Budget, Financial Records and Open Book Accounting. 11.1 The Host Authority shall prepare an annual forecast budget for the agreement of the Members on an open book basis by the last Working Day of October each year. The budget will detail estimated: staffing costs; office and establishment costs; support service costs; one off costs and proposed investments/improvements; the forecast amount of any revenue or grants to offset the costs of the Consortium; the amount due from each Member on an annual basis shall be agreed by the Consortium .
Budget, Financial Records and Open Book Accounting. 11.1 The Lead Authority shall prepare an annual forecast budget for the agreement of the Partners on an open book basis by the last working day of October each year. The budget will detail estimated: - staffing costs; office and establishment costs; support service costs one off costs and proposed investments/improvements; the forecast amount of any revenue or grants to offset the costs of the partnership; the amount due from each Partner on an annual basis derived from division of the net costs of the service by the agreed method of apportioning costs
Budget, Financial Records and Open Book Accounting. The Host Authority shall prepare an annual forecast budget for the agreement of the Partners by the last working day of October each year. The budget will detail estimated: - Staffing costs; Office and establishment costs; IT and processing costs; One off costs and proposed investments/improvements; The Budget will be based on actual spend in the preceding year. The finances of the Partnership will be managed through the Host Authority’s financial systems and processes including the application of the Host Authority’s financial regulations and standing orders. The Host Authority will present detailed financial reports to each of the Partners on their costs and related income in an Excel format on a quarterly basis. The Host Authority will enable full access to financial and activity records by any of the Partner’s auditors, internal or external. The Partners will agree their budgeted allocation of costs through their own budget processes. The Partners will agree their budget allocations by 31st December in each year. The Partnership shall only operate within its budget as supplemented by any additional funding unless otherwise agreed by the Partnership Management Board. Budgeted operating costs for each Partner will be paid by the Partners to the Host Authority six monthly on the first of July and January. The Partners guarantee to pay the agreed budgeted operating costs throughout the financial year unless otherwise agreed by the Host Authority and all Partners. The Host Authority is responsible for ensuring that accounting practices applied for the Partnership comply with recognised accounting standards (SORPS) and government accounting regulations . The initial Budget is set out in paragraph 6.2 Allocation of Costs, Surpluses and Deficits The budget for operating costs will be allocated to each partner on an equal basis. Surplus amounts shall be identified by the Host Authority and reported to the Partners through the Partnership Board. The Host Authority and the Partners through the Partnership Management Board may resolve to use all or part of the surplus to invest in improvements to the service delivered by the Partnership. Surpluses either in whole or part, after application of monies for service improvements, will be distributed on an equal basis A holding account for surpluses will be managed by the Host authority which will enable any balance agreed for retention by the Partnership board to roll forward to subsequent years Schedule 4 Information ...
