal receipt shall be attached. Such

form shall be signed by whoever would have bought the items and

signed by the Executive Secretary, as a certification of such payment.

(1) Save as otherwise provided under the financial

procedures, all purchase orders, contracts and agreements for

works, goods or services to be supplied to the Council shall be

authorised by the Council. This provision shall not apply to petty

cash purchases and for the supply of public utility services.

(2) Purchase orders made verbally, including orders made by

telephone, shall be immediately confirmed in writing.

(3) Prior to the approval of a Council purchase order, the

Secretary or the employee responsible for purchasing shall ensure

that each purchase corresponds to and does not exceed an item or

heading within the approved estimates, unless otherwise so

authorised by the Secretary or the Council.

(1) Capital expenditure shall be jointly controlled by the

Mayor and the Secretary.

(2) Expenditure of a capital nature from the Council’s funds

shall require written justification by the Secretary and shall be

approved by the Council following the procedures stipulated in

regulation 24(4)(a), (b), and (c).

(3)

The Secretary shall ensure that -

(a) capital expenditure corresponds to the projects

approved in the current year’s annual budget estimates

and business plan, unless otherwise authorised by the

Council;

(b) the Council’s records are to be supported by the

physical presence of capital items.

(1) Payments of money due from the Council shall, other

than petty cash, be made by cheque, bank transfer, or other

instrument jointly drawn by the Mayor and the Secretary on the

Council’s bank accounts.

(2) All payment orders and invoices shall be certified correct

by the Secretary prior to payment. For this purpose the Secretary

shall examine the docum ents and shall be enti tled to make

enquiries and receive such information as he requires.

(3) Orders for payment shall he certified by the Secretary.

approved by the Council and signed according to order 32(1) of the

Standing Orders contained in the Sixth Schedule to the Act.

(4)

The Secretary shall satisfy the Council that -

(a) all documentation is properly compiled and correct;

(b) overpayment or the duplication of payment is

prevented;

(c) cheques, direct payments, and inter-bank transfers are

correctly prepared;

(d) remittance advices are correctly

prepared

and

despatched with payments.

(1) All claims for the refund of payments incurred by

Councillors and employees during the course of executing their

Council duties shall be submitted, and duly certified by the

Secretary, on the appropriate form in accordance with the financial

procedures.

(2) All claims by Councillors and employees shall be submitted

to the Secretary not later than five days after the end of the

financial month during which the expense has been incurred.

(3)

Prior to payment each claim shall be vetted and certified by

the Secretary and subsequently approved by the Council and

signed, according to order 32(1) of the Standing Orders contained

in the Sixth Schedule to the Act.

(4) Certification by the Secretary shall imply that he is satisfied

that the expense was properly and necessarily incurred and that the

claim is properly payable.

PART IX

Personnel and Payroll

(1) The Secretary shall ensure that payment of salaries,

wages, gratuities and other benefits and remuneration to the Mayor,

employees and former employees, shall be made by cheque or bank

transfer by the last working day of each month.

(2) The Council and/or the Secretary shall not make payments

to employees not appointed according to the Local Government

(Human Resources) Regulations, and the human resources

procedures.

(1) The following personnel details shall be accurately

maintained by the Secretary

(a) appointments, resignations, dismissals, suspensions,

secondments and transfers;

(b) absence from duty for sickness, leave, training and

other reasons;

(c) changes in remuneration, including normal increments

and nationally negotiated pay awards;

(d) records related to PAYE, social security, statutory sick

pay and statutory maternity pay.

(2) Appointments of all employees shall he made in accordance

with approved methods, grades and rates of pay as defined in the

Local Government (Human Resources) Regulations and the human

resources procedures.

(3) Attendance records and other pay documents shall be

certified by the Secretary.

(1) The Secretary shall maintain a payroll accounting

system as stipulated in the financial procedures.

(2) Authorised payments, returns and claims to the Department

of Social Security and the Department of Inland Revenue and any

other Government departm ent shall be administered by the

Secretary and submitted on time.

PART X

Income

The collection of all moneys due to the Council shall be

under the supervision of the Secretary.

The Secretary shall submit to the Minister responsible for

finance, through the Minister, a written request for financing from

Government according to article 57 of the Act.

(1) All Council moneys shall be received or directed to

one of the Council’s bank accounts by the Secretary or any

authorised employee.

(2) The Secretary shall ensure that paying-in documents are

correctly prepared and reconciled with the relevant records.

(3) Every employee authorised to receive money shall daily

account to the Secretary for all moneys received by him.

(1) Contracts, leases and other agreements which will

result in m oneys du e to the Co uncil shall be authori sed by

resolution of the Council and jointly signed by the Mayor and the

Secretary.

(2) For such purpose the Secretary shall make available to the

Council any documents which it may require.

(3) The Secretary shall maintain sufficient details and proper

records of all moneys due to the Council with respect to works

done, goods supplied, services rendered, or any other matter.

(4) The Secretary shall arrange for claims to be raised for the

recovery of moneys due to the Council.

PART XI

Insurance and Security

The Secretary shall, with the approval of Council, ensure

the security of the Council’s assets and employees including any

other employees assigned to the Local Councils under various schemes

and insure the Council against any loss, damage, injury or death

and against any other source and form of liability or claim from

third parties

Provided that the insurance with regards to employees shall

cover the said employees only during working hours.

