Expenditure on revenue items may be authorised up to the amounts included for that class of expenditure in the approved budget. This authority is to be determined by:
the Council for all items over £150;
the RFO, in conjunction with Chair of Council for any items below £150.
Such authority is to be evidenced by a minute or by an authorisation slip duly signed by the RFO, and where necessary also by the appropriate Chair. Contracts may not be disaggregated to avoid controls imposed by these regulations.
No expenditure may be authorised that will exceed the amount provided in the revenue budget for that class of expenditure other than by resolution of the Council, or duly delegated committee. During the budget year and with the approval of Council having considered fully the implications for public services, unspent and available amounts may be moved to other budget headings or to an earmarked reserve as appropriate (‘virement’).
Unspent provisions in the revenue or capital budgets for completed projects shall not be carried forward to a subsequent year.
The salary budgets are to be reviewed at least annually in November for the following financial year and such review shall be evidenced by a hard copy schedule signed by the RFO and the Chair of Council. The RFO will inform committees of any changes impacting on their budget requirement for the coming year in good time.
In cases of extreme risk to the delivery of Council services, the RFO may authorise revenue expenditure on behalf of the Council which in the RFO's judgement it is necessary to carry out. Such expenditure includes repair, replacement or other work, whether or not there is any budgetary provision for the expenditure, subject to a limit of £150. The RFO shall report such action to the chair as soon as possible and to the Council as soon as practicable thereafter.
No expenditure shall be authorised in relation to any capital project and no contract entered into or tender accepted involving capital expenditure unless the Council is satisfied that the necessary funds are available and the requisite borrowing approval has been obtained.
All capital works shall be administered in accordance with the Council's standing orders and financial regulations relating to contracts.
The RFO shall regularly provide the Council with a statement of receipts and payments to date under each head of the budgets, comparing actual expenditure to the appropriate date against that planned as shown in the budget. These statements are to be prepared at least at the end of each financial quarter and shall show explanations of material variances. For this purpose 'material' shall be in excess of £100 or 15% of the budget.
Changes in earmarked reserves shall be approved by Council as part of the budgetary control process.
