The University’s Financial Management Framework takes effect from August 2022 and is available here. It is a key component of empowerment and devolution under Organising for Success, and provides the process and principles for budget units to manage their finances. EG approval followed the recommendations of a working group and a range of discussions with senior Divisional staff.
It establishes the concept of financial autonomy and empowerment with units being either
- “Financially Devolved” where they are soundly operating within agreed financial parameters and enjoy greater freedom than in the 2021/22 operating environment; or
- “Financially Assisted” where they are currently, or projected to be, off-track. Financially Assisted units will have to submit recovery plans to EG and will have reduced financial autonomy.
We are now updating finance processes to enable Financially Devolved units to exercise increased freedom and will provide updates as changes are made to Purchase Order Approval Levels, Business Justifications, Recruitment workflows, budget virements and the launch of the Staff Establishment Control Register.