LOCs activities are funded by a statutory levy on the NHS GOS sight test fees payable to local contractors.The annual budget should be compiled by the treasurer based on an agreed programme of activity. This should be done in sufficient time to be discussed by the LOC and needs to be agreed at the AGM.
The budget will form the basis against which actual financial performance is measured, and this should be reviewed regularly throughout the year, usually quarterly. LOC finances should be included as a standing agenda item at each LOC meeting.
The overall budget and spending plan should be voted on and adopted by the whole Committee.