Corporate Governance Framework
7. The Chief Executive shall ensure there is an effective budget monitoring process in place.
8. The AO delegates budget to Executive budget holders who must operate within this budget subject to the rules on virement. In the event of a change in circumstances the Board and AO will consult with Executive budget holders to ensure the Commission operates within the net original budget or agree any variance with DCMS. Any variations will supersede the original budget.
9. The inclusion of items in approved annual revenue or capital budgets shall constitute authority to incur such expenditure, unless the Commission has placed a reservation on such items. In such circumstances expenditure cannot be incurred until such a reservation is removed. In all cases expenditure must comply with procurement regulations.
10. Amounts provided for specific activities cannot be diverted to other purposes except as agreed under the virement delegations.Previous section
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Changes to the annual budget
Last updated: 27 February 2023
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