FINANCE, BUDGETING AND AUDIT Finance – Budgets Sample Clauses

FINANCE, BUDGETING AND AUDIT Finance – Budgets. 6.1 The budget for the provision of the JC Services on behalf of the Five Councils for the Financial Year 2019/20 set out in Schedule 2 has been approved by the Five Councils. 6.2 A draft budget for each Financial Year subsequent to 2019/20 shall be prepared by the ARP Management Team in collaboration with the Heads of Finance and Chief Finance Officers (or equivalent) of the Five Councils respectively and submitted to the Treasurer for consideration. The draft budget shall be based upon the budget for the previous Financial Year updated for any anticipated changes considered necessary and shall take account of the information in Schedule 3, paragraph 2.1 6.3 The draft budget shall also have appended to it a Schedule detailing the payments estimated to be required to be made by each of the Five Councils during the relevant Financial Year. 6.4 After being considered by the Treasurer, the draft budget shall be submitted to the 2015 Joint Committee for approval and thereafter submitted to each of the Five Councils so as to be received by them by no later than 31st December in each year. 6.5 Any comments of the Five Councils on the draft budget shall be submitted to the ARP Management Team who shall report to the 2015 Joint Committee the comments of each of the Five Councils and the effect thereof and the 2015 Joint Committee shall, having taken such comments and the report of the ARP Management Team into consideration, decide whether or not to approve the draft budget whether in the original or an amended form. 6.6 If the 2015 Joint Committee approves the draft budget (whether or not as amended) it shall become the approved budget for the relevant Financial Year and a copy of the approved budget shall be submitted to each of the Five Councils. 6.7 If the 2015 Joint Committee fails to approve a budget for the relevant Financial Year the process referred to in Clauses 6.2 to 6.6 shall be repeated in an attempt to secure an approved budget as soon as possible and in the meantime the JC Services shall be provided on the basis of the approved budget for the previous Financial Year with such amendment as the 2015 Joint Committee may determine. 6.8 In the event that the budget for the current Financial Year requires amendment to meet any overspend or increase in the costs of the provision of the JC Services by the ARP for that year, the ARP Management Team shall report thereon to the 2015 Joint Committee. If the 2015 Joint Committee agrees that the budget requires a...
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