sec.71Annual budgets and financial management policies

sec.71 Annual budgets and financial management policies

Each year— the authority must prepare a budget— of estimated costs of the authority for the next financial year; and consistent with the strategic priorities of the authority; and the board members must approve the budget and the authority’s financial management policies; and the authority must give the approved budget and financial management policies to the Minister. The Minister must approve, or refuse to approve, the budget and financial management policies before the end of the financial year. However, a failure by the Minister to act under subsection (2) does not prevent the Minister approving, or refusing to approve, a budget or financial management policy at a later time. A budget or financial management policy has no effect until it has been approved by the Minister. During a financial year, the authority may prepare amendments to the budget for that year. An amendment to a budget has no effect until it has been approved by— for a minor amendment—the chairperson in consultation with the other board members; or otherwise—the Minister on the recommendation of the chairperson in consultation with the other board members. If the chairperson and the other board members differ about what should be recommended to the Minister for an approval under this section, the Minister may still give the approval. In this section— financial management policies means the policies to be observed in financial and performance management by the authority. Under the Financial Accountability Act 2009 , section 57 , the authority must comply with a provision of a financial and performance standard that applies to the authority as a statutory body. minor amendment , of a budget, means an amendment of a minor nature that does not change the total of the estimated costs mentioned in the budget. s 71 amd 2018 No. 27 s 104 (sec.71-ssec.1) Each year— the authority must prepare a budget— of estimated costs of the authority for the next financial year; and consistent with the strategic priorities of the authority; and the board members must approve the budget and the authority’s financial management policies; and the authority must give the approved budget and financial management policies to the Minister. (sec.71-ssec.2) The Minister must approve, or refuse to approve, the budget and financial management policies before the end of the financial year. (sec.71-ssec.3) However, a failure by the Minister to act under subsection (2) does not prevent the Minister approving, or refusing to approve, a budget or financial management policy at a later time. (sec.71-ssec.4) A budget or financial management policy has no effect until it has been approved by the Minister. (sec.71-ssec.5) During a financial year, the authority may prepare amendments to the budget for that year. (sec.71-ssec.6) An amendment to a budget has no effect until it has been approved by— for a minor amendment—the chairperson in consultation with the other board members; or otherwise—the Minister on the recommendation of the chairperson in consultation with the other board members. (sec.71-ssec.7) If the chairperson and the other board members differ about what should be recommended to the Minister for an approval under this section, the Minister may still give the approval. (sec.71-ssec.8) In this section— financial management policies means the policies to be observed in financial and performance management by the authority. Under the Financial Accountability Act 2009 , section 57 , the authority must comply with a provision of a financial and performance standard that applies to the authority as a statutory body. minor amendment , of a budget, means an amendment of a minor nature that does not change the total of the estimated costs mentioned in the budget.