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Chapter 63: Financial regulations and procedure rules
Capital budget monitoring ensures that capital resources allocated by the Executive are used for their intended purposes. Capital control provides the mechanism to review progress on capital schemes, by comparison with the capital programme. The Corporate Capital Monitoring Statement is a report that is produced every quarter that details projected capital expenditure and resources.
Identify a nominated budget manager for each cost centre.
Ensure budget managers accept accountability for their budgets, the level of service to be delivered and understand their financial responsibilities.
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.