Managing Budgets

5. Capital and Contracts Monitoring

5.1 Overview

To ensure that Council service objectives are achieved, and limited resources and investments are used effectively, capital expenditure needs to be monitored. 

5.2 Responsibility/Accountability

5.2.1 Cabinet (click here for all responsibilities for the Cabinet)

Reviewing monthly capital monitoring reports and agreeing any exceptions/changes within the overall Capital Strategy.

5.2.2 Scrutiny & Review Panels (click here for all responsibilities for Scrutiny & Review panels)

Receive quarterly monitoring reports and making any relevant comments to Cabinet.

5.2.3 Chief Executive (click here for all responsibilities for the Chief Executive)

Accountable to the Cabinet for ensuring the Council spends within budget.

Where necessary nominate a Director to assist a Business Unit, or part of it.

5.2.4 Directors (click here for all responsibilities for Directors)

Receive regular capital monitoring reports from Business Unit Heads.

Approving action proposed by Business Unit Heads with regards variations against budget on capital schemes, and monitoring its implementation.

Complying with the financial regulations in Part IV.

5.2.5 Section 151 Officer (click here for all responsibilities for the Section 151 Officer)

Maintaining systems that will provide financial information to enable budgets to be monitored effectively. 

Producing monthly corporate monitoring information and relevant advice to Cabinet.

 5.2.6 Business Unit Heads (click here for all responsibilities for Business Unit Heads)

Accountable to  Cabinet Portfolio Member and Chief Executive for spending within budgets and reporting any variations, actual or estimated to Cabinet and Scrutiny and Review Panels.

Proposing and implementing action to be taken to correct variations against budget for their Business Unit’s capital schemes.

Working with any nominated Director appointed to assist their service with regards the performance of capital schemes.

Complying with the financial regulations in Part IV.

5.3 Policy (click here for detailed procedures)

Budget Monitoring will be carried out and reported on a regular basis and will contain projected outturn figures for capital projects and profiles for spending.  Consistent underspending or slippage on capital schemes may result in the intervention of a nominated Director.  Overspending on capital projects will need to be subject to a separate report and will require equivalent funding to be identified.