(1) The Secretary shall effect all insurance cover and

liaise with the Council’s insurers on all matters, including claims.

(2) The Secretary shall regularly review and where necessary

amend all insurances with the approval of the Council.

(3) No indemnities shall be given without authority of the

Secretary and the Council’s insurers.

(4) Council members, employees of the Councils and employees

assigned to the Council under various schemes shall be insured

personal accident.

(5) Council members may be insured in a health scheme and

Life Policy (death benefits) insofar as such Council has a positive

balance of accounts or such scheme does not result in a negative

balance in the Council’s accounts.

(6) Local Councils shall ensure that the administrative offices,

including all the furniture and all office machinery be insured by a

‘Buildings and Contents’ insurance. Such insurance shall cover

fire, theft and damage due to natural events.

(7) Motor vehicles belonging to the Council shall be insured

under a full y co mprehensiv e in su rance. T he v alue sh all b e

established by the insurance company in terms of any insurance

regulations or procedures.

(8) Community Assets shall not be insured unless otherwise

approved by the Director upon a written request by the Local

Council.

(1) The Secretary shall advise the Council and its insurers

of all claims, and all new risks, properties, vehicles, machinery,

equipment, plant and activities which may require insurance cover

and of any alterations affecting existing insurances.

(2) Employees shall immediately notify the Secretary of any

loss, liability, damage or event which may lead to a claim.

(3) Employees shall provide the Secretary sufficient advance

notice of any property whose custody will be temporarily accepted

by the Council.

(1) The Council or its employees shall not hold items of

value on behalf of third parties.

(2) The Secretary shall he responsible to ensure the security of

all buildings, stocks, stores, furniture, equipment, machinery, cash

and other Council assets.

(3) The maximum limit for cash holdings shall be two hundred

and thirty-two euro and ninety-four cents (€232.94).

(4) Keys to safes and other secure areas are to be kept in the

custody of the employee responsible. Any losses must he

immediately reported to the Secretary, who shall take all necessary

actions to maintain security.

(5) The Secretary shall ensure the security and privacy of

information held in the Council’s records, including computer

systems, and shall introduce and enforce procedures and measures

to maintain security and confidentiality.

PART XII

Inventories, Stores and Stocks

The Secretary shall create, maintain and control an

accurate and up-to-date inventory of the Council’s assets and

stocks.

(1) Employees shall, in consultation with the Secretary as

to the form and content, maintain an inventory of all furniture,

fittings, equipment, vehicles, plant, machinery and other assets

under their control.

(2) All inventory items, except stock items, shall

be

permanently marked or labelled to facilitate identification.

(3) Employees shall carry out an annual check on all items on

th e i n ve nt o r y a nd s h a l l t a ke s uc h a c t i on on an y s ur p l u s o r

deficiency as may be decided in consultation with the Secretary.

(4) No Council property shall be removed, unless in the

ordinary course of the Council’s business, without the written

authorization of the Secretary.

(5) No personal property may he kept or stored in the Council’s

buildings without the written authority of the Mayor. In such a case

the property shall be properly marked for identification.

(1) The Secretary shall control and secure the storage,

issue and receipt of stock items into and out from stores, and

maintain an accurate inventory of stock items.

(2) Employees shall be accountable for the care and custody of

all stocks and stores under their responsibility.

(3)

Stocks shall not be held in excess of normal requirements.

(4) The Secretary shall arrange for periodic independent checks

of stocks and stores and shall ensure that all stocks are checked at

least once in every year. Physical checks shall be made against

documented stock records.

(5) Employees shall supply the Secretary all the necessary

information on inventories, stores and stocked items for

accounting, costing and financial records.

(6) Obsolete materials, assets, stocks or equipment shall be

disposed of by competitive tender, public auction or any other

means as approved by the Council, and written-off the Council’s

accounts.

(7) The Secretary shall inform the Council of any disposals

referred to in sub-regulation (6).

PART XIII

Property

(1) The Secretary shall have custody of all title deeds and

shall be responsible for their security.

(2) The Secretary shall maintain a register of all land and

buildings owned by the Council as described in the financial

procedures.

(1) Dealings in property must be made in accordance with

the financial procedures.

(2) The contracting to third parties of rights, concessions,

permits or authorization to manage, operate, use or occupy

Government property within the locality shall be made after a

public call for tenders has been made according to the Local

Government (Procurement) Regulations

Provided that Government has authorised the Council, by

notice in the Gazette, to administer the Government property in

question.

(3) The contracting to third parties of other rights, concessions,

permits or authorizations within a locality shall be made after a

public call for tenders has been made according to the Local

Government (Procurement) Regulations.

PART XIV

Investments and Borrowing

The Secretary shall administer and control borrowing on

behalf of the Council.

(1) The Council may invest its money only in Government

issued securities, including stocks, bonds and bills.

(2) All securities, including stocks, bonds and bills owned by

the Council or held in its name, shall be held in custody by the

Council’s bankers.

(1) In exceptional circumstances borrowing may be

effected in the Council’s name and only after written approval from

the Minister, with the concurrence of the Minister responsible for

finance.

(2) The Secretary shall maintain a record of all the Council’s

borrowings.