M E M O R A N D U M
CENTRAL  FINANCE  DEPARTMENT
2nd Floor   Metford House
115 New Cavendish Street
London W1M 8JS

 

Ext:   5741                                                                                                  Fax:   5144

 

To:  Budget Holders

From:  P.D. Curnow, Chief Accountant

Date:  02 August 2000

 

The Demise of the Virement!

On the premise that a "budget is a budget", the normal practice of viring sums from one budget to another to adjust expenditure on income patterns is to cease with effect from 01 August 2000.
 
So the Court approved budget for individual expenditure and income lines will stand and budget holders will be judged on the overall performance of overspends in one budget and being matched by underspends in other areas.
 
The only virements which will be allowable are those from contingency budgets which are held with the specific purpose of increasing budget lines as the year progresses.
 
Should you have any problems interpreting the above, please contact me for verification.