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Chapter 63: Financial regulations and procedure rules
Ensure budget managers follow an approved certification process for all expenditure.
Ensure levels of service are monitored in conjunction with the budget and necessary action is taken to align service outputs and budget.
Ensure that there is a nominated officer for each capital budget, project and programme.
Budget managers are accountable for their projects and budgets.
Senior Managers are responsible for ensuring that within any financial year they take all reasonable measures to ensure an approved Revenue or Capital Budget within their control is not overspent.
Senior Managers must seek to ensure that there is no shortfall in the budgeted level of income.
When a projected overspend (or under recovery of income) is forecast to occur in a section of the Revenue Budget, or on a scheme within the Capital Programme, Senior Managers and other responsible officers must take measures to eliminate or reduce the overspend and maintain records of such actions.
The Chief Finance Officer must be informed of potential budget variances in accordance with budget monitoring guidelines. The overspend will be the subject of a report to the Executive. Further details on the detailed responsibilities of the Chief Finance Officer and the Senior Managers can be found in the separate Financial Procedures Manual.
These rules aim to allow the Executive to manage the budget once it has been approved by Council, whilst also providing for good governance of financial matters. For more details on Virements please see FM2, FM5 and FA10 of Appendix A to these Rules.
A virement is the transfer of resources from one budget head to another, during a financial year. It is thus the financial consequence of a change in priority of service delivery or in the means by which services are delivered. It can also be the use of resources provided within the budget framework, but which are not allocated for any specific purpose e.g. unallocated contingency. A virement will naturally flow from, and be part of, a decision.