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Chapter 63: Financial regulations and procedure rules
The Council is responsible for agreeing the Budget Framework. It is the responsibility of the Executive (whether the Mayor, the Cabinet, individual Members or an officer acting on delegated authority) to operate within the Budget Framework.
Any proposal or decision by the Mayor or Executive that would result in expenditure exceeding the limits within the budget framework as defined above will be considered a breach of that framework and must be dealt with in accordance with the Budget and Policy Framework Procedure Rules at Part D Section xx of the Constitution.
The process for compilation of the budget will be approved by the Executive on the advice of the Chief Finance Officer.
The draft budget should include projected net expenditure on services and projects, proposed taxation and other income levels as well as any contingency funds.
The Chief Finance Officer is responsible for ensuring that a revenue budget and a Medium-Term Financial Plan for a three-year review period are prepared annually for consideration by the Executive, before submission to the Full Council.
Senior Managers will ensure the proper administration of the Revenue Budgets and the Capital Programme allocated to them. They will also ensure compliance with guidance and instructions issued by the Chief Finance Officer.
The current elements which comprise the budget setting process are as set out below:
The Executive must propose its budget to Council in accordance with the Budget and Policy Framework Procedure Rule.
The Council has to agree the level of Council Tax before 11th March each year and at the same time Full Council will also formally agree a legal balanced budget.
All capital receipts are to accrue to the Corporate budget in the first instance and are to be allocated on the basis of criteria corresponding to the capital strategy document.