Local authorities must publish details of each individual item of expenditure that exceeds £500. This includes items of expenditure, consistent with Local Government Association guidance. This must be published quarterly. Appleby Town Council chooses to publish all expenditure once approved. The Town Council is open and transparent about the way it manages its finances. (See Transparency Guidance 2020). The Council’s Finance Committee oversees the Council budgets whilst each committee also monitors its own income and expenditure. The Finance Committee is responsible for the Council’s internal controls, for example, ensuring that payments made have been have been verified and that the expenditure reconciles with the Council’s bank account statements. The Council appoints an internal auditor who assesses the Council’s compliance with relevant legislation and a further audit is carried out by an external auditor appointed independently of the Council.
Management Accounts show the income and expenditure for the Council, with details for the cost centres and cost codes. These are reviewed by the Finance Committee at each meeting.