The Hon. Cabildo Insular de La Palma, as a Public Administration, has the obligation to manage public funds in the most optimal way possible. The Comptroller General, the Treasurer and the Head of the Accounting Management and Coordination Body shall exercise the functions of internal control and oversight of the economic-financial and budgetary management, the treasury and collection and accounting, as established by the Basic Regime Legislation. Local and regulatory development standards.
There are three bodies that make up the economic services of the Hon. Island Council of La Palma:
The Insular General Intervention
Corresponds to the General Insular Intervention the public function of control and internal supervision of the economic-financial and budgetary management, in its triple meaning of auditing function, financial control function and effectiveness-efficiency control function. The General Comptroller shall exercise its functions with full autonomy and independence with respect to the organs and entities of the Corporation and executive positions whose management it oversees, having full access to accounting and as many documents as necessary for the exercise of its functions.
The Insular Treasury
It corresponds to said Body, the management of all financial resources, be they money, securities or credits of the Insular Corporation, both for budgetary and extra-budgetary operations, as well as the leadership of the collection services. The public functions of treasury and collection, exercised by the Insular Treasurer are the following:
- Collect the rights and pay the obligations.
- Serve at the beginning of the cash unit, by centralizing all funds and values generated by budgetary and extra-budgetary operations.
- Distribute money availability over time for the periodic satisfaction of obligations.
- Respond to the guarantees contracted.
- Carry out the others that are derived or related to those previously listed.
The allocation of liquid resources is carried out in accordance with the principles of effectiveness and efficiency, depending on the definition and fulfillment of objectives. The administration and profitability of the surpluses is carried out in accordance with the execution bases and the approved Financial Plan.
Accounting management and coordination body
The following functions correspond to the said Body:
- Carrying out and developing financial accounting and monitoring, in financial terms, of budget execution, in accordance with the general rules and those issued by the competent body of the Corporation.
- Form, according to usually accepted criteria, the integrated and consolidated statements of the accounts determined by the Insular Government Council.
- Direct and coordinate the accounting functions or activities of the Insular Corporation, its Autonomous Bodies, Public Business Entities, Public Foundations and fully-owned Mercantile Societies, issuing the appropriate technical instructions and inspecting their application.
- Form the General Account of the Hon. Island Council of La Palma, of the comprehensive annual statements and accounts of the Local Entity and all its dependent entities.
- Treasury Service
- Accounting and Budgeting Body
Regulations applicable to budget execution and internal control.
- Law 7/1985, of April 2, Regulating the Bases of Local Regime.
- Law 8/2015, of April 1, on Island Councils.
- Royal Legislative Decree 2/2004, of March 5, approving the Consolidated Text of the Law Regulating Local Finance.
- Royal Decree 500/1990, of April 20, which develops Chapter I of Title VI of Law 39/1988, of December 28, Regulating Local Finance, in the matter of budgets.
- Law 2/2011, of March 4, on Sustainable Economy.
- Organic Law 2/2012 of April 27, on Budgetary Stability and Financial Sustainability.
- Order EOA / 3565/2008, of December 3, approving the structure of Budgets in Local Entities, modified by HAP / 419/2014, of March 14.
- Order HAP / 1781/2013, of September 20, approving the Instruction of the normal local accounting model, modified by Order HAC / 1364/2018, of December 12.
- Royal Decree 424/2017, of April 28, which regulates the legal regime of internal control in the entities of the Local Public Sector.
- Public Sector Auditing Standards.
- Law 25/2013, of December 27, to promote electronic invoicing and creation of the accounting record of invoices in the Public Sector.
- Law 47/2003, of November 26, General Budgetary.
- Law 38/2003, of November 17, General Subsidies and the regulations that develop it, approved by Royal Decree 887/2006, of July 21.
- Law 9/2017, of November 8, on Public Sector Contracts, by which the Directives of the European Parliament and of the Council 2014/23 / EU and 2014/24 / EU, of February 26, are transposed into the Spanish legal system 2014 and Royal Decree 1098/2001, of October 12, which approves the General Regulations of the Law on Contracts for Public Administrations.
- Organic Regulation of Government, Administration and Operation of this Hon. Island Council.