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Chapter 63: Financial regulations and procedure rules
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.
All Directorates are entitled to bid for resources within the Corporate budget.
Reserves for specific purposes may also be maintained, such as the purchase or renewal of capital items. Accounting policies require these to be differentiated from Provisions, the latter being maintained to meet future expenditure arising from a past event the timing of which is uncertain and cannot therefore be contained in the annual budget.
To proceed with projects only when there is a budget within the agreed capital programme and adequate capital resources have been identified.
To obtain a supplementary capital budget where an individual Capital Scheme is projected to spend in excess of the original approval, or an additional scheme needs approval.A supplementary capital budget can be granted by the appropriate Corporate Director if the overspend is less than £1M – Financial Regulation B10.Executive approval must be obtained for Supplementary Capital budgets in excess of £1M. An explanatory report is required.
To ensure that adequate provision is made in the revenue budget for any ongoing revenue costs arising from capital schemes.
Revenue Budget Preparation Responsibilities of the Chief Finance Officer
To issue detailed guidance and instructions on the procedures, responsibilities and timetable for preparing Revenue Budgets.