CABINET
Financial Management Standards
Reviewing, maintaining, complying with and recommending changes to this Framework and its principles.
Revenue Budget Monitoring
Reviewing monthly monitoring reports and approving options for dealing with over and underspends, both actual and estimated.
Virements – Revenue
The relevant Cabinet Member is responsible for approving virement between services within a Cabinet Portfolio. The full Cabinet must approve any virement between Cabinet Portfolios.
Treatment of Year End Balances – Revenue
The relevant Cabinet Member is responsible for approving any underspend carried forward between services within a Cabinet Portfolio.
The full Cabinet must approve any underspend carried forward between Cabinet Portfolios.
Capital and Contracts Monitoring
Reviewing monthly capital monitoring reports and agreeing any exceptions/changes within the overall Capital Strategy.
Financial Strategy
Establishing the contents of the Financial Strategy.
Recommending the Financial Strategy to Council.
Allocating capital funding in consultation with the QSVM Scrutiny and Review Panel.
Resource Allocation – Revenue
Agreeing the resource allocation methodology in the context of the Financial Strategy and the procedures adopted for its production or amendment.
Resource Allocation – Capital
Agreeing a method of allocating resources within the Capital Strategy.
Allocating capital funding, in consultation with the Scrutiny and Review Panels, following advice from the Asset Management Group.
Budget Format
Recommending the format of the corporate budget to the Council.
Determining their own requirements in regard to Cabinet Portfolios.
Revenue Budget Preparation
Recommend the Authority’s budget and Financial Strategy.
Issuing guidance on the content of the budget having taken advice from the Section 151 Officer.
Capital Expenditure
Recommend the inclusion of schemes into the Council’s approved Capital Programme to Council.
Recommend the Prudential Indicators to Council for approval based on the proposed Capital Programme.
Capital Funding Sources
Approval of bids for capital resources and the sale of capital assets.
Approve the allocation of corporate resources in accordance with the Capital Strategy.
Fees & Charges
Approving a corporate Fees & Charges Strategy.
External Funding
Approving through the Revenue and Capital budget processes, the making of bids for external funding.
Reserves
Recommending the Financial Strategy and budget after taking advice regarding reserves from the Section 151 Officer into account.
As part of recommending the Statement of Accounts to Council, Cabinet should recommend appropriations to and from reserves.
Approve further funding for the Local Improvement Fund
Risk Management & Insurance
Approving the Authority’s Risk Management policy statement, strategy and Risk Register.
Reviewing the effectiveness of Risk Management.
Ensuring that proper insurance exists where appropriate.
Asset Disposal
Agree the form and method for disposal of assets and, if appropriate, obtain outline planning consent for its most beneficial use.
Approve disposal by any form other than auction or public tender.
Treasury Management
Recommending the Treasury Management Strategy to Council based on the advice received from the Section 151 Officer.
Responsibility for the implementation and monitoring of treasury management policies and practices.
Recommending the Prudential Indicators to Council for approval based on the proposed Capital Programme.
Grant Claims and Bids
Approving through the Revenue and Capital budget processes, the making of bids for grant claims and bids.
Lost Property
Approving the Council’s lost property policy.
Income
Setting policies regarding the basis of fees and charges.
Partnerships
Approving partnership agreements within agreed Plans and Strategies.
Focus for forming partnerships with other local public, private, voluntary and community sector organisations to address local needs.
Work for Third Parties
Approving the contractual arrangements for any work for third parties or external bodies.
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