The head of each department / institute has overall responsibility for budgets within their area. They are responsible for financial management of the areas or activities they control and the proper effective use of funds in accordance with the Financial regulations. Expenditure shall only be incurred wholly, exclusively and necessarily in the performance of university duties.
Budget holder’s responsibilities are:
Scheme of delegation/financial authorities
Budgets
The Finance Director is responsible for preparing an overall University revenue budget and capital programme each year. This is reviewed by PSG and then Finance Committee. Allocations for departments / institutes are prepared by the Finance Director in accordance with an agreed budgetary mechanism.
Additional Funds
There are three possible options for obtaining additional funds for instances where developments have occurred during the year which now require additional resources or to cover anticipated overspends.
These are as follows –