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Plain English definition
of
Virtual budget
from
Think Local Act Personal (TLAP) Jargon Buster
When your council allocates an amount of money to you as a personal budget, you can take this either as cash through a direct payment or as a virtual budget (also known as a managed budget). If you take it as a virtual budget, the council manages the money for you to arrange the services you choose, and you aren't responsible for paying directly for the services you receive.
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