sec.32Budget

sec.32 Budget

This section applies to the grantee in relation to a financial year in which the grantee provides the programs or services or is required under the financial assistance agreement to provide the programs or services. At the start of the financial year, the grantee must prepare a budget for the financial year that includes expected income, expected expenditure and cash flow projections. During the financial year, the grantee must— regularly review the grantee’s actual income, expenditure and cash flow against the amounts stated in the grantee’s budget; and revise the budget as necessary or appropriate to ensure the programs or services are viable and sustainable and the grantee has enough funds to meet the grantee’s debts and expected expenditure. If, under the financial assistance agreement, the grantee only provides the programs or services for part of the financial year, subsections (2) and (3) apply as if a reference to the financial year were a reference to the part of the financial year for which the programs or services are provided. (sec.32-ssec.1) This section applies to the grantee in relation to a financial year in which the grantee provides the programs or services or is required under the financial assistance agreement to provide the programs or services. (sec.32-ssec.2) At the start of the financial year, the grantee must prepare a budget for the financial year that includes expected income, expected expenditure and cash flow projections. (sec.32-ssec.3) During the financial year, the grantee must— regularly review the grantee’s actual income, expenditure and cash flow against the amounts stated in the grantee’s budget; and revise the budget as necessary or appropriate to ensure the programs or services are viable and sustainable and the grantee has enough funds to meet the grantee’s debts and expected expenditure. (sec.32-ssec.4) If, under the financial assistance agreement, the grantee only provides the programs or services for part of the financial year, subsections (2) and (3) apply as if a reference to the financial year were a reference to the part of the financial year for which the programs or services are provided.

• (a) regularly review the grantee’s actual income, expenditure and cash flow against the amounts stated in the grantee’s budget; and
• (b) revise the budget as necessary or appropriate to ensure the programs or services are viable and sustainable and the grantee has enough funds to meet the grantee’s debts and expected expenditure.