Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Budget definition

What does Budget mean? In legal practice, Budget describes the government’s annual fiscal statement setting out the economic outlook and proposed changes to tax and public spending, which practitioners track for rate, relief and compliance changes and commencement rules. United Kingdom: The Chancellor of the Exchequer delivers the Budget to the House of Commons, now typically in the Spring (the Spring Budget). Alongside the Autumn Statement, it is a principal fiscal event. “Budget” is not defined in legislation; it is a parliamentary convention. Its legal effect arises through Ways and Means resolutions and the ensuing Finance Bill/Finance Act, with certain measures given temporary effect...

Local authority revenue budget monitoring: legal framework, section 151 duties, CIPFA code, MTFP/reserves, and managing overspends, unlawful budgets and section 114 reports (England and Wales)

Published by a LexisNexis Local Government expert

Practice notes

What is ?

Local authorities (LAs), like the wider public sector, are required to run their activities within set budgets. With spending limits broadly predetermined, they should ensure actual expenditure closely aligns with the budget. If unforeseen pressures arise that risk overspending, or, in rare cases, unlawful budget setting or unremedied General Fund deficits, LAs and their statutory proper officers are duty-bound to intervene and restore compliance. Setting the budget and putting in place robust monitoring is among the most critical financial disciplines for LAs, underpinning sound stewardship of public funds. With firm controls, the likelihood of material over or underspends should be low. Where controls are weaker, significant variances can emerge. Financial management sits at the heart of an LA’s corporate governance; it is a core responsibility for every manager, not merely a task for accountants. Accordingly, senior management and leading members across the authority must satisfy themselves that financial performance matches plans and that internal accountability arrangements...

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Paul Dossett

Grant Thornton

Paul Dossett is a public sector audit partner at Grant Thornton UK LLP and the firm’s Head of Local Government. He has worked with local government bodies for over 35 years. Paul has worked with every type of local body in both England and Scotland. Paul has been heavily involved in the firm’s recent high profile work at Croydon and Slough. Paul has also audited a large number of NHS bodies including Guy’s and St Thomas’s NHS FT and Kings College Hospital NHS FT. Paul is also a member of CIPFA’s Public Finance Management Board and member of the International Public Sector Accounting Standards Panel...

Web page updated on 21/05/2026

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