Annual budget
Annual budget
3.—(1) In each financial year a council shall cause to be submitted to it estimates of the income and expenditure of the council during the next financial year.
(2) A council, before the prescribed date in each year—
(a)shall consider the estimates for the next financial year;
(b)may revise the estimates in such manner as the council thinks fit;
(c)shall approve the estimates, subject to any revision under paragraph (b);
(d)shall authorise the expenditure included in the estimates; and
(e)shall fix for the next financial year the amount estimated to be required to be raised by means of rates made by the council.
(3) No expenditure shall be incurred by or on behalf of a council unless—
(a)previously authorised in accordance with the estimates approved by the council; or
(b)otherwise previously authorised by the council; or
(c)if not so authorised, necessarily incurred in circumstances of emergency;
but any expenditure under paragraph (c) shall, as soon as reasonably practicable, be reported to the council with a view to being approved by the council.
(4) A council may make standing orders for the purpose of giving effect to this section so long as they are not inconsistent with any statutory provision.
Report by chief financial officer on estimates
4.—(1) The chief financial officer of a council shall submit to the council a report on the robustness of the estimates.
(2) A council shall have regard to that report when considering the estimates under section 3(2)(a).
(3) In this section “the estimates” means the estimates submitted to the council under section 3(1).
In-year review
5. During each financial year a council shall keep its financial position under review.