21. Financial Control

21.1. Budgetary control – The University operates a system of devolved budgetary control. College Deans and Directors of Services are responsible for the delivery of agreed financial plans and for implementing an effective system of budgetary control, including the approval of budget virements.

21.2. The control of income and expenditure within an agreed budget is the responsibility of the designated budget holder, who must ensure that day-to-day monitoring is undertaken effectively. Budget holders are responsible to their College Dean or Director of Service for the income and expenditure appropriate to their budget.

21.3. Financial monitoring – Budget holders will be assisted in their duties by financial management information provided by the Director of Finance.

21.4. Colleges and Services will prepare, in accordance with the published timetable, a revised forecast outturn for the year, including a commentary on significant variances.

21.5. The Director of Finance is responsible for supplying reports on the University’s finances to Council on a basis determined by that Committee but subject to any specific requirements of the Funding Council. Between meetings of Council the reports are presented to the Vice Chancellor’s Executive Group (VCEG).

21.6. Changes to the approved budget – Changes to the approved budget are approved by Council on the advice of VCEG.

21.7. Treatment of year end balances – At the year-end, all surpluses or deficits on individual budgets are accumulated within the overall College or Service reserve and are managed at the discretion of the College Dean or Director of Service, within the University’s overall policy in place at the time.