The Finance Department is responsible for preparing the OLB’s multi-year budget. By law, the balanced budget adopted by the Island Council must be submitted for approval by November 15. `
Once the budget is adopted, the funds are allocated in accordance with it. If necessary, budget amendments may also be made during the year. When procuring services or goods, a purchase request is sent to the Finance Department to verify the legality and efficiency of the purchase. If everything is in order, the head of the Finance Department signs off on the commitment.
The FinBES Act stipulates that only the head of the Finance Department (or his or her deputies) is authorized to perform acts under private law arising from the decision to enter into (approved) financial obligations. This means that no official other than the head of Finance of a public entity (or a deputy) is authorized to legally enter into the aforementioned obligations. The mandate register can be viewed here.
