Virement definition

Virement means transfer of funds between functions / votes

Virement means the process of transferring an approved budget allocation from one vote to another, with the approval of the Municipal Manager. To enable senior managers to amend budgets in the light of experience or to reflect anticipated changes;

Virement means shifting of funds between line items within a Vote. Webster’s New millennium ™ Dictionary of English defines “Virement” as “a regulated transfer or re-allocation of money from one account holder, especially public funds.”

Examples of Virement in a sentence

• Virement is the transfer of budget provision between individually defined budget headings.

• The Virement Policy aims to empower senior managers with an efficient financial and budgetary amendment and control system to ensure optimum service delivery within the legislative framework of the MFMA and the Municipality’s system of delegations.

• Virement is the process of transferring budgeted funds from one line item number to another, with the approval of the relevant Manager and CFO, to enable budget managers to amend budgets in the light of experience or to reflect anticipated changes.

• The Budget and Virement Policy aims to empower senior managers with an efficient financial and budgetary amendment and control system to ensure optimum service delivery within the legislative framework of the MFMA and the municipality’s system of delegations.

• Virement is only allowed where at the time of approving the virement the Directors overall budget is not expected to be overspent.

More Definitions of Virement

Virement means transfer of funds between functions / votes "Vote" means-

Virement means the transfer of amounts from one Budget Head to another.

Virement means the process of transferring an approved budgetary provision within the same vote from one Item segment or any combination of other segments to another during a municipal financial year and which results from changed circumstances from that which prevailed at the time of the previous budget adoption;

Virement means the reallocation of funds within the budget of a vote, from a budget line to another budget line;

Virement means movement of money within an expenditure head.

Virement means the power to transfer funds between functions / votes.

Virement means the transfer of amounts from one Budget Head to another.SECTION THREE