13.—F43[(1) An tÚdarás shall, on or before the first day of March in each year, notify the Director of the funding (in this section referred to as "allocated funding") to be provided by An tÚdarás for that year to a college, from moneys provided to An tÚdarás under F44[section 19 of the Higher Education Authority Act 2022].]

F43[(2) The Director shall, on or before the first day of April in each year, or such other date as An tÚdarás may approve, prepare and submit following approval by the governing body, to An tÚdarás, in such form and manner as may from time to time be approved by An tÚdarás, a statement of the proposed expenditure and, other than allocated funding, expected income of the college for that year.]

F45[(2A)The allocated funding and the expected income of the college referred to in subsection (2), shall be the budget of the college for that year.]

(3) Where the budget of a college has been determined, it shall be a function of the Director, acting on the authority of the governing body, to carry it into effect.

(4) An tÚdarás may at any time, F46[on an application in that behalf being made to it by] by the governing body of a college, increase the amount of money to be allocated to the college from moneys provided to An tÚdarás.

(5) Where the Director of a college is of opinion that—

(a) the actual expenditure in a F47[…] year, or

(b) a proposed course of action,

taking into account any increased allocation under subsection (4), will or is likely to result in expenditure in excess of the budget for that F47[…] year (in this section referred to as a "material departure from the budget"), the Director shall so inform the governing body.

(6) Where the governing body, despite being so informed, decides—

(a) in the case of subsection (5)(a), not to decrease its actual expenditure, or

(b) in the case of subsection (5)(b), to continue with its proposed course of action,

the Director, as soon as practicable, shall, unless he or she considers that contrary to his or her foregoing opinion a material departure from the budget will not occur, inform An tÚdarás of the decision of the governing body.

(7) Where, notwithstanding this section, a college incurs expenditure in excess of its budget that is not met from the income of the college other than the money allocated to it by An tÚdarás, that excess shall be a first charge on the budget for the next succeeding F47[…] year.

F46[(8) Subject to subsection (9), a college or any company in which the college has a proprietary interest, may borrow money by means of a bank overdraft or otherwise and may guarantee or underwrite a loan taken or borrowing undertaken by a person or a body of persons.]

F46[(9) An tÚdarás may, from time to time with the approval of the Minister, the Minister for Public Expenditure and Reform and the Minister for Finance, make rules to be complied with by a college in relation to any borrowing, guaranteeing or underwriting under subsection (8), and any such rules, which may be amended in like manner to which they are made, shall include rules relating to—

(a) the purposes for which any proposed borrowing, guaranteeing or underwriting may be undertaken by a college,

(b) the demonstration by a college of its ability to meet the costs arising from any such borrowing, guaranteeing or underwriting,

(c) the identification of the potential for any such proposed borrowing, guaranteeing or underwriting to give rise to additional costs for the State,

(d) the requirement to obtain the prior approval of An tÚdarás before borrowing, guaranteeing or underwriting where paragraph (c) applies, and

(e) the provision by a college to An tÚdarás of information relating to any borrowing, guaranteeing or underwriting undertaken under subsection (8).]]

F48[(10) Where An tÚdarás makes or amends rules under subsection (9) it shall—

(a) so notify, and furnish a copy of the rules or amendments to, the governing body of each college, and

(b) arrange for the rules or amendments to be published on the internet.]