(vi) details of any corrective action where necessary and the Chief Executive's and/or Chief Finance and Investment Officer's view of whether such actions are sufficient to correct the situation; (b) the issue of timely, accurate and comprehensible advice and financial reports to each budget holder, covering the areas for which they are responsible; (c) investigation and reporting of variances from financial, workload and manpower budgets; (d) monitoring of management action to correct variances; and (e) arrangements for the authorisation of budget transfers. 4.4.2 Each Budget Holder is responsible for ensuring that: (a) any likely overspending or reduction of income cannot be met by virement is not incurred without the prior consent of the Board; (b) the amount provided in the approved budget is not used in whole or in part for any purpose other than that specifically authorised subject to the rules of virement; (c) no permanent employees are appointed without the approval of the Chief Executive other than those provided for within the available resources and manpower establishment as approved by the Board. (d) Effective systems exist within the Directorates to ensure that all expenditure is authorised in advance of commitment (e.g. operation of an authorised signatory system) and that individuals incurring the expenditure fully understand their budgetary control responsibilities. 4.4.3 The Chief Executive is responsible for identifying and implementing cost improvements and income generation initiatives in accordance with the requirements of the IBP and a balanced budget. 4.5 Capital Expenditure 4.5.1 The general applying to delegation and reporting shall also apply to capital expenditure. The particular applications relating to capital are contained in SFI 14. 4.6 Monitoring Returns 4.6.1 The Chief Executive is responsible for ensuring that the appropriate monitoring forms are submitted to the requisite monitoring organisation. 5. ANNUAL ACCOUNTS AND REPORTS 5.1 The Chief Finance and Investment Officer, on behalf of the Trust, will: (a) prepare financial returns in accordance with the accounting policies and guidance given by the Department of Health and the Treasury, the Trust’s accounting policies, and generally accepted accounting practice;
(vi) details of any corrective action where necessary and the Chief Executive's and/or Chief Finance and Investment Officer's view of whether such actions are sufficient to correct the situation; (b) the issue of timely, accurate and comprehensible advice and financial reports to each budget holder, covering the areas for which they are responsible; (c) investigation and reporting of variances from financial, workload and manpower budgets; (d) monitoring of management action to correct variances; and (e) arrangements for the authorisation of budget transfers. 4.4.2 Each Budget Holder is responsible for ensuring that: (a) any likely overspending or reduction of income cannot be met by virement is not incurred without the prior consent of the Board; (b) the amount provided in the approved budget is not used in whole or in part for any purpose other than that specifically authorised subject to the rules of virement; (c) no permanent employees are appointed without the approval of the Chief Executive other than those provided for within the available resources and manpower establishment as approved by the Board. (d) Effective systems exist within the Directorates to ensure that all expenditure is authorised in advance of commitment (e.g. operation of an authorised signatory system) and that individuals incurring the expenditure fully understand their budgetary control responsibilities. 4.4.3 The Chief Executive is responsible for identifying and implementing cost improvements and income generation initiatives in accordance with the requirements of the IBP and a balanced budget. 4.5 Capital Expenditure 4.5.1 The general applying to delegation and reporting shall also apply to capital expenditure. The particular applications relating to capital are contained in SFI 14. 4.6 Monitoring Returns 4.6.1 The Chief Executive is responsible for ensuring that the appropriate monitoring forms are submitted to the requisite monitoring organisation. 5. ANNUAL ACCOUNTS AND REPORTS 5.1 The Chief Finance and Investment Officer, on behalf of the Trust, will: (a) prepare financial returns in accordance with the accounting policies and guidance given by the Department of Health and the Treasury, the Trust’s accounting policies, and generally accepted accounting practice;
Standing-Financial-Instructions.docx