Concerns have once again been raised about the management of ICU?s financial affairs after the new financial year begins with no sign of a budget. Despite College now running the Union?s finance office, this is the first time that ICU has failed to produce and approve a budget before the start of the financial year raising serious questions about College?s ability to run the Union?s finances.
Approval of the Union budget is a complicated matter with the Union?s constitution requiring the budget to be approved by the Union Honorary Senior Treasurer and the Finance Regulations requiring the new budget to be proposed by the Executive Committee by the end of the Summer Term. It is later approved by the Trustee Board after ratification by the Council.
However, no budget for this year has been prepared meaning that the Union has started the new financial year and is spending money without approval. The lack of budget could cause serious problems for the Union with the monies set aside for clubs not having been approved and so all club budgets potentially in doubt.
Questions need to be raised as to why no budget was prepared and why the lack of budget was not noticed earlier. The President is responsible for the finances of the Union with the DPFS having day to day responsibility. Last year?s DPFS Chris Larvin and President Stephen Brown should have ensured a budget had been prepared and should have reported any difficulties to Council. Despite this, the last Council and Trustee Board meetings passed with no difficulties highlighted. Mr. Larvin admitted to breaking the Finance Regulations in an earlier discussion on Live! along with hinting at the failure to prepare a budget.
ICU President Jenny Morgan and DPFS Christian Carter are understood to be extremely concerned about the lack of an approved budget and it is believed that strenuous efforts are being made by the new team to ensure a budget is prepared and submitted for approval as soon as possible. It is concerning, however, that the Trustee Board, who are supposed to oversee the actions of the Union, failed to question why they have not seen or been asked to approve a ratified budget.