Financial Regulations

4. Budgetry Control

4.1 The Vice-Chancellor shall be accountable to the Board for effective and efficient budgetary control of the University as a whole.

4.2 The Vice-Chancellor shall promptly inform the Board of any matter which is liable to affect materially the finances of the University.

4.3 Budget responsibility for both Capital Expenditure and Revenue Expenditure shall be delegated to Budget Holders who must be members of the Strategic Management Group.

4.4 Budget Holders may delegate the supervision of budgets but they cannot delegate their budgetary responsibilities.

4.5 No expenditure may be incurred by Budget Holders which is not matched by approved budget provision.

4.6 The Finance Director shall be responsible to the Vice-Chancellor for monitoring the budgetary performance of the whole University. The Finance Director shall have the authority to ask for and receive from Budget Holders explanations of actual or potential expenditure overspending and income under recoveries so that these can be reported to the Vice-Chancellor and the Board. The Finance Director shall provide Budget Holders with accurate and timely information regarding budgetary performance.

4.7 The Vice-Chancellor shall have the authority to allocate supplementary Revenue Estimates to enable overspending/under recoveries to take place. This can only be done where a joint written report has been presented to the Vice-Chancellor and the Finance Director by the Budget Holder. The Vice-Chancellor and the Finance Director shall supply the Board with details of these supplementary estimates.

4.8 Budget Holders will not be allowed to carry forward into the next financial year any expenditure underspending on the Revenue Budget, other than in exceptional circumstances. Such an exceptional carry forward would be at the Board's discretion who must have regard to the overall financial position of the University. Expenditure underspends which result in an increased cash balance can be considered when deciding on capital budgets. However, capital budgets must be sustainable and link to the University’s strategic plans.

Page last modified 25 November 2011.

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