TERM |
DESCRIPTION |
|---|---|
| FINEST | FINEST is the Council’s main accounting system and is used for many financial activities, some of which have been performed manually in the past, including raising orders and paying invoices |
| Imprest account | This is a separate bank account, with a cheque book facility, to which an advance is made to facilitate quick payment for small items |
| Capital expenditure | Capital expenditure includes the following however financed:- (a) the acquisition of land, buildings, furniture, equipment, plant and vehicles; (b) the construction of new buildings or improvements to existing buildings; (c) road improvements, bridgeworks, and traffic management and waste disposal schemes; (d) internal or external professional fee costs on the above; (e) grants and advances for a capital purpose; (f) property leases for more than three years duration. |
| Capital receipt | The sale of land, buildings and leases of land or buildings of more than three years duration, are capital receipts. Particular rules must be observed in dealing with the proceeds and they must not be confused with revenue income such as fees and charges. |
| Ex gratia payments | Ex-gratia payments are made in situations where no legal obligation exists. |
| Voluntary unofficial Funds | These are any funds (other than those of the Council) controlled wholly or in part by an officer by reason of his/her employment either by the Council or by Managers of an establishment maintained by the Council. They include monies collected from fund raising events, donations and other sources. |
| Virement | Movements of budget provisions between budget headings. |
| Commercial Units | The Council has a number of units that it regards as “Commercial Units” (some of which have arisen from statute i.e. Direct Service Organisations). In broad terms these units provide services which, though readily available from the private sector, the Council considers preferable to provide in-house for reasons of Best Value. Such units function more naturally in a commercial fashion, are income driven, have clear external competitors but do not operate for profit. |
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