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Constitution - Part 5G - Financial standing orders

In the context of these Financial Regulations generic terms are included to avoid the need for regular amendment.

 "Accountable body" the arrangement whereby the County Council has agreed to accept responsibility for the obligations set out in the terms of any funding granted to a third party organisation. . 

 "Amendment of approved budgets" in respect of the revenue budget is the transfer of resources; to or from contingencies, to or from general reserves, and, to or from earmarked reserves. In respect of the capital budget it is the inclusion of a new scheme in the capital programme. Amendments to the revenue and capital budgets involve a formal process of approval. 

 "Assets" include land, buildings, vehicles, furniture and equipment, computer systems, stocks and materials, money and investments, data and information.

 "Budget" means plan for revenue and capital expenditure and income, and financing relating to activities of the County Council.

 "Budget line" is the lowest level of detail at which approval of the original budget takes place, as included in the medium term financial plan.

 "Budget Manager" means accountable budget manager and devolved budget manager.

 "Capital Programme" means the overall five year programme of schemes approved by Council.

 "Director" means the County Council's Chief Executive and all senior officers designated as Corporate Directors, or reporting to Corporate Directors and with delegated financial responsibilities nominated by the Corporate Director.

 "Financial Regulations" means financial standing orders.

 "Financial Year" is the County Council's accounting period which runs from 1st April to 31st March.

 "Head of Paid Service" means the Chief Executive. 

 "Internal Audit" means the Audit Unit of the Council.

 "Medium Term Financial Plan" incorporates the revenue budget and capital programme approved by Council for the forthcoming financial year together with indicative figures for the subsequent two financial years.

 "Project" where a scheme comprises more than one project, a Project is an individual element of the scheme.

  "Section 151 Officer'' is the officer with the statutory responsibility for the proper administration of the County Council's financial affairs.  These responsibilities are assigned to the Assistant Director - Finance.

 "Scheme" means the level at which capital items are approved for inclusion in the capital programme by Council when approving the budget or by Cabinet/Council during the year (according to value). A scheme may comprise a single project or a collection of projects delivered as one overall scheme of activity, for example priority maintenance for schools.

 "The Corporate Management Team" is the group comprising the Directors of the County Council.

 "The County Council" means Cumbria County Council.

 "Trading Accounts" are County Council services/activities which are financed by either trading income, funding partners or by direct government finance. 

 "Virement" is the transfer of resources between budget headings (lines), as published in the medium term financial plan each year, involving a formal process of approval.