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.